Sure, you can increase your efficiency, but:
There's a hard upper limit. 1 kW/meter^2 (mis-typed as 1W above). And you've got diminishing marginal returns of more efficient cells. The truth is that the land requirements are likely to go down by a factor of 2-4 maximum. Other cost factors (transmission, but especially storage) will dwarf these.
Once you've provisioned land for solar, the key costs are in replacing the panels every 20-40 years or so. Wind, stones, hail, and simple degredation will mandate this. Physical support infrastructure is likely more robust.
Land use for solar isn't dedicated-purpose for most applications. Even solar thermal can be used for grazing or other uses. PV can simply go on top of existing structures. You're not talking land acquisition so much as site acquisition.
Solar and wind are likely to be overprovisioned where possible. In the sense that you'll provide more capacity than is strictly needed to meet electrical demand. In part because you're not going to get 100% duty cycles ("capacity factor", which is how power installations are rated, are typically ~20 - 40%), and because you don't have an accelerator pedal, only a brake. Solar and wind aren't dispatchable, only sheddable. With overcapacity you've got the option of converting "excess" into other usable and storable forms of energy (hydrogen, methane, battery storage, electricity-to-fuels, etc.), or for intermittent but high-energy needs.
We've got cost reductions built in to PV production for the foreseable future. Again, efficiency improvements need to be considered in terms of total cost per Watt / kWh delivered*.