CHICAGO, May 20, 2021 /PRNewswire/ -- According to the new research report "Encoders Market with COVID-19 Impact, by Type (Linear and Rotary), Technology (Optical, Magnetic, Inductive), Application (Automotive, Consumer Electronics, Industrial, Power, Healthcare), Signal Type, and Geography - Global Forecast to 2026", published by MarketsandMarkets, the global Encoder market size is expected to grow from USD 2.3 billion in 2021 to USD 3.7 billion by 2026, at a CAGR of 10.0%.The growth of this market is driven mainly by the need for high-end automation across industries, growth in adoption of Industry 4.0, the inclination toward advanced technologies amid COVID-19 pandemic, increasing demand for artificial intelligence, and upcoming technologies in the automotive industry.
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Inductive encoder technology is estimated to hold the largest growth rate of the Encoder market during the forecast period.
The inductive encoder technology is expected to held the largest CAGR of the encoder market during the forecast period. Inductive encoders are used to measure the displacement or rotation relative to a target. It finds various applications in electric motors, mobile devices, motorized zoom, and direct measurement of the rotation of gears used in various machines. The inductive encoders are manufactured using semiconductor technology, thus making them compact and highly accurate.
Rotary encoders to grow at highest CAGR from 2021 to 2026
Rotary encoders are electromechanical devices designed to measure the number of rotations, rotational angle, and rotational position of equipment. Whether incremental or absolute, magnetic, or optical, rotary encoders track motor shaft rotation to generate a digital position and motion information. They are used in a wide range of applications that require monitoring or control, or both, of mechanical systems, including industrial controls, robotics, photographic lenses, computer input devices, and rotating radar platforms.
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The Encoder market in APAC is expected to grow at the highest CAGR from 2021 to 2026
APAC is expected to hold the largest growth rate of the global encoder market during the forecast period. The growth of encoders in the region is attributed the presence of numerous manufacturing hubs related to various industries. The increasing demand for energy-efficient production processes, coupled with the need for feedback systems, is expected to create opportunities for the encoder market in APAC. However, the pandemic has resulted in disruptions in supply chain activities, revenue losses, and the slowdown in production activities which have highly impacted the growth of the market, eventually impacting the economy.
Countries such as China, India, and South Korea are witnessing increasing demand for the encoder market. The concept of autonomous, electric, and connected cars has fueled the growth of the automotive industry in APAC, especially in China. The automotive industry in the country has been growing rapidly, and the country is playing an important role in the global automotive market further fueling the growth of the encoder market.
Major companies operating in this Encoder market include Sensata Technologies (US), Dynapar Corporation (US), HEIDENHAIN (US), and Renishaw plc (UK)
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