Research Nester’s recent market research analysis on “Rotary Encoder Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitor’s analysis and a detailed overview of the global rotary encoder market in terms of market segmentation by type, product, application, end-user industry, and by region.
Increasing Industrialization and Digitization to Promote Global Market Share of Rotary Encoder
The market is predicted to increase moderately as a result of the Industry 4.0 revolution and digitization, which have further expedited the adoption of automation across a number of industries. Industry 4.0 persuaded OEMs to include IoT in their operations due to the consistent increase in IoT usage and digital transformation occurring across several industries. For instance, according to the International Data Corporation's (IDC) Worldwide Semiannual Internet of Things Expenditure Guide, European investment in the Internet of Things (IoT) exceeded USD 202 billion in 2021. It is expected to increase by double digits through 2025.
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In addition to these, Governments everywhere are promoting the adoption of various automation technologies to support the structural expansion of industrial firms. Governments across the globe focus on the manufacturing sectors since they are essential to this progress. This is expected to promote market expansion overall by increasing the usage of industrial robots.
Some of the major growth factors and challenges that are associated with the growth of the global rotary encoder market are:
Growth Drivers:
• Surge in Technological Developments and High Accuracy Could Strengthen Market Growth
• Rising Automotive Industry
Challenges:
Lack of product differentiation is one factor hindering the growth of the rotary encoder market. Because rotary encoders are used in such large quantities in the electronics, aerospace, automotive, and other industries, customers purchase them in bulk. Rotary encoders can have a wide range of functions and applications. Due to the wide variety of huge enterprises offering similar technology items, consumers have many options. In order to compete with larger manufacturers for the high volume of these products, manufacturers are under pressure to reduce their pricing. This is troublesome because it puts pressure on manufacturing prices. Encoders encounter a number of issues and constraints that reduce their capacity to endure competition because of their few brittle parts and possible complexity and potential error causes that could lead to the inaccuracy are some of the major factors anticipated to hamper the global market size of rotary encoder.
By application, the global rotary encoder market is segmented into metal forming & fabrication, servo motor, elevator industry, machine tool and material handling. The machine tool segment is to garner the highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. In machine tool applications, rotary encoders are used to accomplish precise sensing and positioning. A machine can determine the exact commutation angle and axis alignment. Rotating encoders improve system precision and enable optimal machine performance. It is heavily used in this application for these reasons. It is anticipated that the robust adoption rate and increasing demand will drive the robotics segment's notable expansion. The International Federation of Robotics (IFR) projects that between 2020 and 2022, factories globally will deploy close to 2 million industrial robots. These factors should boost demand for rotary encoders because of their widespread application in robotics.
By region, the Europe rotary encoder market is to generate the highest revenue by the end of 2036. Industrial robotic applications are one of the many potential markets for encoders, and this increase is projected to boost the market growth in the region. Automation in many industries in Europe may eventually lead to a rise in the need for robots, which will also raise the need for rotary angle sensors. Another dynamic area that has a lot of promise for the increase in encoder demand over the course of the projection period is the electronic sector.
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