Many-body effects in excitons are expected to manifest in two different ways. Since excitons have integer spins, they are supposed to go through Bose–Einstein condensationBose-Einstein condensation (BEC) above a critical concentration \({n}_{c}\) and below a critical temperature \({T}_{c}\) . At sufficiently high density and beyond the condensation temperature, another phase transition can also take place that convert the exciton gasExciton Gas (EG) to an electron–hole liquidElectron-hole liquid (EHL). While EG to EHL transition has long been known in photoexcited semiconductors, indisputable evidence of Bose–Einstein (BE) condensation of the EG is still missing despite significant research efforts concentrated on this question for the last several decades.