CHICAGO, July 21, 2023 /PRNewswire/ -- The Encoder Market is projected to grow from USD 2.7 billion in 2023 and is projected to reach USD 4.5 billion by 2028; it is expected to grow at a CAGR of 11.0% from 2023 to 2028 according to a new report by MarketsandMarkets. The increasing adoption of encoders in energy harvesting applications and the growing expansion of automotive markets worldwide are among the key factors driving the encoder market. Furthermore, innovative technologies in the automotive and UAV industries are expected to create lucrative opportunities for the market.
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Encoder Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $2.7 billion |
Estimated Value by 2028 | $4.5 billion |
Growth Rate | Poised to grow at a CAGR of 11.0% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Encoder Type, Signal Type, Technology, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Mechanical failure in harsh environments |
Key Market Opportunities | Rising government initiatives to boost industrial automation |
Key Market Drivers | The rising need for high-end automation across industries |
Industrial application to hold the largest share of the encoders market during the forecast period.
The industrial application held the largest share of the encoder market in 2022. The industrial sector applications are for web tensioning, backstop gauging, linear measurement, registration of mark timing conveying, and filling. The most common application is providing feedback on the motion control of electric motors. The encoders are designed for numerous applications in the industrial sector, such as robotics using encoders to determine motion position, control joint position, measure linear extension, and provide gripper & finger feedback and force feedback. In the industrial sector, nearly half the electricity consumed is used for electric power motors; most motors are equipped with encoders.
Market for rotary encoders is expected to have largest market share during the forecast period.
In 2022, Rotary encoders held the largest share of the encoders market, and a similar trend is likely to be observed in the coming years. This segment's dominant position can be attributed to the increasing demand for automated industrial machines and robotics, which are driving the growth of the rotary encoders market. Also, the market has witnessed increased innovation in this sector. Optical sensor technology, multi-turn encoders, programmable encoders, wireless encoders, and integrated encoders are some of the most recent innovations in rotary encoders.
Market for the inductive encoders is expected to witness the highest growth during the forecast period.
The market for inductive encoders is expected to witness the highest growth rate during the forecast period. The necessity for accurate and trustworthy position sensing in a variety of applications has fueled the development and expansion of inductive encoders. Technology advancements have resulted in the creation of inductive encoders that are more compact, accurate, and durable and can function under challenging conditions. Additionally, the rise of inductive encoders has been aided by the trend toward automation as well as the expanding use of robots and other automated systems.
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Asia Pacific to have the largest share of encoders market in during the forecast period.
Asia Pacific region is expected to have the largest market size of the encoders market during the forecast period. China, Japan, South Korea, and India are among the key countries in the Asia Pacific encoder industry. The growth of the encoder market in this region is mainly attributed to the increasing number of manufacturing and engineering hubs related to various industries. The emergence of electric, autonomous, and connected cars is fueling the growth of the automotive industry in the Asia Pacific, especially in China. China has been a potential market for all emerging technologies, such as robotics and factory automation. The large-scale manufacturing industries in Japan and South Korea have also contributed to the market growth in the region. The encoder market is likely to grow significantly in Taiwan and India, as these systems are perceived as key enablers of industry modernization.
Leading players in the encoders companies include Sensata Technologies (US), HEIDENHAIN (Germany), Fortive (Dynapar) (US), Renishaw plc (UK), Mitutoyo Corporation (Japan), FRABA B.V. (Netherlands), ifm electronic (Germany), Pepperl+Fuchs (Germany), and Maxon (Switzerland). Pilz GmbH (Germany), Tamagawa Seiki Co., Ltd (Japan), Faulhaber Group (Germany), Baumer (Switzerland), Koyo Electronics Industries Co., Ltd (Japan), Schneider Electric (France), Omron Corporation (Japan), Rockwell Automation (Wisconsin) are few other key companies operating in the encoder market.
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