Photodiodes are semiconductor devices that convert light into an electrical current. They operate using the photoelectric effect where photons are absorbed, generating electron-hole pairs that result in a photocurrent. There are different types of photodiodes including PIN, PN, avalanche, and Schottky structures. Photodiode technology has evolved from developments in PN junction diodes in the 1940s and 1950s, with the PIN photodiode developed in 1959. Materials used include silicon and germanium.