Encoders Market Is Driven By Increasing Use Of Encoders In Automobile Industry
According to a new market research report published by Brisk Insights, “Global Encoders Market (Technology (Optical, Magnetic, Photoelectric, Others); Type(Rotary Encoder, Linear Encoder, Others), End-User (Automotive, Electronics, Textile & Printing Machinery, Others)) – Growth, Future Prospects and Competitive Analysis,2019 - 2027”, the overall encoders market worldwide is set to grow with a CAGR of 11.9% during the forecast period.
The global encoders market is highly driven by increasing applications of encoders in automobile and consumer electronics industry. Also, technological advancements play a vital role in development of this market globally. These are used in various systems and machines which requires the encoders due to fast processing and acceleration. Some of the devices in which encoders are used are printers, scanners, motors and others. . Additionally, the adoption of these devices in automotive is a major factor driving the encoder market.
Moreover, several key players are developing and launching new encoders for various industries with an aim of improving the work efficiency and process. In July 2016, FAULHABER Drive Systems subsidiary named MICROMO launched IER3 and IERS3 optical encoders with an advance ability of accuracy and signal quality compared to others encoders.
Based on type, the encoder market has been segmented as rotator encoders, linear encoders and others. The linear encoder sub-segment holds the largest market share by type segment and is expected to be the fastest growing sub-segment during the forecast period. The linear encoders are device, which converts the analog or digital signals in response to a linear motion. These are used in various industries such as manufacturing, electronics, automotive. Industrial process and other industries. The linear encoders have a wide application in coordinate-measuring machines (CMM), laser scanners, callipers, gear measurement, tension testers, and others.
Asia-Pacific is expected to be the fastest growing market due to the presence of China, Japan, India, South Korea, and others developed and developing countries in the region. The demand for automobile and consumer electronics is growing rapidly due to technological advancement and ever-growing consumer base. Additionally, the increasing disposable income also contributes in driving the market growth. Moreover, the presence of various manufacturing companies of encoders such as Omron Corporation, Panasonic Corporation and others in the region also drives the market.
Some of the major companies Honeywell International, Omron Corporation, Schneider Electric, Panasonic Corporation, Rockwell Automation Inc., Baumer Group, BEI Sensors, FAULHABER Drive Systems, Dynapar Corporation, Pepperl+Fuchs International, Maxon Motor ag, and Hengstler GmbH.
Browse the full report at https://www.briskinsights.com/report/encoders-market
The Global Encoders Market is Segmented into:
By Technology Segment (2017–2027; US$ Bn)
By End-User Segment (2017–2027; US$ Bn)
By Type (2017–2027; US$ Bn)
By Geography Segment (2017–2027; US$ Bn)
*Complete segmentation list is on report page