Increasing Demand for Consumer Electronics Globally to Ensure Rapid Growth for the Encoders Market
Globally, the encoders market is expected to grow at a CAGR of 11.9% during the forecast period from 2019 to 2027. Encoders are defined as small electronic or circuit devices that are used to convert analog signals into digital signals. The encoders are generally used for controlling or tracking various motion parameters, such as direction, distance, position, or rate. There are two types of encoders, namely rotative and linear encoders, which are used as per the requirement and application.
Encoders allow the industry to locate the position of any object and the angle of placement of a piece of equipment to receive the desired results. The main objective of the encoders is to offer speed in operation, accuracy in workflow, and appropriate process control. The increase in demand for consumer electronics such as laptops, PCs, scanners, printers, and others is driving the encoder market, as encoders are widely used in these systems. Furthermore, technological advancements have resulted in the increasing adoption of advanced encoders in various industrial applications. This increasing demand is fueling the growth of the encoder market across the globe.
Encoders with the Automotive Industry in its End User Segment Continue Dominating the Market
In 2018, the overall encoders market was dominated by the automotive industry, which contributed a significant percentage of the total revenue generated worldwide. The segment growth is backed by the consistent automobile sector growth and penetration of electric vehicles. Moreover, the growing emphasis of vendors on technological advancement in the automotive industry is also supporting the growth of the market. Additionally, the small size and weight of encoders and their ability to work with high rotational inertia, which makes them more suitable for applications that require high acceleration and deceleration rates, drive the encoder market.
North America Dominates the Market by Region
The encoders market is led by North America, which accounts for more than 1/3 of the total market revenue generated worldwide. The region also enjoys the presence of various major players, including Rockwell Automation Inc., Honeywell International Inc., Dynapar Corporation, and others. The increasing demand for fast and controlled processing in the automobile industry, electronic industry, and manufacturing industry is another factor contributing to market growth. Nevertheless, the Asia-Pacific region is projected to emerge as the fastest-growing market due to the ever-growing automobile and consumer electronics sectors in the region.
Some of the prominent players operating in the encoder market include Honeywell International, Omron Corporation, Schneider Electric, Panasonic Corporation, Rockwell Automation Inc., Baumer Group, BEI Sensors, FAULHABER Drive Systems, Dynapar Corporation, Pepperl+Fuchs International, Maxon Motor AG, and Hengstler GmbH.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The encoders market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global encoder market based on technology, type, end-user, and geography. Key segments covered in the report are as follows:
Key questions are answered in this report
What was the market size of encoders in 2018, and what is the forecast up to 2027?
Which is the largest regional market for encoders in the automotive industry?
What are the major trends followed in the encoder market across different regions?
Who are the key encoder companies leading the market?
What are the key strategies adopted by the leading encoder companies in the market?
Frequently Asked Questions:
The market for Encoders Market is expected to reach US$ XX Bn by 2027.
The Encoders Market is expected to see significant CAGR growth over the coming years, at 11.9%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Omron Corporation, Schneider Electric, Panasonic Corporation, Rockwell Automation Inc., Baumer Group, BEI Sensors, FAULHABER Drive Systems, Dynapar Corporation, Pepperl+Fuchs International are some of the major players in the global market.
