According to the new market research report "Encoders Market by Type (Linear and Rotary), Technology (Optical, Magnetic, and Others), End Use (Automotive, Consumer Electronics, Industrial, Food & Beverage, Medical, Printing, and Others), and Geography - Global Forecast to 2024", the encoders market is expected to grow from USD 1.6 billion in 2019 to USD 2.4 billion by 2024—at a CAGR of 8.6%. Major factors surging the demand for encoders include the need for high-end automation and industry 4.0.
Browse 67 market data Tables and 33 Figures spread through 132 Pages and in-depth TOC on "Encoders Market - Global Forecast to 2024"
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Industrial to account for largest share of encoders market from 2019 to 2024
Industrial is expected to be the key end use segment for encoders. The industrial end use is growing rapidly due to the increasing use of robotics in welding, painting, assembly, and pick and place for printed circuit boards, packaging and labeling, and other applications. Encoders in industrial applications are used for linear measurement, registration mark timing, web tensioning, backstop gauging, conveying, filling, and more. The most common application is providing feedback in motion control of electric motors.
Optical technology to boost demand for encoders during forecast period
Optical technology is expected to hold the largest share of the encoders market during the forecast period. This growth is attributed to the wide-scale application of optical encoders in the textile, paper, wood, metal, rubber, plastics, consumer electronics, and automation sectors. In addition, owing to the need for more accurate data, the demand for optical encoders is increasing. Most applications use optical encoders because of the accuracy provided by them. Optical encoders do not require any separate electronics to provide position or exact location.
APAC to hold largest share of encoder market from 2019 to 2024
APAC is expected to hold the largest share of the overall encoders market in 2019. The market in APAC is also likely to exhibit the highest CAGR during the forecast period. Major factors driving the growth of the encoders market in APAC is the increased demand for encoders in countries such as China, Japan, and India from the manufacturing, consumer electronics, automotive, textile, and other end-use industries.
HEIDENHAIN Gmbh (Germany), POSITAL FRABA inc (Germany), Sensata Technologies (US), Dynapar Corporation (US), and Baumer Group (Switzerland) are among the few major players in the encoders market.
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