CHICAGO, Nov. 30, 2022 /PRNewswire/ -- The encoder market is projected to grow from USD 2.7 billion in 2022 to USD 4.3 billion in 2027; it is expected to grow at a CAGR of 9.7% from 2022 to 2027 according to a new report by MarketsandMarkets. The growth of the market attributed to the growing adoption of industry 4.0 and rising need for high end automation across industries driving the encoder market.
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Absolute encoder technology to grow at highest CAGR from 2022 to 2027
The absolute encoder determines the unique position of the value at every point of rotation by generating distinctive bit configurations. It retains its true position of the rotating shaft throughout the process even if there is a power loss by reading the unique code of a disc that rotates along with the shaft using the optical, magnetic, or capacitive sensors. The encoders are used for linear motor and other high-velocity measurement applications such as CNC/PLC feedback, pick and place machines, automotive transfer lines, packaging machines, and PC-based systems.
Magnetic encoder segment is expected to register larger market share of the encoder market throughout the forecast period
A magnetic encoder uses sensors to identify changes in magnetic fields from a rotating magnetized wheel and convert them into electrical signals. Magnetic encoder basically uses three components such as sensing circuit, a rotating wheel or ring, and a series of magnetic poles around the circumference of the wheel or ring. Magnetic encoder is designed to provide reliable digital feedback even in demanding and harsh environments. Applications for this technology usually require broad temperature specs, high shock and vibration resistance, robust sealing, and contaminant protection while focusing on output signal reliability, easy installation, and downtime reduction.
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Asia Pacific is expected to register highest market share from 2022 to 2027
Asia Pacific dominated the encoder market and is expected to hold the same position during the forecast period. The region is home to some of the fastest-growing economies in the world. For instance, China, Japan, South Korea, India, etc. China is a hub for electronics & semiconductor components and the largest manufacturer of commercial vehicles. These industries are experiencing increasing pressure to improve quality and productivity with reduced time-to-market and are upgrading production and automation systems more frequently. Similarly, motor vehicle manufacturing in Japan is one of the most successful subsectors and holds a major market share. In the coming years, the arrival of electric and hybrid vehicles is expected to boost the market for automotive industry. Furthermore, the economy of South Korea is dominated by advanced manufacturing and services. Various developments in mobile phones, consumer electronics, cars, steel, and other manufacturing companies in South Korea are fueling the demand for encoders.
Key players operating in the market include Renishaw plc (UK), HEIDENHAIN (Germany), FRABA B.V. (The Netherlands), Sensata Technologies Holding plc (US), ifm electronics gmbh (Germany), Mitutoyo Corporation (Japan), Pepperl+Fuchs SE (Germany), Fortive (US), maxon motor ag (switzerland), Balluff Inc. (Germany). Pilz GmbH & Co. KG (Germany), Tamagawa Seiki Co., Ltd. (Japan), FAULHABER Group (Germany), Baumer Group (Switzerland), Koyo Electronics Industries Co., Ltd. (Japan).
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