Report : Encoders Market to 2027 - COVID-19 Impact and Global Analysis and Forecasts by Type (Linear Encoder, Rotatory Encoder); Technology (Optical, Magnetic, Others); End User (Aerospace, Automotive, Food and Beverages, Printing, Consumer Electronics, Medical, Others)
According to the new research report, titled “Encoder Market - Global Analysis and Forecast to 2027”, published by The Insight Partners, the global encoder market is expected to reach US$ 3,447.7 million by 2027, registering a CAGR of 10.2% during 2020-2027.
Encoders are electrical to mechanical transducers whose output is derived by reading a coded pattern on a rotating disk or a moving scale. Encoders are classified by the technology used to read the coded element: contact or non-contact, such as magnetic or optical; physical phenomenon employed to produce the output: linear or rotary. Due to the reliability and performance improvements of the semiconductor technology an encoder inherits, optical encoders are the favored solution in many standard industrial, computer, and automotive applications. Optical encoders also profit from the ease of customization and thus, are suitable for numerous working environments, and experience no effects from extraordinary levels of magnetic fields. Conveyor belts are considered as a crucial technology for achieving industrial automation where encoders are widely used. Encoders are primarily attached to the motor, to intermediate axle shafts or both. Encoders are mostly active feedback device where the speed or positioning of multi-element conveying systems must be carefully coordinated. Thus with the rising trend of industrial automation across the globe, the demand for the encoder is also set to propel.
In today’s world, robots are considered as major productivity improving tools. South Korea is one of the largest adopter of robots in the world, whereas the US stands at 7th position. In various parts of the world, industrial sectors are encouraging advances related to automation. Accuracy, speed, and durability are the foremost features of industrial robots that are achieved by the use of encoders integrated into them. Encoder offers high-control dynamics and system precision, thus resisting strong vibrations in the servomotors located at the robot’s axes. An incremental encoder acts as a secondary encoder in the robot; it returns the absolute position precision of the robot. As per the International Federation of Robotics (IFR), a non-profit organization based in Germany, in January 2020, <2.4 million industrial robots are operating in factories across the world; the sales value globally reached US$ 16.5 billion. These factors are accelerating the use of encoders and are gaining huge traction in the global market.
Companies across the regions are highly inclined toward providing mini encoders to their customers. For instance, Timken Company, a US-based company, offers M11 Miniature Commutating Modular Magnetic Encoder, which is the smallest off-axis commutating modular magnetic encoder. In addition, HEIDENHAIN GmbH, a German-based company, produces the RENCO rotary encoders and provides globally. The company is highly involved in working on a next-gen of RENCO brand miniaturization encoders. Thus, the rising focus on the miniaturization of encoders is propelling the growth of the encoder market.
Source: The Insight Partners Analysis
The report segments the global encoder market as follows: