Press release
Growing Industrial Automation Fuels Demand For Encoders In The Market: An Emerging Driver Transforming The Encoder Market Landscape
Encoder
What Is the Projected Growth of the Encoder Market?
Over the years, the encoder market has witnessed a strong surge in its size. This upward momentum is predicted to continue, projecting growth from $2.64 billion in 2024 to $2.89 billion in 2025, subsequently exhibiting a compound annual growth rate (CAGR) of 9.4%. Factors such as industrial automation, surging demand in the automotive sector, the advent of industry 4.0, global expansion of manufacturing, and a heightened emphasis on robotics, can be accredited for the distinguished growth during the historical period.
A robust expansion is anticipated in the encoder market size in the upcoming years. The growth projection is up to $4.18 billion by 2029, with a compound annual growth rate (CAGR) of 9.6%. This upsurge for the predictive period is linked to the widespread use of artificial intelligence, the crucial role in healthcare applications, the growth of electric vehicles, the requirement for improved precision, and the quick evolution of e-commerce. The forecast period will largely see trends such as an escalated demand for high-resolution encoders, the incorporation of cutting-edge technologies, the emergence of optical encoders, miniaturization and streamlined designs, and enhanced automation fostering the adoption of encoders.
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What Are the Different Encoder Market 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
Subsegments:
1) By Linear Encoders: Optical Linear Encoders, Magnetic Linear Encoders, Capacitive Linear Encoders
2) By Rotary Encoders: Optical Rotary Encoders, Magnetic Rotary Encoders, Inductive Rotary Encoders
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What Are the Primary Drivers Shaping the Encoder Market?
The growth of the encoder market is poised to be driven by increased industrial automation demands. This automation in industries leverages technology to manage machines and operations across numerous sectors. Crucial to the functioning of high-speed, high-volume industrial automation systems, encoders transform motion into electrical feedback signals. These signals can be interpreted by a control device to determine position, speed, count, direction, and changes in linear distance. The utilization of encoders is rising across various industry contexts, a trend which is anticipated to propel the encoder market. Take for example, a report from September 2023 by the Instrument Flight Rules (IFR) International Federation of Robotics, a Germany-based firm. Their most recent global robotics study indicated that in 2022, 553,052 new industrial robots were installed in factories, reflecting a 5% increase from the prior year. Region-wise distribution highlighted that 73% of the installations were based in Asia, with Europe and the Americas contributing 15% and 10% respectively. Hence, as industrial automation demand increases, it fuels the growth of the encoder market.
Which Companies Are Leading in the Encoder Market?
Major companies operating in the encoder market 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., Hans Turck GmbH & Co. KG
What Are the Major Trends Shaping the Encoder Market?
Advancements in technology are driving trends in the encoder market. Major industry players in this market are creating innovative technologies to consolidate their market position. For example, in May 2022, Pepperl+Fuchs, an industrial automation product manufacturer based in Germany, introduced the ENI90 series of hollow shaft rotary encoders. These encoders are unique in that they integrate with BlueBeam technology, making them suitable for heavy-duty applications and able to sustain rotational speeds of up to 6,000 rpm. The ENI90 series hollow shaft rotary encoders were developed to fulfill the precise speed control requirements of asynchronous motors or generators.
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What Are the Top Revenue-Generating Geographies in the Encoder Market?
Asia-Pacific was the largest region in the encoder market in 2024. The regions covered in the encoder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Encoder Market?
2. What is the CAGR expected in the Encoder Market?
3. What Are the Key Innovations Transforming the Encoder Industry?
4. Which Region Is Leading the Encoder Market?
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