The global optical encoder market is anticipated to reach a valuation of USD 2,782.8 million in 2023, driven by growth in eCommerce and logistics. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 9.7% between 2023 and 2033, and reaching a total valuation of approximately USD 7,023.5 million by 2033.
One of the major factors contributing to the growth of the optical encoder market is the healthcare industry, which is adopting optical encoders for various applications, including medical imaging equipment, robotic surgery systems, and patient monitoring devices, driven by the need for high precision and reliability.
The renewable energy sector, including wind turbines and solar tracking systems, relies on optical encoders to precisely monitor and control the position of solar panels and wind turbine blades for optimal energy generation. Industry 4.0 and smart manufacturing initiatives are driving the integration of optical encoders into connected factories, where they play a crucial role in real-time monitoring and process optimization.
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Autonomous vehicles, drones, and mobile robots require optical encoders for accurate navigation and obstacle avoidance, presenting significant growth opportunities as these technologies become more prevalent. The aerospace industry is expanding in emerging markets, and optical encoders are used in aircraft control systems, offering growth opportunities as air travel continues to increase.
Innovations in materials, such as advanced glass and coatings for optical encoders, are improving their durability and performance, making them more attractive for demanding applications. Optical encoders are used in robotics and precision control systems for space exploration missions, including rover vehicles and satellite positioning, as space agencies continue to invest in exploration missions.
Optical encoders play a role in emerging display technologies like augmented reality (AR) and virtual reality (VR) headsets, enhancing user experience and interaction accuracy.
Optical encoders are used in the precise control of quantum bits (qubits) and other components, offering growth opportunities in the quantum computing ecosystem, as quantum computing technology advances.
Key Takeaways from the Market Study
- Global optical encoder market was valued at USD 2,536.8 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 9.3%.
- The market in India is expected to expand at a CAGR of 9.3% through 2033.
- By output signal format, the digital segment to expand at a CAGR of 9.5% through 2033.
- From 2023 to 2033, optical encoder market is expected to flourish at a CAGR of 9.7%.
- By 2033, the market value of optical encoder is expected to reach USD 7,023.5 million.
Optical encoders are instrumental in the development of smart city infrastructure, including intelligent traffic management, smart lighting, and waste management systems, remarks an FMI analyst.
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Competitive Landscape
Prominent players in the optical encoder market are Honeywell International, Rockwell International, Renishaw PLC, Allied Motion Technologies, Sensata Technologies, US Digital, Bourns Inc., Dynapar (Danaher Corporation), GrayHill, and CodeChamp, among others.
Recent Developments:
- In 2023, Heidenhain GmbH announced the launch of its new ERA 4000 absolute encoder, which is designed for use in industrial automation applications. The ERA 4000 absolute encoder has a resolution of up to 100 million counts per revolution and an accuracy of ±0.001 degrees.
- In 2022, Posital Fraba Inc. announced the launch of its new IXARC incremental encoder, which is designed for use in harsh environments. The IXARC incremental encoder is IP69K-rated and can withstand temperatures from -40°C to 125°C.
- In 2022, Encoder Products Company announced the launch of its new MAG encoder, which is a non-contact encoder that uses magnetic technology to measure position. The MAG encoder is ideal for use in applications where contact encoders are not suitable, such as in harsh environments or in applications where contamination is a concern.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global optical encoder market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the optical encoder market, the market is segmented on the basis of configuration (shafted optical encoder, hollow-shaft optical encoder, absolute optical encoder, multi-turn optical encoder, and incremental optical encoder), output signal format (analog optical encoder, and digital optical encoder), and application (healthcare equipment, consumer electronics and semiconductor manufacturing equipment, robotics equipment, test & measurement equipment, and others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
The technology team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide.
With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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Segmentation Analysis of the Optical Encoder Market
By Configuration:
- Shafted
- Hollow-Shaft
- Absolute
- Multi-turn
- Incremental
By Output Signal Format:
- Analog
- Digital
By Application:
- Healthcare Equipment
- Consumer Electronics and Semiconductor Manufacturing Equipment
- Robotics Equipment
- Test & Measurement Equipment
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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