Global Optical Encoder Market growing at a CAGR of 10.7% from 2023 to 2031
Category : Semiconductor And Electronics | Published Date : Oct 2023
Key Market Overview
The Global Optical Encoder Market 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 compound annual growth rate of 10.7% to reach USD 6,380.23 Million in 2031.
The report highlights the increasing adoption of optical encoder in automotive, robotics, healthcare, aerospace & defence, and other industries. Consegic Business Intelligence provides an inclusive research report on the optical encoder market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Optical Encoder Market By Overview
The report analyses significant segments such as type, end-user, and region, to identify emerging trends and potential opportunities. The type segment is expected to grow due to the increasing adoption of absolute encoders in aerospace & defence, healthcare, robotics, and other sectors. Moreover, the rising deployment of incremental encoders in textile, packaging, and other heavy-duty applications is expected to drive the market growth during the forecast period.
Get Free SampleMarket Dynamics
Driver:
- Rising utilization of optical encoder in automotive industry is driving the market growth.
- Growing robotics sector is spurring the market growth.
Restraints:
- Prevalence of stringent regulations and standards associated with optical encoders is restraining the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| 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 |
Competitive Landscape :
The global optical encoder market is highly competitive due to the presence of major players such as Broadcom, Renishaw plc, Bourns Inc., Sensata Technologies Inc., CTS Corporation, and others operating in the global market. The market players are adopting new ways through product innovations, mergers and acquisitions, and business strategies to remain hold strong market position. Thus, evolving research and developments in optical encoder market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various industries.
- 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