Encoders Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The encoder market is projected to grow from USD 2.7 billion in 2023 and is projected to reach USD 4.5 billion by 2028; it is expected to grow at a CAGR of 11.0% from 2023 to 2028. The growing expansion of automotive markets worldwide and the growing adoption of Industry 4.0 are the major driving factors for the encoder market. Rising government initiatives to boost industrial automation and increasing demand for machine learning and artificial intelligence-based systems will also boost market growth in the coming years.

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Encoders in vehicles are used for various applications, such as electric power-assisted steering motors, electric brakes, and traction motors for accurate speed and direction signals. Therefore, the demand for encoders is expected to continue to rise owing to the rising growth in automotive markets. Moreover, encoders are also used in robotics, either as an articulating arm used in a manufacturing plant or a guided robot. These automated systems need effective speed and positioning feedback systems with limited human assistance. Therefore, the encoder is used in various applications in which force sensing and adjustment are essential to control the robotic system precisely.

The market for incremental encoders is expected to grow with the highest CAGR during the forecast period. The incremental encoder determines the position and speed by a train of pulses. It transforms the angular position or motion of the shaft into digital or pulse signals using an optical disk. One of the main properties of incremental encoders is that the pulse is counted from zero every time the encoder is switched on as the position is not stored, thus needing a reset or a reference point before counting again. Some advantages associated with incremental encoders include cost-effectiveness, less complexity, and high noise immunity. It also provides excellent speed and distance feedback. The incremental encoder is designed to be versatile and customizable to fit into various applications (servo/light industrial or heavy-duty applications) to determine positioning and motor speed feedback.

The market for linear encoders is expected to have significant growth during the forecast period. The growing demand for linear encoders in industrial, healthcare, consumer electronics, and automotive applications will likely support the market growth during the forecast period.

In Asia Pacific, China is the fastest-growing market for encoders. The manufacturing sector in China has shown massive growth, which is one of the important factors for its economic development. This rapid growth is expected to be driven by the expansion and modernization of the economic infrastructure in China. The manufacturing and mining industries drive the market for encoders in this region. Also, China, one of the leading markets for industrial automation and smart manufacturing, has led to a growing demand for encoders. As a result, China has become one of the top consumers of encoders.

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Major players in this market ecosystem are Sensata Technologies (US); HEIDENHAIN (Germany); Fortive (Dynapar) (US); Renishaw plc (UK); Mitutoyo Corporation (Japan); FRABA B.V. (Netherlands); ifm electronic (Germany); and Pepperl+Fuchs (Germany). These market players availed opportunities like indulging in agreements and acquisitions. Product development and expansion were a few other strategies adopted by companies to strengthen their market position.

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This release was published on openPR.