Global Encoder market analysis 2024, Forecast To 2033
4 Mar, 2024
The encoder market has witnessed rapid growth, ascending from$2.44 billion in 2023 to$2.69 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.2%. This growth is propelled by industrial automation, increased demand in the automotive sector, and the emergence of Industry 4.0, alongside globalization of manufacturing and a heightened focus on robotics. Forecasts suggest robust growth in the coming years, with the market expected to reach$3.91 billion by 2028, boasting a compound annual growth rate (CAGR) of 9.8%. Factors contributing to this growth include increased adoption of artificial intelligence, expanding applications in healthcare, the proliferation of electric vehicles, enhanced precision requirements, and the rapid expansion of e-commerce. Major trends in the forecast period include increased demand for high-resolution encoders, integration of advanced technologies, the rise of optical encoders, miniaturization, and compact designs, as well as increased automation driving encoder adoption.
Global Encoder Market Key Driver
The encoder market is poised for substantial growth, driven by the escalating demand for industrial automation across various sectors. Encoders, crucial components of high-speed industrial automation systems, play a pivotal role in converting motion into electrical feedback signals, facilitating precise control of machinery and operations. The World Robotics 2021 Industrial Robots report reveals a record deployment of 3 million industrial robots worldwide, indicating a 10% increase, despite challenges posed by the global pandemic. In 2021, new robot sales rose marginally by 0.5%, with 384,000 units supplied globally, and installations surged by 13%, reaching 435,000 units. Notably, China witnessed a 20% increase in installations, with 168,400 units deployed, reaffirming the rising demand for industrial automation and driving the growth of the encoder market, expected to witness significant expansions in 2023, 2024, and 2028.
Get A Free Sample Of The Global Encoder Market ReportGlobal Encoder Market Segments
The global 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
By Geography: The regions covered in the encoder market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the encoder market in 2023. The regions covered in the encoder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Encoder Industry Players
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., Heidenhain GmbH, Hans Turck GmbH & Co. KG
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Encoder Market Overview
Encoder refers to a device that transforms an analogue signal into a digital signal, or it is a device that turns active data signals into coded message formats. It is a combinational circuit that transforms binary data from 2N input lines into N output lines representing the input's N bit code.
Encoder Global Market Report 2023 provides data on the global encoder market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The encoder market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.