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Encoder Global Market Analysis, Trends, Growth, Research And Forecast 2033
Encoder Global Market
Encoder Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $133.66 billion In 2028 At A CAGR Of 25.9% :
The encoder market size has grown rapidly in recent years. It will grow from $2.44 billion in 2023 to $2.69 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to industrial automation, rising demand in automotive sector, emergence of industry 4.0, globalization of manufacturing, increased focus on robotics.
The encoder market size is expected to see strong growth in the next few years. It will grow to $3.91 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to increased adoption of artificial intelligence, growing importance in healthcare applications, expansion of electric vehicles, enhanced precision requirements, rapid expansion of e-commerce. Major trends in the forecast period include increased demand for high-resolution encoders, integration of advanced technologies, rise of optical encoders, miniaturization and compact designs, increased automation driving encoder adoption:.
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Encoder Market Major Segments
The encoder market covered in this report is segmented -
1) By Type: Linear Encoders, Rotary Encoders
2) By Position Signal: Absolute Encoders, Incremental Encoders
3) By Sensing Technology: Optical Sensing Encoders, Magnetic Sensing Encoders, Capacitive Encoders, Inductive Encoders
4) By Application: Automotive, Consumer Electronics, Aerospace And Defense, Healthcare And Medical Devices, Industrial, Other Applications
Key Driver - Growing Industrial Automation Fuels Demand For Encoders In The Market
Rising demand for industrial automation is expected to boost the growth of the encoder market going forward. Industrial automation uses technology to control machinery and operations in numerous sectors. Encoders are an essential component of high-speed, high-volume industrial automation systems because they convert motion into electrical feedback signals that may be received by a control device to detect position, speed, count, direction, and linear distance change. Encoders are appearing in more and more contexts in various industries, which is expected to boost the encoder market. For instance, in October 2021, according to the World Robotics 2021 Industrial Robots report published by the International Federation of Robotics, a Germany-based organisation of national robotics associations, worldwide, manufacturers were using a record 3 million industrial robots, an increase of 10%. Despite the global epidemic, sales of new robots increased marginally by 0.5%, with 384,000 units were supplied worldwide. In 2021, the world deployed 435,000 robots, a 13% increase. China, the largest adopter in the region, saw installations increase by 20%, with 168,400 units exported. Therefore, the rising demand for industrial automation is driving the growth of the encoder market.
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Prominent Trend - Encoder Market Advances With Technological Breakthroughs
Technological advancements is a key trend in the encoder market. Major companies operating in the encoder market are developing innovative technologies to strengthen their position in the market. For instance, in May 2022, Pepperl+Fuchs, a Germany-based manufacturer of industrial automation products, launched the ENI90 series of hollow shaft rotary encoders. The unique features of the ENI90 series hollow shaft rotary encoders are that they integrate with BlueBeam technology for heavy-duty applications and they can withstand rotational speeds of up to 6,000 rpm. The ENI90 series hollow shaft rotary encoders were designed because asynchronous motors or generators demand high-precision speed control.
Encoder Market Players
Major companies operating in the encoder market report are Omron Corporation, Honeywell International Inc., Schneider Electric SE, Rockwell Automation Inc., Panasonic Corporation, ABB Ltd., Broadcom Inc., DR. JOHANNES HEIDENHAIN GmbH, Koyo Electronics Industries Co. Ltd., Renishaw plc, Siemens AG, Sensata Technologies Holdings plc, Fortive Corporation, Mitutoyo Corporation, FRABA B.V., ifm electronic GmbH, maxon motor AG, Alps Alpine Co. Ltd., Bourns Inc., CUI Devices, ELCO Holding AG, Grayhill Inc., TT Electronics plc, Posital Fraba Inc., Hengstler GmbH, Sick AG, Baumer Group, Pepperl+Fuchs India Pvt. Ltd., Dynapar Corp., Heidenhain GmbH, Hans Turck GmbH & Co. KG
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the encoder market in 2023. The regions covered in the encoder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Encoder Market Report Structure
3. Encoder Market Trends And Strategies
4. Encoder Market - Macro Economic Scenario
5. Encoder Market Size And Growth
…..
27. Encoder Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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