The global photocell market revenue was around US$ 2.5 billion in 2021 and is estimated to reach US$ 3.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2022 to 2031.

A photocell is a light-sensitive module used to identify and gauge the amount of incident light. The photoelectric or photovoltaic effect is exploited to generate voltage or current when subjected to electromagnetic radiation. It consists of a concave cathode and a wire anode with an evacuated sealed glass tube inside. It is referred to as an electric eye or a photoelectric cell. These light-detecting sensors are tiny and reasonably priced.

Factors Influencing Market Growth

An increase in demand for photocells used in applications including automatic lights, automatic doors, safety switches, smoke alarms, and light meters drives the market growth.

Increased demand for these cells from emerging nations like India, China, and Japan has fueled market expansion. Additionally, the existence of manufacturing plants in the region stimulates the market's expansion.

Weak economic performance, price-sensitive customers, and established market practices in the material & equipment handling sector are all expected to hamper the market.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the market. Due to restricted social isolation policies, a labor shortage, and disruptions in the delivery of raw materials. The market's growth in 2020 was further slowed by this. Additionally, the expansion of the market was limited by the temporary closure of factories, manufacturing bases, and other processing sectors. As a result, all of these factors contributed to the market's slower growth in 2020 and are anticipated to stimulate market growth by the end of the second quarter of 2022.

Regional Insights

Asia-Pacific is expected to contribute revenue in the photocell market throughout the forecast period. The use of advanced technologies is growing, along with the Industrial Internet of Things (IIOT) adoption across a variety of industrial facilities and rising safety regulations in developing nations like Japan, China, and India. These factors are driving in the region.

Leading Competitors
The leading competitors in the global photocell market are:
Targray Technology International Inc
Lanco Solar
LDK Solar
SolarWorld
MEMC Electronic Materials
Zhonghuan Semiconductor Corporation
Green Energy Technology
Sino-American Silicon Products Inc
Renewable Energy Corporation
Nexolon
A Solar Holdings, Co Ltd
Others
Segmentation Analysis
The global photocell market segmentation focuses on Type, Voltage Rating, Application and Region.
Segmentation based on Type
Photo Conductive cell
Photo Emissive Cell
Photo Voltaic Cell
Segmentation based on Voltage Rating
Crystalline Silicon
Amorphous Silicon
Polysilicon
Segmentation based on Application
Automatic Lights
Automatic Doors
Aviation
Meteorology
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America