Absolute Rotary Encoder Market Growth Drivers, Trends, and Forecast by 2031

Analyst Perspective

The absolute rotary encoder market has been witnessing significant growth over the past few years and is anticipated to have consistent growth in the future. As various industries move towards automation, there has been a positive impact on the absolute rotary encoder market. Along with automation, the surge in the adoption of absolute rotary encoders for applications such as robotics, CNC machining, automotive, medical devices, aerospace & aviation, and others is the major factor driving the growth of the absolute rotary encoder market. However, high implementation and maintenance costs hamper the market growth.

Market Overview

Also known as shaft encoder, the absolute rotary encoder is an electromechanical device that converts angular motion or position of the axel or shaft to a digital signal. The digital signal is created either digitally or analogously, which depends on rational movement. Automation has helped the market grow, and along with it, government initiatives around the world to encourage better infrastructure for industrial companies have also been a reason for this growth. The global absolute rotary encoder market is expected to grow at a CAGR of 7.4% during the forecast period.

Market Driver

Increased automation across industries

Automation is not only convenient for the human workforce but also cuts labor costs. The use of robotics in the manufacturing industry is rising. These robots increase the accuracy and streamline the overall process. Increased use of robotics leads to increased productivity, enhanced safety, improved efficiencies, cost reduction, greater customization and flexibility, and data-driven decision-making. The use of these robots will have a significant impact on the demand for absolute rotary encoders. The advancement will drive the market in the future.

Market Scope

The "Global Absolute Rotary Encoder Market Analysis to 2031ec" is an in-depth and specialized study focusing on the global market trend analysis. The report aims to provide an overview of the absolute rotary encoder market with thorough market segmentation by type, application, and geography. The report provides key statistics on the market status of the leading absolute rotary encoder's market players and offers key trends and opportunities in the market.

Market Segmentation

The absolute rotary encoder market is segmented on the basis of type, application, end-user, and geography. Based on type, the global absolute rotary encoder market is segmented into mechanical absolute encoders, optical absolute encoders, and others. Based on application, the market is segmented into elevator, NC machine tools, textile machinery, and others. On the basis of application, the market is segmented into elevators, NC machine tools, textile machinery, and others.

REGIONAL FRAMEWORK

The report provides a thorough overview of the industry, including qualitative and quantitative information. It provides a run-through and forecast of the global market on the basis of various segments. It also shows the market size and forecast estimates from 2021 to 2031 concerning five major regions: North America, South America, Europe, the Middle East and Africa (MEA), and Asia-Pacific (APAC). The absolute rotary encoder market by region is sub-segmented by countries and segments. The report encompasses the analysis and forecast of 18 countries around the globe, with the current trends and opportunities in the region.

The report analyzes factors affecting the absolute rotary encoder market from both the demand and supply sides. Further, it evaluates the market dynamics impacting the market during the forecast period, i.e., opportunities, future trends, drivers, and restraints. The report also shows a detailed PEST analysis for all five regions, North America, South America, Europe, MEA, and APAC, after evaluating political, economic, social, and technological factors affecting the absolute rotary encoder market in these regions.

MARKET PLAYERS

The report covers key developments in the absolute rotary encoder market as inorganic and organic growth strategies. Many companies center on organic growth strategies such as product launches, patents and events, and product approval. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships & collaborations. These activities have made way for the expansion of business and customer base of market players. The market players from the absolute rotary encoder market are anticipated to have significant growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the absolute rotary encoder market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last 3 years, and key developments in the past five years.

• TEKT ELECTRONICS CORPORATION
• Honeywell International, Inc.
• Pepperl + Fuchs
• Gurley Precision Instruments
• Baumer Group
• Hans Turck GmbH & Co. KG
•  Tamagawa Seike Co., Ltd.
• Nemicon Corporation
• Renishaw PLC
• Sensata Technologies

Absolute Rotary Encoder Report Scope