Major players in the encoder market are Omron Corporation, Honeywell International, Schneider Electric, Rockwell Automation Inc., Panasonic Corporation, Baumer Group, Renishaw PLC., Pepperl+Fuchs International, Hengstler GmbH, Maxon Motor AG, Heidenhain GmbH, Fraba B.V., Sensata Technologies, Mitutoyo corporation, IFM electronics gmbh, Balluff Inc., Tamagawa Seiki Co., Kubler Group, Elap srl, SIKO gmbh, Gurley Precision Instruments, Wachendorff Automation GmbH & Co. KG, Fenac Engineering, TE Connectivity, FSI Technlogies Inc., Scancon Encoders, Dr. Johannes Heidenhain GmbH, Delta Electronics Inc., Dahua Technology Co. Ltd., Sick AG, and Koyo electronics co. ltd.
The global encoder market is expected to grow from $2.21 billion in 2022 to $2.43 billion in 2022 at a compound annual growth rate (CAGR) of 10.01%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The encoder market is expected to reach $3.47 billion in 2027 at a CAGR of 9.36%.
The encoder market consists of sales of the electromagnetic encoder, visual encoder, acoustic encoder, elaborative encoder, and semantic encoders.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Encoder refers to a device that transforms an analogue signal into a digital signal, or it is a device that turns active data signals into coded message formats. It is a combinational circuit that transforms binary data from 2N input lines into N output lines representing the input’s N bit code.
Asia-Pacific was the largest region in the encoder market in 2022. The regions covered in the encoder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The two major types of encoders are linear encoders and rotary encoders.A linear encoder is a sensor or transducer that detects and measures an object’s linear movement.
Position signals involve various encoders, such as absolute encoders and incremental encoders.Several sensing technologies are involved, such as optical sensing encoders, magnetic sensing encoders, capacitive encoders, and inductive sensing encoders.
These encoders are used in several applications, such as automotive, consumer electronics, aerospace and defense, healthcare and medical devices, industrial, and other applications.
Rising demand for industrial automation is expected to boost the growth of the encoder market going forward.Industrial automation uses technology to control machinery and operations in numerous sectors.
Encoders are an essential component of high-speed, high-volume industrial automation systems because they convert motion into electrical feedback signals that may be received by a control device to detect position, speed, count, direction, and linear distance change.Encoders are appearing in more and more contexts in various industries, which is expected to boost the encoder market.
For instance, in October 2021, according to the World Robotics 2021 Industrial Robots report published by the International Federation of Robotics, a Germany-based organisation of national robotics associations, worldwide, manufacturers were using a record 3 million industrial robots, an increase of 10%. Despite the global epidemic, sales of new robots increased marginally by 0.5%, with 384,000 units supplied worldwide in 2020. In 2021, the world deployed 435,000 robots, a 13% increase. In 2020, Asia hosted 71% of all newly deployed robots (compared to 67% in 2019). China, the largest adopter in the region, saw installations increase by 20%, with 168,400 units exported. Therefore, the rising demand for industrial automation is driving the growth of the encoder market.
Technological advancements is a key trend in the encoder market.Major companies operating in the encoder market are developing innovative technologies to strengthen their position in the market.
For instance, in May 2022, Pepperl+Fuchs, a Germany-based manufacturer of industrial automation products, launched the ENI90 series of hollow shaft rotary encoders.The unique features of the ENI90 series hollow shaft rotary encoders are that they integrate with BlueBeam technology for heavy-duty applications and they can withstand rotational speeds of up to 6,000 rpm.
The ENI90 series hollow shaft rotary encoders were designed because asynchronous motors or generators demand high-precision speed control.
In May 2021, Computer Programs and Systems, Inc., a US-based computer programming company, acquired TruCode LLC for an undisclosed amount. With this acquisition, TruCode would complement CPIS’s existing TruBridge services and solutions, which assist in removing inefficiencies from the hospital revenue cycle. TruCode is a US-based medical encoder solution provider.
The countries covered in the encoder market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The encoder market research report is one of a series of new reports that provides encoder market statistics, including encoder industry global market size, regional shares, competitors with a encoder market share, detailed encoder market segments, market trends and opportunities, and any further data you may need to thrive in the encoder industry. This encoder market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.