The “Encoder Market Size by Encoder Type (Linear, Rotary), Signal Type (Incremental, Absolute), Technology, Application (Industrial, HC, Consumer Electronics, Automotive, Power, FnB, Aerospace, Printing, Textile), Region – Global Forecast to 2028“. The encoder market size 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.
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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Leading players in the encoders market 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 size.
Browse 156 market data Tables and 50 Figures spread through 210 Pages and in-depth TOC on “Encoder Market Size by Encoder Type (Linear, Rotary), Signal Type (Incremental, Absolute), Technology, Application (Industrial, HC, Consumer Electronics, Automotive, Power, FnB, Aerospace, Printing, Textile), Region – Global Forecast to 2028”
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Encoder Market Dynamics
Drivers: The rising need for high-end automation across industries
The need for automation by manufacturers across industries has been the key demand driver for encoders. It is used in automation to provide precise speed and direction to ensure the motor runs safely and smoothly. As the adoption of automation is increasing worldwide, the usage of encoders is also increasing for various applications. For instance, encoders are used in web tensioning, registration mark timing, linear measurement, backstop gauging, filling, and conveying, among other applications. Similarly, in the manufacturing industry, electricity is used to power electric motors. Therefore, most of these electric motors use encoders to monitor or control the functions of motors.
Restraint: Accuracy-related errors
Encoders are at the heart of any closed-loop servo system and provide feedback to the controller, which uses this information to determine if the motor has reached the commanded position or velocity. The accuracy of encoders is affected by factors such as temperature, vibration, and wear and tear. Manufacturers are working towards developing new technologies and materials to improve the accuracy and reliability of encoders, but these improvements may add to the cost of production.
Sensata Technologies is a well-known industrial technology company that creates sensors, sensor-based solutions (including controllers and software), and embedded systems, among others. The company’s product portfolio includes rotary encoders, linear encoders, hall effect sensors, potentiometers, inclinometer tilt sensors, and draw wire sensors. The company has a diverse product portfolio through which it caters to various verticals, such as aerospace & defense, industrial, material handling, medical, motors, and professional food equipment. It serves clients in automotive, fleet management, heavy vehicle and off-road (“HVOR”), and clean energy. The company operates through two major business segments-Performance Sensing and Sensing Solutions. The company offers encoders through its Sensing Solutions segment.
HEIDENHAIN is one of the leading players in the encoder market and a well-known company in measurement control and drive system technologies. The company’s product portfolio comprises various linear encoders, rotary encoders, angle encoders, digital readouts, and CNC controls. These products mostly find their applications in high-precision machine tools and electric component manufacturing & distribution plants. Moreover, the company’s expertise in encoders has enabled it to automate production machines and systems and attain a leading position in the market.
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 market. 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.
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