Optical Encoder Market Analysis, Trends, Size, Segments, Emerging Technologies and Market Growth by Forecast to 2030
Global Optical Encoder Market
Optical
encoders are devices used to signify rotational motion through the use of light.
Market Research Future’s (MRFR) report on the optical
encoder market outlines growth drivers
and hurdles to be faced by manufacturers for the forecast period (2020-2027).
The COVID-19 outbreak and its effect on the industry have been explored in the
report owing to adoption of smart approaches.
Optical
Encoder Market Scope
The
global optical encoder market size can hit USD 2.55 billion by 2024. It can
exhibit 15.55% CAGR over the forecast period.
The
market is driven by increasing miniaturization of electronic components, demand
for consumer electronics, and growth of printed circuit boards. Use of absolute
encoders and demand for surface mount technology (SMT) can drive the market
demand. Complexity of products and use of robots for expediting processes with
the help of encoders can bode well for the market. Modern pick-and-place
machines and its use in consumer electronics and data storage sectors can
augment the market size considerably.
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Use
of novel technologies to increase output and communication with other SMT
equipment to be viable can bode well for the market. New absolute optical
encoders can perform better, eliminate crash risks, and provide reliable
returns. Adoption of advanced motion control systems and need for real-time
data for accuracy and productivity can bolster demand for optical encoders
significantly.
COVID-19
Impact Analysis
The
COVID-19 pandemic has severely affected the optical encoder market owing to
glitches in supply chains originating from China. Lockdowns initiated by
governments and effect on trade can lower the adoption of optical encoders.
Shutdown of industries and change in customer buying behavior can affect market
growth. But ease of norms in production can revive the market demand slowly.
Optical
Encoder Market Segmentation
By
type, the market has been segmented into incremental and absolute. The absolute
optical encoder segment is expected to dominate the market during the forecast
period owing to its diverse end-use applications across verticals with needs of
high accuracy, better resolution, and enhanced system reliability. Furthermore,
the cost-efficiency of encoders makes it the most preferred solution for small
businesses globally.
By
channel, the market has been segmented into 1 channel, 2 channels, 4 channels,
and more than 8 channels. The 2 channel segment is estimated to dominate the
market during the forecast period. These encoders can efficiently channel two
quadrature signals and many a time, an additional index signal.
By
end user, the market has been segmented into aviation, electronics, medical
devices, automotive, textile & printing machinery, and others. The
electronics segment is expected to dominate the optical encoder market during
the forecast period owing to the growing demand for miniature and light consumer
electronic products. On the other hand, the medical devices segment is set to
carve a significant market share due to application in robot surgery.
Optical
Encoder Market Regional Analysis
North
America, Latin America, Europe, Asia-Pacific (APAC), and the Middle East &
Africa (MEA) are major regions covered in the optical encoders market.
APAC
is estimated to dominate the global market growth due to a huge concentration
of electronic manufacturers settled in the region. Inclination towards automation
and interest in SMT placement forms can drive the market demand in the region.
Rise of medical diagnostics, elevators, machine controls, and robotics can spur
the market.
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Optical
Encoder Market Competition Analysis
Tokyo
Sokuteikizai Co., Ltd, BEI Sensors, Rockwell Automation Inc., Renishaw Plc., Dynapar,
Baumer Group, Allied Motion Technologies Inc., Turck Holding GmbH, GrayHill
Inc., Faulhaber Group, Bourns Inc., Codechamp SA, Broadcom, Inc., Honeywell
International Inc., and CTS Corporation are key players of the optical encoder
market. Development of new products are the key strategy of players looking to
gain the edge in the market. Steps to improve accuracy and functionality are
metrics of differentiation among the players.
Industry
news
Renishaw’s
optical encoders are selected to be integrated in motion platforms designed by
VAD Instrument. Generation of high-quality vacuum is required in industrial
processes to minimize the effect of airborne particles.
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