Encoder Industry size is expected to register 9% CAGR between 2023 and 2032 propelled by the rising need for high-end automation across industries.
Selbyville, Delaware , Feb. 05, 2024 (GLOBE NEWSWIRE) — Encoder Market Size is projected to be valued at USD 6 million by the end of 2032, as per a recent study by Global Market Insights Inc.
The growing adoption of Industry 4.0, characterized by the emergence of smart manufacturing and automation will drive the market growth. Through industry 4.0, the precise data on position, motion, and speed has become crucial for real-time monitoring and control of automated processes. Encoders provide the necessary feedback to ensure accuracy, efficiency, and safety in smart factories. With more industries embracing Industry 4.0 principles to enhance productivity and reduce costs, the demand for encoders will continue to rise as indispensable components of modern manufacturing. Additionally, the rising government initiatives to boost industrial automation will amplify the demand for encoders. The heavy dependence of industrial automation on precise motion control and position feedback will also present multiple growth opportunities for encoder manufacturers and suppliers.
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Optical technology to accumulate substantial share
Encoder market value from the optical technology segment is estimated to be worth over USD 2 million by 2032. Optical encoders help cater to industries demanding accurate position and speed feedback due to their high precision and reliability. The increasing adoption of automation and robotics across multiple sectors will fuel the demand for optical encoders. Advantages, such as resistance to environmental factors and the ability to provide non-contact measurement will further drive the segment growth.
Linear encoders to gain traction
Linear encoder market is estimated to depict over 9% CAGR from 2023 to 2032, driven by their versatility and suitability for various applications. Linear encoders offer high precision and accuracy in measuring linear motion, crucial for industries like manufacturing, CNC machining, and semiconductor production. With the rising requirements for automation and quality control, the demand for linear encoders will further increase, making them an integral part of advanced machinery and systems.
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North America to attract new market opportunities
North America encoder market size is projected to accumulate over USD 1.2 million by 2032. The rising focus on technological advancements, such as Industry 4.0 and IoT, is fuelling the demand for precise motion control and measurement systems across the region. Additionally, the increasing application scope of encoders in aerospace, defense, healthcare, and automotive sectors along with the growing emphasis on innovation and efficiency will boost the regional market growth.
Encoder Market Participants
Some of the prominent companies operating in the encoder industry include Bourns, Inc., Broadcom Inc., Dynapar, ELCO Holding, FRABA B.V., Grayhill Inc., HEIDENHAIN, Maxon, Mitutoyo Corporation, Omron Corporation, Panasonic Corporation, Pepperl+Fuchs, Renishaw plc, Rockwell Automation, Inc., Schneider Electric, Sensata Technologies, Inc. These companies are focusing on launching new products to increase their global market footprint. For instance, in November 2023, the supplier of high precision miniature and micro drive systems, FAULHABER extended its product line with the launch of IEP3, an incremental encoder featuring advanced chip technology for exceptional resolution and accuracy.
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