Global Optical Encoder Market Size to Reach USD 6,380.23 Million By 2031 | CAGR of 10.7%
Category : Semiconductor And Electronics | Published Date : Jun 2024
Optical Encoder Market Scope & Overview :
Optical Encoder is an electromechanical device that converts linear or rotary position to an electrical signal by utilizing a light source, photosensitive detectors, and optical grating. It provides higher resolution and a higher level of accuracy and precision.
Consegic Business Intelligence analyzes that the Global Optical Encoder Market size was valued at USD 2,619.70 Million in 2022, projected to grow by USD 2,838.05 Million in 2023, and is expected to register a CAGR of 10.7% to reach USD 6,380.23 Million in 2031.
This report comprises Optical Encoder Market Share, Size & Industry Analysis, By Type (Absolute Encoder, Incremental Encoder, and Others), By End User (Automotive, Aerospace & Defence, Healthcare, Robotics, Textile, and Others), By Region(North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa), and Forecast, 2023-2031.
This report contains detailed information on the Optical Encoder Market Growth Rate, Value, Segmentation, Geographical Coverage, Trends, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraint or Challenges, Opportunities, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
As per the report's analysis, the rising utilization of optical encoders in the automotive and robotics industries is the key driver for optical encoder market growth. It performs functions like accurate and precise measurement of position, angle, speed, and linear distance.
Segmental Analysis :
The Optical Encoder Market is segmented into three major segments based on type, end-user, and region.
Based on type, the market is segregated into absolute encoder, incremental encoder, and others.
- In 2022, the absolute encoder segment accounted for the largest revenue share of 49.22%. It provides the most absolute angular position and offers benefits like compact design, high immunity to electrical noise, and accurate motion detection among others.
- The incremental encoder segment is expected to witness the fastest CAGR from 2023 to 2031. It converts the angular motion of a shaft into digital or analog codes, provides advantages like explicit speed and distance feedback, and is cost-effective.
Based on the end-user, the market is segmented into automotive, aerospace & defense, healthcare, robotics, textile, and others.
- The automotive segment held the largest revenue share in 2022, attributed to an increase in the production of automobiles around the globe and a growing demand for automobile motion control systems.
- Also, the aerospace and defense segment is expected to register the fastest CAGR during the forecasted period of 2023-2031, due to a rise in commercial flights, aircraft production, and a need for advanced air defense systems.
By region, the market is divided into regions including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- In 2022 the market was valued at USD 943.35 Million in the North American region and is expected to reach up to USD 1,022.48 Million in 2023.
- The Asia-Pacific region is anticipated to witness the fastest CAGR of 11.2% and is valued at 602.79 Million in 2022. Out of these, China accounted for the largest revenue share of 27.3% in the year 2022.
| Report Attributes | Report Details |
| By Type | Absolute Encoder, Incremental Encoder, and Others |
| By End User | Automotive, Aerospace & Defence, Healthcare, Robotics, Textile, and Others |
| By Application | Cargo Vessels, Oil Tankers, and Ferry |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. Additionally, this report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging trends and dynamics in partnerships.
List of prominent players in the Optical Encoder Industry :
- Broadcom
- Renishaw plc
- Bourns Inc.
- Sensata Technologies Inc.
- CTS Corporation
- Allied Motion Inc.
- Baumer
- FSI Technologies Inc.
- Exxelia Group
- Grayhill Inc.
- Anaheim Automation Inc.
- Faulhaber Group
Recent Industry Developments :
- In January 2021, Renishaw plc launched its new FORTiS series of enclosed linear absolute encoders that highly resist solid debris and liquid contaminants ingress.