Dublin, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The "Global Optical Encoders Market by Configuration (Absolute Single Turn, Hollow Shaft, Incremental), Output Signal Format (Analog, Digital), Application, End-User - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Optical Encoders Market size was estimated at USD 2.29 billion in 2022, USD 2.52 billion in 2023, growing at a CAGR of 10.62% to reach USD 5.15 billion by 2030.
Optical encoders offer several advantages over traditional electronic devices, such as lower power consumption, higher accuracy, improved reliability, and faster response time.
As a result, optical encoders are widely adopted across multiple industrial sectors, such as automotive, medical, industrial automation, and consumer electronics. New technological developments, such as laser profilers and miniature sensors, have increased demand for these products.
However, accuracy-related problems, mechanical failure, and complicated structures may hamper the adoption rate of optical encoders. Nevertheless, the emerging modern and smart optical encoders and surging usage of surface-mounted devices may overcome the challenges and expand the market growth.
The Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and High Inflation is expected to have significant long-term effects on the Global Optical Encoders Market. The ongoing research considers the changes in consumer behavior, supply chain disruptions, and government interventions caused by the pandemic.
Similarly, the report considers the ongoing political and economic uncertainty in Eastern Europe caused by the Russia-Ukraine Conflict and its potential implications for demand-supply balances, pressure on pricing variants, and import/export and trading. Additionally, the report addresses the impact of High Inflation on the global economy and details fiscal policies measuring and reducing its effects on demand, supply, cash flow, and currency exchange.
Market Segmentation & Coverage:
This research report categorizes the Global Optical Encoders Market in order to forecast the revenues and analyze trends in each of following sub-markets:
- Based on Configuration, the market is studied across Absolute Single Turn, Hollow Shaft, Incremental, Multi-Turn, and Shafted. The Incremental commanded largest market share of 29.34% in 2022, followed by Multi-Turn.
- Based on Output Signal Format, the market is studied across Analog and Digital. The Digital commanded largest market share of 63.47% in 2022, followed by Analog.
- Based on Application, the market is studied across Assembly, Communication System, Metalworking Equipment, Robotics Equipment, and Test & Measurement Equipment. The Communication System commanded largest market share of 34.23% in 2022, followed by Robotics Equipment.
- Based on End-User, the market is studied across Automobile, Consumer Electronics, Healthcare, IT & Telecommunication, Semiconductor Manufacturing Equipment, and Space & Aviation. The Semiconductor Manufacturing Equipment commanded largest market share of 22.23% in 2022, followed by Space & Aviation.
- Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The Americas commanded largest market share of 36.49% in 2022, followed by Europe, Middle East & Africa.
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Market Dynamics
Drivers
- Enlarging trend of miniaturization for electronic components
- Favorable government initiatives and investments for automated manufacturing sector
- Significant adoption of surgical robots in healthcare sector
Restraints
- Concern associated with accuracy and mechanical failure of optical encoders
Opportunities
- Emerging technically advanced innovative and smart optical encoders
- Potential use of surface mounting technology-based machines
Challenges
- Complicated construction of optical encoders coupled with stringent standards
Companies Mentioned
- Allied Motion, Inc.
- Balluff GmbH
- Bourns, Inc.
- Broadcom Inc.
- Celera Motion by Novanta Inc.
- Changzhou Fulling Motor Co., Ltd.
- CTS Corporation
- Dr. Fritz Faulhaber GmbH & Co. KG
- Dr. Johannes Heidenhain GmbH
- Dynapar Corporation
- Elinco International JPC, Inc.
- Encoder Products Company Inc.
- Gage-Line Technology, Inc.
- GrayHill Inc.
- Gurley Precision Instruments, Inc.
- Hengstler GmbH
- Honest Sensor Corp.
- Honeywell International Inc.
- Johannes Hubner Fabrik electrical machines GmbH
- Nexen Group, Inc.
- Nidec Corporation
- Omron Corporation
- Pepperl+Fuchs SE
- PixArt Imaging Inc.
- Renishaw PLC
- Rockwell Automation Inc.
- SDP/SI by Designatronics, Inc.
- Sensata Technologies, Inc.
- Sensor Systems, LLC
- SICK AG
- Siemens AG
- Sinotech, Inc.
- Velmex, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/61ou25
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