Press Release / Technology / The Known and Unknown Adjacencies Impacting the Encoders Market
The Known and Unknown Adjacencies Impacting the Encoders Market
By prashant on December 02 2019 | 562 Views
The Encoder 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%
According to the new market research report " 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 , the encoders market is expected to grow from $ 1.6 trillion in 2019 to $ 2.4 trillion by 2024 at CAGR of 8.6%. Major factors on the demand for encoders include the need for high-end automation and industry 4.0.
Industrial to account for largest share of encoders market from 2019 to 2024
Industrial is expected to be used for encoders. The industry is growing rapidly in the field of robotics in welding, painting, assembly, and printing for printed circuit boards, packaging and labeling, and other applications. Encoders in industrial applications are used for linear measurement, registration mark timing, web tensioning, backstop gauging, conveying, filling, and more. The most common application for the control of electric motors.
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Optical technology to boost demand for encoders
Optical technology is expected to hold the largest share of the encoders market during the forecast period. This growth is attributed to the wide-scale application of optical encoders in the textile, paper, wood, metal, rubber, plastics, consumer electronics, and automation sectors. In addition, the demand for optical encoders is increasing. Most applications use optical encoders because of the accuracy provided by them. Optical encoders do not require any separate electronics to provide position or exact location.
APAC to share largest share of encoder market from 2019 to 2024
APAC is expected to hold the largest share of the overall encoders market in 2019. The market in APAC is also likely to exhibit the highest CAGR during the forecast period. China, Japan, and India from manufacturing, consumer electronics, automotive, textile, and other end-use industries.
HEIDENHAIN Gmbh (Germany), POSITAL FRABA inc (Germany), Sensata Technologies (US), Dynapar Corporation (US), and Baumer Group (Switzerland) are among the few major players in the encoders market.
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