The Optical Encoders Market is set to reach approximately US$ 2.5 billion in 2023 and is anticipated to surge at a CAGR of 9.2% from 2023 to 2033 according to a Persistence Market Research (PMR) report.
By the end of 2033, optical encoder is estimated to reach a valuation of US$ 5.9 billion. During the historical period 2018 to 2022, the global market expanded at 12.0% CAGR.
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Growing Adoption of Advanced Motion Control Systems Will Fuel Optical Encoder Sales
Optical encoders are commonly used in advanced motion control systems to provide precise positioning feedback to the control system. As the demand for more precise and accurate motion control system increase, the adoption of optical encoders is likely to accelerate.
Optical encoders are widely used to convert angular and linear positions of rotating or linearly moving objects into an electrical signal that can be read by a control system. They are used in industrial automation, robotics, and CNC machines. This system requires precise feedback from encoders to accurately control the position and speed of moving parts.
As per the International Federation of Robotics (IFR), around 3 million industrial robots were operating in factories globally in 2021. This number is likely to further increase and will eventually create high demand for optical encoders.
Optical encoders are used to measure position, speed, and direction of rotating or linear motion control systems. It is used to improve efficiency, reduce downtime, and increase productivity, which are important factors in various industries.
The trends towards Industry 4.0 and increasing use of automation and robotics in manufacturing have led to increasing demand for optical encoders. The availability of high-resolution encoders with improved accuracy and resolution and reliability is also contributing to growth.
Manufacturers are constantly innovating and introducing new initiatives to improve their products and stay ahead of the competition. They are also developing high-resolution encoders with improved accuracy and precision.
Leading manufacturers of optical encoders profiled in the report include Bourns, Inc, Hans Turck GmbH & Co. KG, CTS Corporation, Allied Motion Technologies, Inc., Baumer Electric AG, FSI Technologies, Inc., Exxelia Group, Grayhill, Inc., Anaheim Automation, Inc., and Dr. Fritz Faulhaber GmbH & Co. KG.
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Key Takeaways from the Optical Encoders Market Report:
- Global demand for optical encoders is projected to surge at a CAGR of 9.2% between 2023 and 2033.
- The United States is projected to reach a valuation of US$ 1.0 billion by the end of 2033.
- China is likely to exhibit a 9.1% CAGR in the Asia Pacific optical encoders market from 2023 to 2033.
- By product type, absolute encoder segment is likely to surpass 5.9% CAGR during the projected period 2023 and 2033.
- Based on end-use, consumer electronics & semiconductors division is anticipated to expand at 5.7% CAGR from 2023 to 2033.
“Rising adoption of advanced motion control systems is likely to stimulate demand in the global market. Key manufacturers are working on innovating new products with high-resolution features to expand their market footprints.” – says a leading analyst at Persistence Market Research (PMR).
Competitive Analysis:
Key companies are focusing on introducing novel solutions to expand their portfolios and meet changing end user demand. They are heavily investing in research & development as well as employing strategies such as acquisitions, mergers, partnerships, acquisitions, and agreements to gain a competitive edge in the market.
Recent developments:
- In May 2022, the incremental rotary encoder utilizing the solid shafts ENI90 series was introduced by Pepperl+Fuchs. These rotary encoders are small and strong and can resist rotating speeds of up to 6,000 rpm while providing optimal precision for any normal or heavy-duty application.
- In July 2021, to record angle, width, and locations as well as speed and rotational movements, Balluff Inc. has introduced rotary encoders. Using these encoders, mechanical movements are transformed into digital electrical impulses.
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More Insights Available
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the optical encoders market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments on the basis of type (absolute encoders, incremental encoders), end use (consumer electronics & semiconductors, machine tools, healthcare, assembly equipment, and others) across various region from 2023 to 2033.
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