Encoder Market Will Reach USD 4,888 Million By 2030, Says P&S Intelligence

NEW YORK, Feb. 14, 2023 /PRNewswire/ -- In 2022, the encoder market was worth around USD 2,435 million, and it is projected to advance at a 9.10% CAGR from 2022 to 2030, hitting USD 4,888 million in 2030, according to P&S Intelligence.

This is majorly credited to the rising requirement for automotive products and the growing need for high-end automation in a huge number of businesses. Furthermore, the need for AI- and machine-learning-based systems is quickly growing.

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Rotary Encoders Are Higher Revenue Generator

In 2022, the rotary encoders category held the larger revenue share, of approximately 58%. This can be ascribed to the mounting rate of automation across several industries, such as packaging, electronics, aerospace, automotive, and healthcare.

In this regard, encoders are used to measure the angular velocity, rotation, and position of the moving components in an extensive variety of applications.

Such systems provide numerous benefits, such as accuracy, reliability, low-cost feedback, high resolution, integrated electronics, and combined optical and digital operations.

Absolute Category Is Set To Grow with Higher Rate

On the basis of signal type, the absolute category is projected to experience the higher growth rate in the years to come. This is credited to the utilization of these encoders in an extensive variety of mechanical systems that need their operations monitored and controlled.

Applications of these variants comprise diagnostic imaging and surgical robots, wherein they aid in measuring the accurate position of the mobile components via exclusive digital codes. These encoders offer these components unique position values just as they are switched on, by scanning the coded element's position.

Optical-Sensing Encoders Witness Highest Sales 

Optical-sensing encoders are dominating the market, credited to the fact that they utilize the light coming from a coded disk, which supports tracking the movement of the shaft.

Browse detailed report on  Encoder Market Growth, Development and Demand Forecast to 2030

Moreover, these systems provide several benefits, including a high resolution, huge hollow shaft encoders, improved angular accuracy, improved reliability, low weight, and ability to operate in extreme weather conditions.

Widest Prospects for Encoder Manufacturers with North American Firms

North America is dominating the market, and it is projected to continue with the dominance in the future, reaching USD 1,515 million by the end of the decade.

This can be ascribed to the increasing production of automotive parts, the snowballing demand for consumer electronics, the rising number of vehicles, and the mounting research and development for new and better technologies.

Furthermore, the major players have a solid foothold in the continent, which makes it easy for the end users to procure these semiconductor components.

Encoder Market Report Coverage

By Encoder Type 

• Rotary Encoder
• Linear Encoder

By Signal Type

• Incremental Encoder
• Absolute Encoder

By Technology

• Magnetic Encoder
• Optical Encoder
• Inductive Encoder

By Application

• Industrial
• Healthcare
• Printing
• Textile
• Automotive

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia-Pacific
• China
• Japan
• Australia
• India
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• Saudi Arabia
• South Africa
• U.A.E.

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SOURCE P&S Intelligence