The "Encoders Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Technology; End User" report has been added to ResearchAndMarkets.com's offering.
The global encoder market accounted for US$ 1,748.4 million in 2020 and is expected to grow at a CAGR of 10.19% during 2020-2027 to reach US$ 3,447.7 million by 2027.
Advanced encoder technologies are encouraging automotive OEMs to adopt encoder devices; thus, the automobile industry has a huge impact on the global encoder market. Various developing countries in APAC and South America, such as India, China, and Brazil, play a crucial role in the growth of the automotive industry. From the past few years, warehouse automation systems have progressed radically owing to developments in software and communication and control technology.
Automotive guided vehicles (AGV) have aided greatly from such advances and have been applied to a broadening range of applications. The primary sensors used in AGV motion and directional control are incremental rotary encoders. The incremental encoders are broadly used in material handling equipment as they are built to offer precise, real-time data of AGV motor. Further, Lika Electronic offers various types of precision, compact, and modular encoder products for AGVs to ensure safe and reliable operation. Thus, the encoders market is anticipated to grow further globally.
Robotics has been used in various major industries, such as aerospace and automotive, as these industries require highly accurate machine operations on large components. Robots have the ability to reach any position on a large component, such as aircraft's fuselage, and can achieve tasks, which includes drilling and milling. Nevertheless, accuracy might reduce by several factors for such applications, and the tool center point must be positioned and guided with sufficient accuracy; this is one of the drawbacks of a robot.
Companies highly emphasize on offering encoders for industrial robotics; for instance, HEIDENHAIN GmbH designs encoders for the robotics industry; its ECI 4000 absolute inductive rotary encoder enhances the absolute position accuracy of the tool center point on industrial robots by 70-80%. Thus, owing to growing industrial robotics sales and increasing integration of encoders in robots, the growth of the global encoder market is likely to propel in the coming years.
The presence of fast-growing countries, rising technology adoption, adoption of high-end automation solutions, and rise in industrialization are among the major factors expected to drive the growth of the encoder market in APAC. Other developing regions such as MEA and SAM are also projected to grow at a steady pace owing to the increasing government initiatives to digitalize economy with the adoption of advanced technologies across several industries, such as consumer electronics, automotive, aerospace, and food & beverages.
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- Growing Industrial Automation Across Industries
- Increased used of Industrial Robotics in Manufacturing Process
- Concerns Regarding Accuracy
- Growing Demand for IoT
- Miniaturization of Encoders
- Delta Electronics, Inc.
- Dahua Technology CO., Ltd
- Omron Corporation
- ELCO Holding
- FRABA B.V.
- FSI Technologies Inc.
- Renishaw Plc.
- Rockwell Automation, Inc.
- Scancon Encoders A/S
- Servotechnik GmbH
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