Global Optical Encoders Market to Reach $3.1 Billion by 2026

SAN FRANCISCO, March 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Optical Encoders - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 7; Released: February 2022
Executive Pool: 1088
Companies: 70 - Players covered include Allied Motion Technologies Inc.; Bourns Inc.; Broadcom Ltd.; Codechamp SA.; Dynapar Corporation; GrayHill Inc.; Honeywell International, Inc.; Panasonic Corporation; Renishaw PLC; Rockwell Automation Inc.; Sensata Technologies, Inc.; Siemens; TE Connectivity; Tokyo Sokuteikizai Co., Ltd.; US Digital and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Absolute Encoders, Incremental Encoders); End-Use (Consumer Electronics & Semiconductors, Machine Tools, Healthcare, Assembly Equipment, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Optical Encoders Market to Reach $3.1 Billion by 2026
Optical encoders are electromechanical devices intended to directly convert an angular displacement of input shaft into an analog or digital electric output using a light sources, light detectors and optical grating. These devices are commonly used to monitor and control various parameters like position, direction, speed, distance and rate. Optical encoders are widely used in communication equipment, healthcare systems, assembly and robotics equipment, test and measurement equipment, and metalworking equipment. Demand for optical encoders is being propelled by expansion of the printed circuit board market, the miniaturization trend and increasing sales of consumer electronics items. Increasing adoption of sophisticated motion control systems coupled with the need for superior assertion in placement related to surface mount technology also boosts demand in the market. Optical encoders are benefitting from increasing adoption of control systems and automation equipment due to their ability to deliver real-time data, high productivity and high accuracy. Latest IoT-powered optical encoders launched on the market present effective diagnostic systems capable of delivering diagnostic and condition monitoring information.

Amid the COVID-19 crisis, the global market for Optical Encoders estimated at US$2.1 Billion in the year 2022, is projected to reach a revised size of US$3.1 Billion by 2026, growing at a CAGR of 8.5% over the analysis period. Absolute Encoder, one of the segments analyzed in the report, is projected to grow at a 9% CAGR to reach US$2.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Incremental Encoder segment is readjusted to a revised 7.4% CAGR for the next 7-year period. This segment currently accounts for a 33.1% share of the global Optical Encoders market. Absolute optical encoder segment dominates market share due to increasing adoption of these devices in diverse applications requiring high resolution, accuracy and system reliability. In the recent years, absolute encoders have gained increasing traction in applications related to advanced mechanical systems like industrial automation, robotics automation, computer input devices, rotating radar platforms, controlled stress rheometers and photographic lenses. Incremental encoders are intended to determine the position angle on the basis of incremental calculations, with each position depicting a unique value. These devices are used in various commercial applications and electric consumer items.

The U.S. Market is Estimated at $566.36 Million in 2022, While China is Forecast to Reach $639.2 Million by 2026
The Optical Encoders market in the U.S. is estimated at US$566.3 Million in the year 2022. The country currently accounts for a 26.22% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$639.2 Million in the year 2026 trailing a CAGR of 10.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.2% and 8.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.4% CAGR while Rest of European market (as defined in the study) will reach US$704.5 Million by the end of the analysis period. Asia-Pacific represents a key market, owing to rapid industrialization in developing economies and increasing adoption of sophisticated equipment to save on manufacturing costs. The region is a major hub of electronic component manufacturing and witnessing high demand for optical encoder from manufacturers for specific benefits like enhanced efficiency. The presence of numerous healthcare and manufacturing facilities in the US drives growth in North America region.

Focus on Encoders with Advanced Signal Processing Algorithms & Miniature Designs
Manufacturers have been increasingly incorporating advanced signal processing algorithms and embedded microprocessors in encoders to enhance operational reliability. As a result, the mechanical complexity and vulnerability of traditional absolute optical encoders in harsh conditions is reduced. Moreover, microprocessor-based devices allow the engineers to modify measurement characteristics using software such as zero point location, measurement direction and update resolution without altering physical or mechanical alterations.

The prominence of optical reflective encoders has been growing among the portable medical device manufacturers. These encoders are used in various assembly methods. For example, optical reflective encoder is mounted at the rear of the motor. Based on the motor shaft's rotation, feedback data is provided by the sensor. Such devices offer increased resolution and better accuracy compared to devices having magnetic based encoders. Portable medical device manufacturers have been striving to offer cost efficient products with smaller size, high precision, low power consumption, and lightweight to maintain their market position. Hence, top manufacturers have been incorporating optical reflective encoder sensors to improve their offerings. More

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SOURCE Global Industry Analysts, Inc.