Photovoltaic systems

History

2024: Global PV sales growth to $2.05 billion

In 2024, the global photovoltaic sensor market reached $2.05 billion. More than 40% of this amount was in the Asia-Pacific region. Industry trends are addressed in the Fortune Business Insights survey published May 21, 2025.

Photovoltaic sensors perceive a change in the characteristics of the light flux when moving the object under study or when changing its shape and size. Such articles operate on the basis of a photoelectric effect, when a light signal (from infrared to ultraviolet) is detected by the sensor sensitive zone and converted to electrical. Photovoltaic sensors are used in many industries to accurately detect objects without physical contact. These sensors are used in manufacturing automation, packaging, pharmaceuticals, food industry, logistics, automotive, and other fields to control, sort, and detect objects, and monitor various processes.

The authors of the study call the rapid development of intelligent production one of the market drivers. Many enterprises integrate advanced systems, including artificial intelligence and the Internet of Things (IoT) technologies, into their workflows to improve product efficiency. High-precision photovoltaic sensors help automate processes and provide real-time monitoring. Such sensors, for example, play an important role in automated packaging systems, ensuring accurate product alignment and labeling.

The expansion of the industry is facilitated by AI. Neural networks are capable of analyzing huge amounts of information at high speed, providing predictive analytics and identifying possible problems. This expands the scope of photovoltaic sensors in industrial, environmental and IoT applications, while increasing efficiency and promoting sustainability.

Analysts call the relatively high cost of implementing and maintaining systems that use modern photovoltaic sensors as a deterrent. Expenses include the cost of the equipment itself, its integration with existing systems and the development of related software necessary for effective data management and analysis. In addition, competition is growing from alternative methods of monitoring production processes.

The market is segmented into retroreflective sensors, through beam sensors, and diffuse reflection sensors. In 2024, products of the first type occupied a dominant position. Depending on the scope of use, household (consumer) electronics, industrial production, the food and beverage sector, automotive and transport, building automation, etc. The largest share of revenue was provided by the first of the listed areas - 29%. From a geographical point of view, the Asia-Pacific region leads with a share of 41%, or $0.84 billion. Globally, the following are named major players:

• Keyence;
• Schneider Electric;
• Rockwell Automation;
• Tri-Tronics;
• Pepperl+Fuchs;
• Banner Engineering;
• Panasonic;
• Sensatec;
• Omron;
• Balluff;
• ifm electronic;
• Eaton;
• HTM Sensors;
• Fargo Controls;
• Leuze electronic;
• CNTD Electric Technology;
• Wenglor sensoric;
• PMP Automation;
• Dexerials.

Fortune Business Insights analysts believe that in the future, the CAGR in the market under consideration will be 7.3%. As a result, by 2032, costs may increase to almost $3.55 billion.^[1]

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