October 11, 2023 01:00 ET | Source: CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED
New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Optical Encoder Market” published by Consegic Business Intelligence, the market was worth USD 2,619.70 Million in 2022, projected to grow by USD 2,838.05 Million in 2023, and is anticipated to reach over USD 6,380.23 Million by the year 2031, growing at a CAGR of 10.7%. incremental shaft encoder
Optical encoders are electromechanical motion sensor and feedback devices comprising of a photodetector, LED light source, along with a disc with slot apertures. The benefits of optical encoders including higher level of accuracy and precision, high resolution, flexible mounting options, and immunity to interference makes it ideal for deployment in automotive, aerospace & defense, healthcare, robotics, textile, and other industries.
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The increasing utilization of optical encoder in automotive sector is among the key factors driving the market growth. Additionally, an increase in automotive production, rising development of automobile manufacturing facilities, and growing need for efficient motion control solutions in modern automobiles are primary factors driving the adoption of optical encoders. For instance, according to the International Organization of Motor Vehicle Manufacturers, the overall automobile production in the Asia-Pacific region reached up to 50.02 million in 2022, witnessing an increase of nearly 7% in contrast to 46.76 million in 2021. Therefore, the rise in automobile production is increasing the adoption of optical encoders for applications including position sensing and motion control, thereby, driving the growth of the market.
Additionally, the rising application of optical encoders in healthcare industry is anticipated to promote potential opportunities for the growth of the optical encoder market. Optical encoders are deployed in healthcare industry for utilization in medical devices and medical robotics for motion control and automation applications. However, the prevalence of stringent regulations and standards associated with optical encoders is hindering the growth of the market.
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Optical Encoder Market Growth Drivers:
Global Optical Encoder Market Segmentation Details:
Based on type, the absolute encoder segment contributed the largest shares to the market growth in 2022. The benefits of absolute encoders including high immunity to electrical noise, higher-resolution, flexible programming, accurate motion detection along multiple axes, and others are primary prospects driving the growth of the segment. Additionally, the rising utilization of absolute encoders in aerospace & defense, robotics, healthcare, and other industries is driving the growth of the absolute encoder segment.
Based on end-user, the automotive segment accounted for the maximum revenue share in the year 2022. Optical encoders are primarily deployed in the automotive sector for utilization in position sensing and motion control applications using motor drives. Factors including an increase in automotive production, rising development of automobile manufacturing facilities, and growing need for efficient motion control solutions in modern automobiles are among the primary determinants for fostering the growth of the automotive segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including automotive, healthcare, aerospace & defense, and other sectors is driving the growth of optical encoder market in North America. Further, growing investments in the field of electric vehicles and medical robotics are projected to boost the market growth in the North American region during the forecast period.
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List of Major Global Optical Encoder Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
Global Optical Encoder Market Segmentation:
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Key Questions Covered in the Optical Encoder Market Report
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