In
recent years, tunnel junctions have reemerged as promising candidates
for the transduction of electrical to optical signals at the nanoscale.
The process of interest is known as inelastic electron tunneling (IET),
where a tunneling electron excites an optical mode while traversing
the tunnel barrier. The main appeal of tunnel junctions lies in their
size and bandwidth, both of which are unmatched by other electronic
devices. However, their main disadvantage so far has been the overall
low transduction efficiency. Recently, the realization of photon and surface plasmon polariton (SPP) sources based on IET, with efficiencies exceeding
1%, were reported. In this perspective, we critically analyze the
factors that limit efficiencies and extract guidelines for the development
of efficient photon and SPP sources.