New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Optical Encoder Market” published by Consegic Business Intelligence, the market was worth USD 2,619.70 Million in 2022, projected to grow by USD 2,838.05 Million in 2023, and is anticipated to reach over USD 6,380.23 Million by the year 2031, growing at a CAGR of 10.7%.
Optical encoders are electromechanical motion sensor and feedback devices comprising of a photodetector, LED light source, along with a disc with slot apertures. The benefits of optical encoders including higher level of accuracy and precision, high resolution, flexible mounting options, and immunity to interference makes it ideal for deployment in automotive, aerospace & defense, healthcare, robotics, textile, and other industries.
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The increasing utilization of optical encoder in automotive sector is among the key factors driving the market growth. Additionally, an increase in automotive production, rising development of automobile manufacturing facilities, and growing need for efficient motion control solutions in modern automobiles are primary factors driving the adoption of optical encoders. For instance, according to the International Organization of Motor Vehicle Manufacturers, the overall automobile production in the Asia-Pacific region reached up to 50.02 million in 2022, witnessing an increase of nearly 7% in contrast to 46.76 million in 2021. Therefore, the rise in automobile production is increasing the adoption of optical encoders for applications including position sensing and motion control, thereby, driving the growth of the market.
Additionally, the rising application of optical encoders in healthcare industry is anticipated to promote potential opportunities for the growth of the optical encoder market. Optical encoders are deployed in healthcare industry for utilization in medical devices and medical robotics for motion control and automation applications. However, the prevalence of stringent regulations and standards associated with optical encoders is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2031 | USD 6,380.23 Million |
| Forecast Period | 2023-2031 |
| CAGR (2023-2031) | 10.7% |
| Base Year | 2022 |
| Study Timeline | 2017-2031 |
| Key Players | 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 |
| By Type | Absolute Encoder, Incremental Encoder, and Others |
| By End-User | Automotive, Aerospace & Defense, Healthcare, Robotics, Textile, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Optical Encoder Market Growth Drivers:
- 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.
Opportunities
- Rising application of optical encoders in healthcare industry is expected to promote potential opportunities for market growth.
Global Optical Encoder Market Segmentation Details:
Based on type, the absolute encoder segment contributed the largest shares to the market growth in 2022. The benefits of absolute encoders including high immunity to electrical noise, higher-resolution, flexible programming, accurate motion detection along multiple axes, and others are primary prospects driving the growth of the segment. Additionally, the rising utilization of absolute encoders in aerospace & defense, robotics, healthcare, and other industries is driving the growth of the absolute encoder segment.
Based on end-user, the automotive segment accounted for the maximum revenue share in the year 2022. Optical encoders are primarily deployed in the automotive sector for utilization in position sensing and motion control applications using motor drives. Factors including an increase in automotive production, rising development of automobile manufacturing facilities, and growing need for efficient motion control solutions in modern automobiles are among the primary determinants for fostering the growth of the automotive segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including automotive, healthcare, aerospace & defense, and other sectors is driving the growth of optical encoder market in North America. Further, growing investments in the field of electric vehicles and medical robotics are projected to boost the market growth in the North American region during the forecast period.
Recent Developments
- In March 2020, CTS Corporation introduced its new Series 292 of optical encoders. The optical encoder series is capable of delivering enhanced reliability and longevity with optical digital encoding technology. The optical encoder series is designed for utilization in medical equipment, automotive, and other applications.
Key Market Highlights
- Globally, optical encoder market is divided based on the type into absolute encoder, incremental encoder, and others.
- In the context of end-user, the market is separated into automotive, aerospace & defense, healthcare, robotics, textile, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in optical encoder market.
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List of Major Global Optical Encoder Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• 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
Global Optical Encoder Market Segmentation:
- By Type
- Absolute Encoder
- Incremental Encoder
- Others
- By End-User
- Automotive
- Aerospace & Defense
- Healthcare
- Robotics
- Textile
- Others
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Key Questions Covered in the Optical Encoder Market Report
- What is optical encoder?
- Optical encoders refers to a type of electromechanical device that utilizes a light source, photosensitive detectors, and an optical grating for converting linear or rotary position to an electrical signal.
- What is the dominating segment in the optical encoder market by type?
- In 2022, the absolute encoder segment accounted for the highest market share of 49.22% in the overall optical encoder market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the optical encoder growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for optical encoders from multiple industries including automotive, aerospace & defense, and healthcare industries among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as robotics, textile, automotive, and others.
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