DUBLIN, Aug. 12, 2019 /PRNewswire/ — The “Encoders Market by Type (Linear and Rotary), Technology (Optical, Magnetic, and Others), End Use (Automotive, Consumer Electronics, Industrial, Food & Beverage, Medical, Printing, and Others), and Geography – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The Encoders Market is Expected to Grow from USD 1.6 Billion in 2019 to USD 2.4 Billion by 2024 at a CAGR of 8.6%.
Key factors driving the growth of the encoders market include the need for high-end automation and industry 4.0. Strategies such as product launches adopted by market players are fueling the growth of the encoders market. However, the adoption of inorganic strategies by established players is creating intense competition for new entrants and restricting the growth of the market.
Rotary encoders to account for the largest market size from 2019 to 2024
The rotary encoders type is expected to account for the largest share of the encoders market during the forecast period. Rotary encoders are used for position sensing across various applications; for example, on motors paired with drives and automated machinery in consumer electronics, elevators, conveyor speed monitors, industrial machines, and robotics. The future growth of this segment is attributed to the use of rotary encoders in industrial and commercial designs due to their durability and excellent performance.
APAC to be the fastest-growing market for encoders from 2019 to 2024
The encoders market in APAC is likely to witness the highest CAGR during the forecast period. Increasing manufacturing facilities across various industries in this region and growing adoption of automation techniques and robotics in manufacturing plants are among the factors that are expected to drive the demand for encoders in this region. In addition, the concept of autonomous, electric, and connected cars has enabled the growth of the automotive sector in APAC, especially in China. The automotive industry here has been growing rapidly, and the country is playing an increasingly important role in the global automotive market.
Heidenhain (Germany), Posital Fraba (Germany), Sensata Technologies (US), Dynapar Corporation (US), and Baumer Group (Switzerland) are among the major players in the encoders market.
- Need for High-End Automation Across Industries
- Industry 4.0
- Problems With Accuracy
- Varying International Regulations
- Increasing Demand for Artificial Intelligence-Based Systems
- Upcoming Technologies in Automotive Industry
- Mechanical Failure in Harsh Environments
- Baumer Group
- Sensata Technologies
- Dynapar Corporation
- Omron Automation
- Rockwell Automation Inc.
- Faulhaber Group
- Posital-Fraba Inc.
- Heidenhain GmbH
- IFM Electronic GmbH
- Maxon Motor Ag
Other Important Players
- Pilz GmbH Co. Kg
- Renishaw PLC
- Siko GmbH
- Turck Banner Singapore PTE Ltd
- Wachendorff Automation GmbH + Co Kg
- Nidec Corporation
- Micronor Inc.
- US Digital
For more information about this report visit https://www.researchandmarkets.com/r/bzxot5
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