The Global Optical Encoder Market Growth Accelerated By Increasing Demand For Optical Encoders In Industrial Automation
Optical Encoder Market
Optical encoders are electronic devices that are used to convert motion into electronic signals. They are commonly used in a variety of industrial applications such as medical devices, robotics, factory automation, 3D printers and CNC machines. Optical encoders are preferred over conventional encoders owing to their high resolution, noise immunity and compact size. They offer precise measurement capabilities even in harsh environments.
The global Optical Encoder Market is estimated to be valued at Us$ 2580.9 Mn in 2024 and is expected to exhibit a CAGR Of 5.7% over the forecast period from 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing Demand for Industrial Automation
The demand for optical encoders is expected to grow at a significant rate, driven by the increasing adoption of industrial automation across various sectors such as automotive, electronics, food and beverage packaging industry. Industrial automation enhances productivity, reduces errors and improves the quality of production. Optical encoders play a vital role in automation by providing motion and position feedback for advanced manufacturing equipments such as robot arms, CNC machines and conveyor belts. With the growing emphasis on industrial automation to gain efficiency, the demand for optical encoders is also likely to surge over the forecast period.
Segment Analysis
Optical Encoder Market
The optical encoder market can be segmented by type into incremental and absolute. The incremental segment dominated the market in 2021 and accounted for over 60% market share owing to low cost, simplicity of design and operation. However, the absolute segment is expected to witness higher growth during the forecast period due to better accuracy and reliability offered by absolute optical encoders.
Key Takeaways
The Global Optical Encoder Market Demand is expected to witness high growth during the forecast period 2023 to 2030. The global Optical Encoder Market is estimated to be valued at US$ 2580.9 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period from 2023 to 2030.
Regional analysis:
Asia Pacific region held the largest market share in 2021 and is expected to remain the most dominant as well as the fastest growing region during the forecast period. High concentration of encoder manufacturers and growing adoption of encoders in industrial automation applications in China, Japan and other Southeast Asian countries are the key factors driving market growth in Asia Pacific. Europe and North America are also expected to offer lucrative growth opportunities owing to extensive usage of encoders in machines and motion control systems industries.
Key players:
Key players operating in the optical encoder market are Renishaw plc, BEI Sensors, Baumer Group, Allied Motion Inc., Dynapar, Broadcom Inc., CTS Corporation, Bourns Inc., Grayhill Inc., Honeywell International Inc., and US Digital. Renishaw plc dominated the global market in 2021 owing to its wide product portfolio and strong customer base.
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