Encoders Market to Grow at a CAGR of 10.2% to reach US$ 3,447.7 Million from 2020 to 2027

The encoders market was valued at US$ 1,748.4 million in 2020 and is expected to grow at a CAGR of 10.2% from 2020 to 2027 to reach US$ 3,447.7 million by 2027.

Industrial robots are widely used for manufacturing processes across the globe. With the adoption of robots, the cost of labor can be reduced to a great extent in various countries, such as the US and China. Developments in computing power and networking technologies have made installing and maintaining robots cost-efficient and faster. Such factors and their impact on the growth of the robotics industry are expected to continue. As per IFR, from 2020 to 2022, ~2 million units of industrial robots are anticipated to be installed in factories across the globe. APAC is the largest industrial robot market. In 2018, APAC grew by 1% in terms of robot installations, and Europe increased by 14%. The top industrial robotics markets in 2018 were South Korea, Japan, China, Germany, and the US. As leading companies in this market continue to broaden its addressable market by expanding their current offerings and diversifying their client base, all the prominent players face an increasing level of competition, both from start-ups and leading established companies across the globe. Several companies in the value chain are developing new products and acquiring other players in the market to maintain their position in the market and provide efficient services to their customers. Major providers of encoders are based in Europe and North America. However, the encoders market is penetrating at a high growth rate in APAC.

Request a sample of this report @ https://www.theinsightpartners.com/sample/TIPTE100000522/?utm_source=OpenPR&utm_medium=10567

The List of companies - Encoder Market

Delta Electronics, Inc.
Dahua Technology CO., Ltd
Omron Corporation
ELCO Holding
FRABA B.V.
FSI Technologies Inc.
Renishaw Plc.
Rockwell Automation, Inc.
Scancon Encoders A/S
Servotechnik GmbH

Market Insights

Growing Industrial Automation Across Industries

Industrial automation is implemented in several industries, such as automotive, aerospace, food & beverages, healthcare, and electronics. Industrial automation observes a high growth rate due to the requirement for enhanced productivity, speed, and efficiency in manufacturing procedures. Encoders are crucial devices of high volume, high-speed industrial automation applications. Encoders convert motion into electrical feedback signals read by a control device in order to measure changes in speed, position, direction, count, and linear distance. Encoders are suitable for accurate position determination in industrial automation. In several countries, the automation of vehicles is increasing swiftly. With the advent of advanced technology, various automakers are anticipated to invest heavily in autonomous car technology. The encoder is attached to a wheel in order to measure rotation. By measuring rotation, it determines velocity and acceleration. Thus, in automotive automation, encoders play a crucial role and are progressively used in car manufacturing by automakers across the world. This factor accelerates revenue in the global encoder market.

Type Insights

In the type segment, rotary encoder captured a larger share of the global encoder market. The growing demand for electronic position sensing devices across various industries is mainly driving the growth of rotary encoders. Rising demand for rotary encoders in the automotive industry and increasing trend of industrial automation are among the factors anticipated to drive the growth of the market for rotary encoders during the forecast period.

Buy a report @ https://www.theinsightpartners.com/buy/TIPTE100000522/?utm_source=OpenPR&utm_medium=10567

Product development strategy is commonly adopted by companies to expand their footprint worldwide and meet the growing demand. This strategy is mostly observed in Europe. A few recent developments are listed below:

2020:FRABA's subsidiary POSITAL has extended its product portfolio of rotary encoders and inclinometers in order to include more devices with IP69K level environmental protection. They are available with a comprehensive range of mechanical options and communications interfaces.
2019:Renishaw Plc launched a new encoder, ATOM DX encoder, designed on Renishaw's ATOM miniature encoder series and integrated with an innovative interpolation technology originally developed for the VIONiC and QUANTiC encoder families.

Encoders Market - by Type

Linear Encoder
Incremental
Absolute
Rotary Encoder
Incremental
Absolute

Encoders Market - by Technology

Optical
Magnetic
Others

Encoders Market - by End User

Aerospace
Automotive
Food and Beverage
Printing
Consumer Electronics
Medical
Others

Encoders Market - by Geography

North America
US
Canada
Mexico
Europe
France
Germany
Italy
UK
Russia
Rest of Europe
Asia Pacific (APAC)
China
India
South Korea
Japan
Australia
Rest of APAC
Middle East & Africa (MEA)
South Africa
Saudi Arabia
UAE
Rest of MEA
South America
Brazil
Argentina
Rest of South America

Contact us:
Contact Person : Sameer Joshi
Phone : +1-646-491-9876
E-mail : sales@theinsightpartners.com

About us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.