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Encoder Market: Key Trends and Competitor Assessment 2024-2033 - Evaluating Market Landscape
Encoder Market Demand
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According to The Business Research Company's, 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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Market Drivers and Trends:
The growing automotive industry is expected to propel the growth of the encoder market going forward. The automotive industry is a broad sector that encompasses various companies and organizations involved in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. Encoders play a vital role in providing accurate motion feedback and control in a wide range of automotive applications, contributing to the performance, safety, and efficiency of modern vehicles. For instance, in June 2023, according to reports shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, sales of passenger cars in the UK rose 25.8% from 140,958 units in 2022 to 177,266 units in 2023. Therefore, the growing automotive industry is driving the growth of the encoder market.
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.
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Major Key Players of the Market:
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
Encoder Market 2024 Key Insights:
• 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%.
• Growing Industrial Automation Fuels Demand For Encoders In The Market
• Encoder Market Advances With Technological Breakthroughs
• Asia-Pacific was the largest region in the encoder market in 2023
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