Global Encoders Market Forecast (2019 to 2027) - COVID-19 Impact and Global Analysis - ResearchAndMarkets.com

·4 min read

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.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global encoder market

  • Highlights key business priorities in order to assist companies to realign their business strategies

  • The key findings and recommendations highlight crucial progressive industry trends in the global encoder market, thereby allowing players across the value chain to develop effective long-term strategies

  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it

  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Growing Industrial Automation Across Industries

  • Increased used of Industrial Robotics in Manufacturing Process

Restraints

  • Concerns Regarding Accuracy

Opportunities

  • Growing Demand for IoT

Future Trend

  • Miniaturization of Encoders

Companies Mentioned

  • 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

For more information about this report visit https://www.researchandmarkets.com/r/x8h9ib

View source version on businesswire.com: https://www.businesswire.com/news/home/20200805005636/en/

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900