Photocell Market Research, 2031
The global photocell market size was valued at $2.3 billion in 2021, and is projected to reach $3.6 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
Photocell is a light sensitive module that is used to detect and measure amount of incident light. In photocell device, photovoltaic or photoelectric effect is used to produce voltage or current when exposed to electromagnetic radiation. It consists of a wire anode containing evacuated sealed glass tube and concave cathode. It is known as photoelectric cell or electric eye. These are small and inexpensive sensors that permit to detect light.
Rise in building & construction activities and rapid growth of manufacturing industry in the developing economies across the globe increase the need for smarts homes, hospital, stadiums, hotels, and many others places using TV camera for telecasting scenes, burglar alarm, street lighting system automatically, and many others things that can be fulfilled with the help of photocell, which in turn are expected to drive the growth of the market during the forecast period.
In addition, photocell is safe for the environment, easy to use, and require low power due to which it is anticipated to expand market prospects. Consequently, there is expected to be more potential growth in the photocell market as a result of the increased construction of buildings, home automation, street lights, resorts, and hotels. These factors have escalated the demand for the photocell market; thus, creating lucrative opportunities for the market. The photocell market analysis is segmented on the basis of type, material, application, and region. Depending on the type, the market forecast is fragmented into photoconductive cell, photo emissive cell, and photo voltaic cell. On the basis of the material used, it is categorized into crystalline silicon, amorphous silicon, and polysilicon. By application, it is divided into automatic lights, automatic doors, aviation, and meteorology. Region-wise, the photocell market forecast is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on type photo voltaic cell is the fastest growing segment during the forecast period. This is attributed to a growing need for sustainable sources of energy, as well as government initiation and investment in solar cell sector is boosting the overall growth of market.
Based on voltage rating crystalline silicon is growing at a CAGR 5.3% during the forecast period. Owing to The rapid advancement in technology and the rise in environmental concerns are expected to create various new opportunities that is expected to lead to the growth of the crystalline silicon based photocell market.
Based on application aviation is the fastest growing segment during the forecast period. This is attributed to the expanding usage of the photocell market in commercial, military and general aviation applications, such as passenger aircraft, freighter combat aircraft, and non-combat aircraft, is also anticipated to fuel the photocell market growth in the upcoming years.
Based on region Asia-pacific region is the largest revenue contributor during the forecast period. Owing to the increasing use of enhanced technologies, the growing adoption of the Industrial Internet of Things (IIOT) across various industrial facilities and rising safety mandates in developing countries such as India, Japan, and China are propelling the adoption of photocell in the region.
Impact of COVID-19 outbreak on the market
The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Decrease in growth rate of the industries such as building & construction, transportation, manufacturing, and energy sectors has been witnessed, owing to the lockdown imposed, globally. The COVID-19 outbreak has affected the demand as well as manufacturing for global. Moreover, the upstream and downstream channels have been affected due to restrictions on movement, which lead to an increase in the number of inventories. The COVID-19 pandemic has impacted delivery times for electric vehicle projects, which is consequently hindering the demand for batteries. The delay in projects is owing to labor shortages.
Furthermore, building & construction activities across the globe were on hold during the pandemic period owing to strict measures of social distancing, lack of labor, and raw material supply disruptions. This further declined the growth of the market in 2020. Moreover, temporary shutdown of factories, manufacturing bases and other processing industries hampered the growth of the photocell market. Thus, all these factors collectively led to decreased growth of the global photocell market in 2020, and are expected to foster market growth by the end of the second quarter of 2022.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the photocell market analysis from 2021 to 2031 to identify the prevailing photocell market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the photocell market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global photocell market trends, key players, market segments, application areas, and market growth strategies.
Photocell Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 3.6 billion |
 Growth Rate | CAGR of 4.9% |
 Forecast period | 2021 - 2031 |
 Report Pages | 255 |
 By Type |
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 By Voltage Rating |
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 By Application |
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 By Region |
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 Key Market Players | Zhonghuan Semiconductor Corporation, Sino-American Silicon Products Inc., Lanco Solar, Targray Technology International Inc, Renewable Energy Corporation, Green Energy Technology,, nexolon, LDK Solar, SolarWorld, MEMC Electronic Materials, Inc. |
 Other Key Market Players | Renewable Energy Corporation, JA Solar Holdings, Co., Ltd. |
Analyst Review
According to the insights of CXOs of leading companies, demand for photocell is fueled by increased construction renovation activities, surge in use of timers & switches as well as sensors components in the smart city infrastructures, replacement of old units, rapid growth of resistor sector, and mainstream adoption of renewable energy-based photocell market.
Rise in demand for photocell used in applications such as automatic lights, automatic doors, smoke alarms, safety switch, and light meters is expected to fuel the market growth in the coming years. . The range of the photocell is totally dependent on the type of detecting device used. However, the higher advantages offered by photocell such as high reliability, and easy installation, easy availability, cost effective, and advance creative systems drive the growth of the global photocell market. On the contrary, R&D activities for highly efficient resistor related products are growing and investments toward smarts cities & home automation are anticipated to create opportunities in the global photocell market during the forecast period.
Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market during the forecast period, followed by North America, Europe, and LAMEA. Asia-Pacific accounted for 41.4% of the total global photocell market share in 2021, and is expected to maintain its dominance during the forecast period.
Additional growth strategies, such as expansion of production capacities, acquisition, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the photocell market trends.
Increase in smart cities infrastructural developments, deployment of national highways, airport and building & construction activities across the globe are the major drivers that boost the growth of the global photocell market
Some of the major players in the photocell market include, ABB, Ltd., Autonics Corporation, Banner Engineering Corp., Goodman Electric, Green Energy Technologies, Pepperl+Fuchs SE, REC Solar Holdings AS, Shenzhen Enbon Optoelectronic Co., Ltd., SICK AG, SELCO Solar Light Private Limited, Solarworld, TDC Power Products Co., Ltd., Unitech Combustion, Walnut Innovations, and Westire Technology Ltd.
Rise in building & construction activities and rapid growth of manufacturing industry in the developing economies across the globe increase the need for smarts homes, hospital, stadiums, hotels, and many others places using TV camera for telecasting scenes, burglar alarm, street lighting system automatically, and many others things that can be fulfilled with the help of photocell, which in turn are expected to drive the growth of the market during the forecast period.
Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 5.5%, during the forecast period.
The global photocell market was valued at $2.3 billion in 2021, and is projected to reach $3.6 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
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