NEWARK, Del, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The global optical encoder market is projected to reach a valuation of US$ 4,581.9 Mn in 2029, with sales growing at a robust CAGR of 9.7% over the forecast period of 2022 to 2029. Climbing up from a value of US$ 2,333.4 Mn in 2021, the optical encoder market is likely to reach US$ 2,536.8 Mn by the end of 2022. Constant development in optical technologies along with growing usage of advanced signal processing algorithms drive the market expansion of optical encoders over the projected period.
An electromechanical device that releases an electrical output in digital form proportional to the angular position of the input shaft is categorized as an optical encoder. This encoder is an angular position sensor that converts an angular displacement directly into a digital form.
The escalating requirement for condition monitoring in the automation industry as well as rising adoption of absolute optical encoders and shafted optical encoders in robotics fuel the market growth for optical encoders. The future prospects of optical encoder market is further supplemented by rapid adoption of advanced motion control systems and heightened demand for excellent assertion in Surface Mount Technology (SMT) placement processes.
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With rising demand for improved resolution as well as accurate optical and magnetic technologies, the demand for effective and precise control of motors is also escalating. This demand results in the use of progressive motion control systems. This is likely to bode well for the optical encoder market.
“Demand for high-quality assurance in the Surface Mount Technology (SMT) processes will facilitate the market growth for optical encoder over the forecast period,” says an FMI analyst.
Key Takeaways:
- Demand for accuracy and enhanced resolution in optical technologies to foster market growth.
- The U.K optical encoder market to exhibit an astounding 23.4% CAGR through 2029.
- Optical encoder market in the U.S. is predicted to account for around 86.2% market share of North America.
- India is expected to record a stellar 17.8% CAGR in terms of sales in the target market.
- Robotics equipment segment will hold about 20.5% of the market share by 2029.
- Incremental optical encoder segment will exhibit a robust 8.1% CAGR over the assessment period.
- By application, consumer electronics will likely dominate the market over the assessment period.
Competitive Landscape
Honeywell International, Rockwell International, Renishaw PLC, Allied Motion Technologies, Sensata Technologies, US Digital, Bourns Inc., Dynapar(Danaher Corporation), GrayHill, and CodeChamp among others are some of the major players in the optical encoder market that are profiled in the full version of the report.
Major market players are keen on utilizing research and development activities to gain a competitive edge. These businesses are increasing their investments in research and development and product innovation to discover more uses of the optical encoder. Partnerships, collaborations, and product development are some other strategies these companies are employing to expand their business.
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More Insights into the Optical Encoder Market Report
In its latest report, FMI offers an unbiased analysis of the global optical encoder market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2029. To understand the global market potential, growth, and range, the market is segmented based on configuration (shafted optical encoder, hollow-shift optical encoder, absolute optical encoder, multi-turn optical encoder, incremental optical encoder), output signal format (analog optical encoder, digital optical encoder), application (healthcare equipment, consumer electronics and semiconductor manufacturing equipment, robotics equipment, test and measurement equipment, others), and region.
According to the latest FMI reports, based on region, the optical encoder market in the U.K is expected to present remarkable growth over the forecast period. The country is predicted to register an astounding 23.4% CAGR by 2029. This growth is attributed to application of optical encoders in the expanding healthcare sector in the country. Heightened demand for SMT processes also augments the market growth for optical encoders over the forecast period.
Apart from the U.K., the U.S. and India are anticipated to offer several lucrative opportunities to the optical encoder market during this period of observation. Besides, on the basis of segmentation, the robotics equipment segment is expected to hold 20.5% of the total market share while the demand for the incremental optical encoders is likely to surge during the forecast period.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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