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(IT-NEWSWIRE.COM, August 27, 2019 ) 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.
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Rotary encoders to drive encoders market during forecast period
Based on type, the rotary encoders market is expected to hold the largest share during the forecast period. Rotary encoders track motor shaft rotation to generate a digital position and motion information. These encoders are widely used in industrial and commercial designs due to their durability and excellent performance. Typically, rotary encoders are electromechanical devices that are used to measure the number of rotations, the rotational angle, and the rotational position of equipment.
Optical technology to boost encoders market during forecast period
The encoders market for optical technology-based encoders is expected to grow at the highest CAGR during the forecast period. Optical encoders do not require any separate electronics to provide position or exact location. Their output is easier to specify and deploy and is immediately usable by a host control system. Due to the accuracy provided by optical encoders, they are widely used in automation in the textile, paper, wood, metal, rubber, plastics, and consumer electronics industries.
Industrial to hold largest share during forecast period
Industrial is expected to be the leading end use for the encoders market. The industrial end use is growing rapidly due to upcoming technologies such as robotics, automation, and smart manufacturing. As a result, the demand for encoders is increasing in industrial end uses to determine motion position, control of joint position, measurement of linear extension, gripper and finger feedback, and force feedback. Industrial holds the largest share in APAC due to the availability of advanced manufacturing processes in countries such as China and Japan.
Browse and in-depth TOC on "Encoders Market"
67 - Tables
33 - Figures
132 - Pages
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APAC to be fastest-growing market during forecast period
Automotive, food & beverages, and industrial end-use industries in APAC have witnessed significant growth in the past few years. The growth in these industries has been propelled by a huge population shift and an increase in disposable income, which have prompted a higher demand for products in APAC. Manufacturers are adopting new techniques in manufacturing to reduce cost, save time, and improve product quality. These factors will continue to propel the demand for encoders in these industries in APAC during the forecast period.
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Key Market Players
A few major vendors in the encoders market include HEIDENHAIN Gmbh (Germany), POSITAL FRABA inc (Germany), Sensata Technologies (US), Dynapar Corporation (US), and Baumer Group (Switzerland).
Baumer Group (Switzerland) was established in 1952 and is headquartered in Switzerland. It is one of the worldwide leading manufacturers of sensors, encoders, measuring instruments, and components for automated image processing. The company’s product development and market offerings are its core competencies and help it hold a strong position compared to its competitors in the encoders market. Since 2016, the company has been investing significantly in new product launches and has subsequently launched more than 7 encoder products. The adoption of this strategy is helping the company gain a larger share in the encoders market.
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