Hyderabad, July 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Encoder Market Report (2023-2028)," the market is estimated at USD 2.65 billion in 2023. It is expected to register a CAGR of 7.72% during the forecast period.
Encoders are components that are added to a direct current motor and transform mechanical motion into digital pulses that can be recorded and interpreted by integrated control electronics. The main function of an encoder is to invoke standardization, safety control, and speed adjustment.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 2.65 billion |
| Market Size (2028) | USD 3.84 billion |
| CAGR (2023-2028) | 7.72% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The growing need for Industry 4.0 and top-notch automation. |
| Rise in demand for encoders in various applications, such as data centers and telecommunication. |
Which are the Top Companies in the Global Encoder Market?
The encoder market is highly competitive and fragmented, with established players from all over the world. Certain companies in this market have a large client base, which lets them produce encoders in large volumes. A high quantity of production ensures bigger profits and scale expansion for the market.
The most notable players in the global encoder market are,
- Omron Corporation
- Honeywell International
- Schneider Electric
- Rockwell Automation Inc.
- Panasonic Corporation
- Baumer Group
- Renishaw PLC
- Dynapar Corporation (Fortive Corporation)
- FAULHABER Drive Systems
- Pepperl+Fuchs International
- Hengstler GMBH (Fortive Corporation)
- Maxon Motor AG
- Dr. Johannes Heidenhain GmbH
- POSITAL FRABA Inc. (FRABA BV)
- Sensata Technologies
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Key Highlights from the Encoder Market Report:
The Industrial Sector is Predicted to Hold a Major Market Share
- Robots are receiving a lot of attention and are experiencing growth in the number of application areas. These applications include assembly, grinding, welding and material handling.
- Encoders are used in a huge array of industrial applications, which include web tensioning, linear measurement, registration mark timing and backstop gauging.
Growing Demand for Encoders in Asia-Pacific
- A combination of the growth of industrialization and improved solutions for manufacturing processes is constantly boosting the overall encoders market.
- With the presence of the biggest industrial hubs like India, China, and Japan, production facilities are increasing, and service agreements are made with businesses, which in turn propels market growth in the region.
What are the Latest Developments in the Global Encoder Market?
- In November 2022, an announcement was made by Maxon for the launch of five new products at the SPS trade fair in Nuremberg. These products included ECX SPEED 8 motors and IDX 70 industrial drive.
- In September 2022, Celera Motion, which is a motion control business of Novanta Inc., upgraded and expanded its range of robot arm encoders. New encoders were launched with multiple diameters, which allowed a more accurate angular measurement of all variants of robot joints.
Mordor Intelligence has Segmented the Global Encoder Market Based on Type, Technology, End-User Industry, and Geography:
- By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Rotary Encoder
- Linear Encoder
- By Technology (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Optical
- Magnetic
- Photoelectric
- Other Technologies
- By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Automotive
- Electronics
- Textile
- Printing Machinery
- Industrial
- Medical
- Other End-user Industries
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- Europe
- Asia Pacific
- Rest of the World (Latin America and Middle East & Africa)
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Encoder Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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