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

According to the new research report, titled "Encoder Market Forecast to 2027", published by The Insight Partners, the global encoder market is expected to reach US$ 3,447.7 million by 2027, registering a CAGR of 10.2% during 2020-2027.

Encoder market in Asia Pacific accounted for highest market share in 2019

The encoder market in Asia Pacific is further segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. The encoder market players in the region experience significant demand for their products as there is high need for encoders across industries. Most of the countries in the region are economically developing, and thus, the investment toward advanced technologies is higher. This facilitates the encoder market players to experience higher demand.

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Robotics has been used in various major industries, such as aerospace and automotive, as these industries require highly accurate machine operations on large components. Robots have the ability to reach any position on a large component, such as aircraft's fuselage, and can achieve tasks, which includes drilling and milling. Nevertheless, accuracy might reduce by several factors for such applications, and the tool center point must be positioned and guided with sufficient accuracy; this is one of the drawbacks of a robot. Companies highly emphasize on offering encoders for industrial robotics; for instance, HEIDENHAIN GmbH designs encoders for the robotics industry; its ECI 4000 absolute inductive rotary encoder enhances the absolute position accuracy of the tool center point on industrial robots by 70-80%. Thus, owing to growing industrial robotics sales and increasing integration of encoders in robots, the growth of the global encoder market is likely to propel in the coming years.

Top Company Profiles:
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

China and Japan are the leading countries in the APAC encoder market. The key reason behind the significant demand for encoders in the aforementioned countries is the steep rise in industrialization. The adoption of high-end automation solutions among various industries in China and Japan is a key parameter identified for the growing demand for encoders. Several industries, such as consumer electronics, automotive, medical devices, and food & beverages, are booming in the countries and are also anticipated to continue to grow at a substantial rate during the forecast period. The end users or the industries are witnessing noteworthy demand from customers, and owing to which, the demand for automation solutions is higher, thereby resulting in a rise in the procurement of encoders, in turn, catalyzing the encoder market growth. Apart from reducing manufacturing time, the encoders enable the manufacturers to reduce production costs and improve product quality.

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

The overall global encoders market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to encoders. It also provides an overview and forecast for the encoder market based on all the segmentations provided for global regions. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, encoders intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the encoder market.

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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.

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