Encoder Market is Projected To Reach USD 5.1 Billion By 2031, Growing At A CAGR of 8.4% | Valuates Reports
BANGALORE, India, Dec. 15, 2022 /PRNewswire/ -- Encoder Market By Type (Rotary and Linear), Technology (Optical, Photoelectric, Magnetic, and Others), Industry Vertical (Industrial, Healthcare, Printing Machinery, Textile, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Computers & Electronics Category.
The global encoder market was valued at USD 2.3 billion in 2021 and is projected to reach USD 5.1 billion by 2031, growing at a CAGR of 8.4% from 2022 to 2031.
Major factors driving the growth of the encoder market are
One of the significant aspects that favorably impacts the encoder market share is the increase in the use of encoders for machine monitoring and control. The demand for high-end automation is also anticipated to rise across industries, which will fuel the expansion of the encoder market.
Rising demand for systems powered by artificial intelligence is anticipated to create enormous encoder market prospects.
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TRENDS INFLUENCING THE GROWTH OF ENCODER MARKET
Encoder usage is rising for a variety of applications as automation adoption soars across all industries. This factor is expected to drive the growth of the encoder market. In linear measuring, web tensioning, registration mark timing, backstop gauging, filling, conveying, etc., encoders are employed. The bulk of these electric motors employ encoders to monitor or regulate the operations of the motors since, similarly, in industry, half of the electricity is used to power electric motors. Encoders are also utilized in robotics, whether it be in a guided robot or an articulating arm employed in a manufacturing facility. For these automated systems to operate with little help from humans, efficient speed and positioning feedback systems are required.
The encoder market is being driven by rising demand for AI and machine learning-based solutions. The Fourth Industrial Revolution, often known as Industry 4.0, is replacing conventional systems all across the world. Industry 4.0 will make it possible for physical machinery or equipment to interact with command systems and take independent action. Customers could return an item that has a scratch or a food item that is past its expiration date. Manufacturers are putting embedded microprocessors and cutting-edge signal-processing algorithms in encoders to increase operational reliability. This is primarily because standard absolute optical encoders are mechanically difficult and susceptible to failure when utilized in challenging environments. Additionally, engineers can change measurement properties like update resolution, zero-point position, and measurement orientation using software on microprocessor-based devices without making any mechanical or physical changes.
The encoder market is expanding as a result of the solutions that encoders offer for motion control in various industrial automation systems applications. For factory automation, encoders offer a variety of qualities including speed, endurance, and dependability. During the projection period, the encoder market will be driven by these features' dependability.
For many industrial applications, there is a growing need for better-automated controls that can boost production, cut costs, and improve performance. Encoder demand is hence driving automotive applications.
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ENCODER MARKET SHARE ANALYSIS
The rotary sector, which accounted for the majority of the encoder industry's revenue in 2021, is anticipated to expand at an impressive CAGR of 8.64% over the course of the forecast year.
Around 74.2% of the encoder market trends in 2021 were collectively accounted for by the optical and magnetic categories.
During the projection period, the industrial segment is anticipated to rise at a CAGR of 9.71%.
With a share of more than 41.8% in the encoder market in 2021, Asia-Pacific played a significant role.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Alps Alpine Co
- Bourns, Inc.
- Broadcom Inc.
- CUI Devices
- Dynapar
- ELCO Holding
- FRABA B.V.
- Grayhill Inc.
- HEIDENHAIN
- Omron Corporation
- Panasonic Corporation
- Rockwell Automation, Inc.
- Schneider Electric
- Sensata Technologies
- TT Electronics
- TE Connectivity
- FENAC / Fenac Technology / Fenac Engineering.
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