According to the latest report by IMARC Group, titled “Encoder Market by Type (Rotary Encoder, Linear Encoder), Technology (Optical, Magnetic, Photoelectric, and Others), Signal Type (Absolute Encoders, Incremental Encoders), Industry Vertical (Automotive, Electronics, Printing Machinery, Textile, Aerospace, Pharmaceuticals, and Others), and Region 2023-2028,” the global encoder market size reached US$ 2.44 Billion in 2022. An encoder is an electromechanical feedback device used to convert motion into an electrical signal for position, speed, count, or direction determination. It is marketed in various types, such as linear, rotary, and angle encoders, employing mechanical, optical, capacitive, and magnetic technologies. It consists of a light source, sensors, variable resistors, rotating disks, an electric circuit, and a signal processor. An encoder is widely employed in robotics, automation, printing, packaging, machine tools, elevators, vehicles, telescopes, and more. It is cost-effective, compact, durable, shock-resistant, and reliable. Apart from this, it can seamlessly integrate with existing technologies and offer high-resolution measurements. As a result, an encoder is extensively utilized across industries such as automotive, aerospace, healthcare, consumer electronics, power generation, food and beverage (F&B), and textiles.
Global Encoder Market Trends:
The surging demand for high-end automation across various industries to improve performance and overall equipment effectiveness, reduce costs, and increase productivity represents one of the prime factors fueling the global encoder market. Besides this, the surging product utilization in tasks such as motor speed control and guiding robotic arms in numerous operations, including welding, assembly, material handling, and grinding, is creating a favorable outlook for market expansion. Moreover, the bolstering growth of the automotive industry, wherein encoders are used to provide precise control over the drive motor system and steering assembly, is contributing to the market growth. In line with this, the expanding adoption of encoders in electric, hybrid, and autonomous vehicles to measure wheel position and provide feedback for the control system is presenting remunerative growth opportunities for the market. Additionally, the incorporation of the Internet of Things (IoT) technology and embedded microprocessors in encoders to enhance their signal processing capabilities, expand functionality, increase sensitivity, and allow remote analysis, diagnostic capabilities, and condition monitoring, is acting as another significant growth-inducing factor. Furthermore, the rising product employment across the thriving healthcare industry for robotic surgery, ophthalmic laser treatment, radiation therapy, artificial respiration, orthopedic rehabilitation, and laboratory analysis is presenting remunerative growth opportunities for the market. Looking forward, the market value is projected to reach US$ 4.08 Billion by 2028, expanding at a CAGR of 8.66% during 2023-2028.
- On the basis of the type, the market has been bifurcated into rotary and linear encoders. Between these, rotary encoder represents the largest market segment.
- Based on technology, the market is divided into optical, magnetic, photoelectric, and others. At present, optical accounts for the largest market share.
- On the basis of the signal type, the market has been segregated into absolute and incremental encoders. Currently, absolute encoders dominate the market, holding the largest market share.
- Based on the industry vertical, the market is categorized into automotive, electronics, printing machinery, textile, aerospace, pharmaceuticals, and others. Among these, electronics represent the biggest end-user industry.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Presently, Asia Pacific enjoys the leading market position.
- The competitive landscape of the market has also been examined, with some of the key players being Alps Alpine Co. Ltd., Baumer Holding AG, Bourns Inc., Dynapar Corporation (Fortive Corporation), OMRON Corporation, Panasonic Corporation, Pepperl+Fuchs SE, Renishaw plc, Rockwell Automation Inc., Schneider Electric SE, Sensata Technologies Inc., TE Connectivity, TT Electronics Plc, etc.
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment
- Signal Type
- Industry Vertical
||Rotary Encoder, Linear Encoder
||Optical, Magnetic, Photoelectric, Others
|Signal Types Covered
||Absolute Encoders, Incremental Encoders
|Industry Verticals Covered
||Automotive, Electronics, Printing Machinery, Textile, Aerospace, Pharmaceuticals, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alps Alpine Co. Ltd., Baumer Holding AG, Bourns Inc., Dynapar Corporation (Fortive Corporation), OMRON Corporation, Panasonic Corporation, Pepperl+Fuchs SE, Renishaw plc, Rockwell Automation Inc., Schneider Electric SE, Sensata Technologies Inc., TE Connectivity, TT Electronics Plc, etc.
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