Under partial shading conditions, photovoltaic (PV) systems exhibit multiple peaks in their power-voltage (<inline-formula><tex-math notation="LaTeX">\mathbf{P-V}</tex-math></inline-formula>) characteristics. It is essential to extract maximum energy from the PV system. The global maximum power point tracking (GMPPT) algorithms presented in the literature, track the global peak using different methods. It is imperative to have minimal convergence time for GMPPT process. This paper proposes a novel algorithm to track the global peak using voltage and current perturbation. The new GMPPT algorithm operates in a current perturbation or voltage perturbation mode, based on the value of a control variable. In either mode, the proposed technique generates reference current or reference voltage, for navigating the operating point to GMPP location. The proposed algorithm is compared with two GMPPT algorithms, namely, modified maximum power trapezium (M-MPT) and high-performance GMPPT algorithms. The simulation studies are performed in MATLAB and is validated using a laboratory prototype, with dSPACE 1202 MicroLabBox controller for implementing GMPPT methods. Simulation and experimental results show that the new technique exhibits superior performance in terms of tracking time. Also, the energy efficiency is improved by 40% while using the proposed GMPPT algorithm for the irradiance profiles considered in this paper compared to the other two techniques.