The photoelectric sensor market was valued at US$1.445 billion in 2019 and is expected to grow at a CAGR of 7.64% over the forecast period to reach a total market size of US$2.419 billion by 2026. Broad advancement in digital sensor innovation, increase in demand for IoT, and massive government investments in security and reconnaissance, are relied upon to open new entryways for the photoelectric sensor market.