The new report by Expert Market Research titled, ‘Global Encoder Market Report and Forecast 2024-2032’, gives an in-depth analysis of the global encoder market, assessing the market based on its segments like type, technology, end use, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
- Historical Market Size (2023): USD 1.92 billion
- Forecast CAGR (2024-2032): 8%
- Forecast Market Size (2032): USD 3.04 billion
The market for encoder has seen substantial growth due to factors such as surging automation in various industries such as automobiles, healthcare, food and beverage, aerospace, packaging, and electronics, among others . Also, increased knowledge across different industries offers an enormous market opportunity for key players in the encoder market.
Encoders are widely used in automated applications because they translate motion into electrical feedback signals to quantify changes in location, speed, count, direction, and linear distance. The use of encoders in the automotive industry to increase efficiency, productivity, and cut costs is fueling market development.
Encoders are used to determine position and location-based prompts in automotive vehicles, especially cars, equipped with superior technology and features such as Bluetooth and cellular technology, which is expected to help market growth in the forecast period. The need for incorporating specialised expertise, skills, and experience with digital technologies is growing as the healthcare sector becomes more digitised and as the demand for medical professionals grows.
Encoders help in the creation of new lab techniques as well as reducing the risk of medical errors. The use of rotary encoders in precise medical imaging via CT and MRI equipment is also driving market growth. Furthermore, since radiation therapy necessitates linear and angular technology, encoders are used, boosting market development. In addition, the use of encoders in precise portable medical devices with high resolution and precision is expected to fuel industry growth over the forecast period.
Encoder Industry Definition and Major Segments
A system that converts data from one format to another is known as an encoder. It transforms motion into an electric signal that can be read by control devices including counters and PLCs. It also sends a signal that can be used to determine location, speed, count, and direction.
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Based on the type, the industry is divided into:
- Rotary Encoder
- Linear Encoder
Based on the technology, the industry is divided into:
- Optical
- Magnetic
- Photoelectric
- Others
Based on the end use, the industry is divided into:
- Automotive
- Electronics
- Textile
- Printing Machinery
- Industrial
- Pharmaceuticals
- Others
The regional markets for IoT connectivity include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Encoder Market Trends
Encoders are commonly used in a variety of industries to aid development and ensure accuracy. They are used for filling, conveying, motor input, x-y positioning, and registration mark timing, among other things, in the booming food and beverage industry, which is boosting market growth. Encoders are also used to introduce the Internet of Things (IoT), which allows devices to obtain both location and information, thus accelerating market development.
Furthermore, the encoder industry is being propelled forward by the growing use of computer numerical control (CNC) machines. The market is being propelled forward by the robust development of the robotics industry and the widespread use of encoders in it. Increased research and development (R&D) in computing and technology has made robot maintenance and installation simpler and more cost-effective, boosting the encoder market’s rise.
Encoders are also widely used to ensure the accuracy of automated machines like automated guided vehicles (AGC) or autonomous mobile robots (AMR) for functions like redundancy, lift control, steering assembly, and drive motors. Encoders are being used to evaluate location, pace, count, and direction, which is fueling market development. The encoder industry is expanding due to increased demand and popularity of automated vehicles. Encoders are being used more and more to enhance the user experience by providing real-time speed, rotational positional knowledge, and acceleration, fueling market development.
Key Market Players
The major players in the market are OMRON Corporation, Schneider Electric, Rockwell Automation, Inc., Panasonic Corporation, Sensata Technologies, Inc., Baumer Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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