DUBLIN, Nov. 12, 2021 /PRNewswire/ — The "Optical Encoders – Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Optical Encoders estimated at US$1.9 Billion in the year 2020, is projected to reach a revised size of US$3.1 Billion by 2026, growing at a CAGR of 8.5% over the analysis period.
Absolute Encoder, one of the segments analyzed in the report, is projected to grow at a 9% CAGR to reach US$2.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Incremental Encoder segment is readjusted to a revised 7.4% CAGR for the next 7-year period. This segment currently accounts for a 33.1% share of the global Optical Encoders market.
Absolute optical encoder segment dominates market share due to increasing adoption of these devices in diverse applications requiring high resolution, accuracy and system reliability.
In the recent years, absolute encoders have gained increasing traction in applications related to advanced mechanical systems like industrial automation, robotics automation, computer input devices, rotating radar platforms, controlled stress rheometers and photographic lenses. Incremental encoders are intended to determine the position angle on the basis of incremental calculations, with each position depicting a unique value. These devices are used in various commercial applications and electric consumer items.
Demand for optical encoders is being propelled by expansion of the printed circuit board market, the miniaturization trend and increasing sales of consumer electronics items. Increasing adoption of sophisticated motion control systems coupled with the need for superior assertion in placement related to surface mount technology also boosts demand in the market.
Optical encoders are benefitting from increasing adoption of control systems and automation equipment due to their ability to deliver real-time data, high productivity and high accuracy. Latest IoT-powered optical encoders launched on the market present effective diagnostic systems capable of delivering diagnostic and condition monitoring information.
The U.S. Market is Estimated at $527.6 Million in 2021, While China is Forecast to Reach $639.2 Million by 2026
The Optical Encoders market in the U.S. is estimated at US$527.6 Million in the year 2021. The country currently accounts for a 26.22% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$639.2 Million in the year 2026 trailing a CAGR of 10.6% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.2% and 8.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.4% CAGR while Rest of European market (as defined in the study) will reach US$704.5 Million by the end of the analysis period.
Asia-Pacific represents a key market, owing to rapid industrialization in developing economies and increasing adoption of sophisticated equipment to save on manufacturing costs.
The region is a major hub of electronic component manufacturing and witnessing high demand for optical encoder from manufacturers for specific benefits like enhanced efficiency. The presence of numerous healthcare and manufacturing facilities in the US drives growth in North America region.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
Industrial Activity Remains Subdued, Inducing Weakness into the Market
COVID-19 Presents Breathers for Optical Encoders Market, despite Production Glitches
An Introduction to Optical Encoders: Using Light to Determine Accurate Position & Motion of Motors
Classification of Encoders
Absolute Encoders: Scoring High over Incremental Counterparts
Global Market Prospects & Outlook
Major Growth Factors and Restraints
Analysis by Product Type: Absolute Optical Encoder Claims Sizeable Share
Analysis by End-Use Sector: Consumer Electronic Segment Dominates, while Healthcare to Create New Opportunities
Regional Analysis: Asia-Pacific to Post Fastest Growth & Steal Limelight in Global Optical Encoder Market
Recent Market Activity
Select Global Brands
2. FOCUS ON SELECT PLAYERS (Total 70 Featured)
Allied Motion Technologies Inc.
Honeywell International, Inc.
Rockwell Automation Inc.
Sensata Technologies, Inc.
Tokyo Sokuteikizai Co., Ltd.
3. MARKET TRENDS & DRIVERS
Machine Health Monitoring Made Easier with Optical Encoders
Sustained Emphasis on Industrial Automation to Drive Demand
Factory, Advanced Analytics, Service Robotics, and Smart Machines for 2020
Growing Uptake of Industrial Robotics Bodes Well
Rising Footprint of Robotics in Automotive Sector to Underpin Revenue Growth
Machine Tools: An Established Market for Optical Encoders
Rising Demand for SMT Equipment Promotes Growth
SMT: Key Applications in Select End-Use Sectors
Prevailing Trends in the SMT Equipment Domain Influence Market Prospects
Consumer Electronics & Semiconductors: Key End-Use Segment
Encoders Essential for Accurate Positioning in Medical Equipment
Market to Gain from Growing Importance of IoT
Encoders with Advanced Signal Processing Algorithms & Miniature Designs Seek to Widen the Footprint
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/lhxco3
Research and Markets
Laura Wood, Senior Manager
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