Encoder Market Expected to Reach $5.1 Billion by 2031 | Omron Corporation, Panasonic Corporation, CUI Devices

Allied Market Research (AMR) recently released a report on the encoder market. According to the report, the industry is anticipated to reach a value of $5.1 billion by 2031, having endorsed a value of $2.3 billion in 2021. The industry's CAGR is estimated to be 8.4% during the forecast period from 2022 to 2031. The research report is a valuable resource containing detailed information on the overall market, including market dynamics, prominent investment opportunities, development trends, segmentation, regional analysis, and the competitive landscape.

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Encoders are sensors of mechanical motion that interpret information and convert it into a code while possessing the capacity to convert that code back to its source. It helps to find the exact location of any object and the angle of placement for certain pieces of equipment to get the desired results. Encoders also offer accuracy in workflow, speed in operation, and proper process control. It supports the performance of high feeding tasks in manufacturing industries and the manufacture of machine tools that meet the demand for high productivity.

According to the encoder market forecast, as machines become technologically advanced, enterprises are using artificial intelligence in mobile robotics, unmanned aerial drones, virtual assistants, digital twin, speech and image recognition, and machine learning. Further, encoders are used to control and commutate the rotor's displacement at any time by consuming less energy. As mobility is driving the need for battery-powered operations, energy-efficient encoders will gain importance in future mobile robotics. Thus, the usage of rotary encoders is enhancing mobile robotics with the use of capacitive technology. Moreover, they can also help makers of many different applications meet new efficiency regulations, thus making their application easy in mobile robotics.

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According to the encoder market analysis, the rotary segment was the highest contributor to the market in 2021. The industrial and healthcare segments collectively accounted for around 68.8% market share in 2021. The outbreak of the COVID-19 has significantly impacted the growth of the encoder market size.

The encoder industry key players and innovators profiled in the report include Alps Alpine Co., Ltd., Bourns, Inc., Broadcom, CUI Devices, Dynapar, ELCO Holding , FENAC, FRABA B.V., Grayhill Inc., HEIDENHAIN, Omron Corporation, Panasonic Corporation, Rockwell Automation, Inc., Schneider Electric, Sensata Technologies, Inc., TE Connectivity, and TT Electronics. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the encoder market.

KEY FINDINGS OF THE STUDY

In 2021, the rotary segment was the major revenue contributor to the encoder industry, and is projected to grow at a notable CAGR of 8.64% during the forecast period.
The optical and magnetic segments together accounted for around 74.2% of the encoder market trends in 2021.
The industrial segment is projected to growth at a CAGR of 9.71% during the forecast period.
Asia-Pacific contributed for the major encoder market share, accounting for more than 41.8% share in 2021.

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Key players profiled in the report include Alps Alpine Co., Ltd., Bourns, Inc., Broadcom, CUI Devices, Dynapar, ELCO Holding , FENAC, FRABA B.V., Grayhill Inc., HEIDENHAIN, Omron Corporation, Panasonic Corporation, Rockwell Automation, Inc., Schneider Electric, Sensata Technologies, Inc., TE Connectivity, and TT Electronics. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the encoder market.

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