Optical Encoder Market Insights
The optical encoder market is likely to demonstrate rapid growth. The growing demand for optical encoders from manufacturing sectors across the globe would drive market growth. Market Research Future (MRFR) asserts that the global optical encoder market is estimated to grow to USD 4.2 BN by 2032 from USD 2.0 BN in 2022, registering an 8.70% CAGR during the review period (2023-2032).
The rapidly growing printed circuit board PCB demand for consumer electronics and the inclination to miniaturize electronic components are major trends influencing the market growth. The rising need for improved & high-end automation and the growing uptake of cutting-edge motion control systems across various industry verticals are key market drivers.
Increasing advances in optic products and medical optics use in detection systems escalate market growth. Additionally, diverse end-use applications of absolute optical encoders across industries that demand higher accuracy, better resolution, and enhanced system reliability boost the market size. The high efficiency of optical encoders substantiates the market growth.
The emergence of cutting-edge advanced optical solutions to serve several commercial markets, including astronomy, medical, ophthalmic, and semiconductor, boost market shares. Technological advancements influence the market size, driving the electronics and medical devices industries across the globe. The penetration of cloud computing, data transfer & storage, and IoT propel the market value extensively.
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Major Players
Leading optical encoder market players are
- BEI Sensors (US),
- Broadcom, Inc. (US),
- Rockwell Automation Inc. (US),
- Dynapar (US), Renishaw Plc. (UK),
- Allied Motion Technologies Inc. (US),
- Turck Holding GmbH (Germany),
- Codechamp SA (France),
- Honeywell International Inc. (US),
- Tokyo Sokuteikizai Co., Ltd (Japan),
- GrayHill Inc. (US), Bourns Inc. (US),
- Faulhaber Group (Germany),
- Baumer Group (Switzerland),
- CTS Corporation (US),
Global Optical Encoder Market – Segments
The market is segmented into types, channels, end-users, and regions. The type segment is sub-segmented into incremental and absolute. The channel segment is sub-segmented into one, two, four, and more than eight channels. The end-user segment is sub-segmented into electronics, automotive, medical devices, textile & printing machinery, aviation, and others. By region, the optical encoder market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Global Optical Encoder Market - Regional Analysis
North America dominates the optical encoder market worldwide. Factors such as the rising numbers of electronic component manufacturing companies and the high demand for optical encoders drive the growth. Besides, vast technological developments that can avail better efficiency at low prices across different regions boost the market expansion in North America. The North American optical encoder market is expected to rise exponentially during the review period.
Global Optical Encoder Market - Competitive Analysis
The global market of optical encoders appears highly competitive. Well-established players incorporate acquisition, collaboration, partnership, expansion, and technology launch to gain a competitive advantage. Many key players are rapidly investing in product development and expansion of global footprints.
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Industry/Innovation/Related News
June 01, 2023 -- Optimal Engineering Systems Inc. (the US) introduced the AK160-30 series of four goniometer high-precision positioning stages, crucial in microscopy, crystallography, light measurement & inspection, and laser positioning. These four motor options of the goniometer stages feature series include stepper motor driven, three phase-servo motor driven with quadrature optical encoders, stepper motor driven with quadrature optical encoders, and DC servo motor driven with quadrature optical encoders for position verification.
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