Global Optical Encoder Market
Global Optical Encoders Market Overview
An optical encoder uses pulses of light to represent data. These light waves are then analyzed to reveal variables like position, direction, and/or velocity. As per the latest analysis presented by Market Research Future (MRFR), the global optical encoder market is estimated to upscale at an impressive CAGR of 15.55% during the forecast period. reaching a market valuation of USD 2.55 billion by 2024.
The global optical encoder market is estimated to ascend due to many factors. One of the primary factors contributing to the ascension of the global optical encoder market includes several features of the encoders. High performance, low power consumption, augmented flexibility, easy installation, and reduction in the size of the product are some of the many advantages of deploying optical encoders.
Moreover, market players are expected to focus on the development of new products as a key strategy for expansion in the market and gaining a competitive edge over their market peers. Other factors fostering the growth of the global optical encoders market include the mounting printed circuit board market, snowballing demand for consumer electronics, and growing demand for miniaturization of electronic components.
Market Segmentation
The global optical encoders market is studied for several segments on the basis of type, end-user, and region for detailed insights of the market. On the basis of type, the global market for optical encoders is segmented into incremental and absolute. The segment of absolute optical encoders is estimated to hold a dominant share of the market during the forecast period.
This can be owed to the greater diversity of end-use applications across several verticals which demand several benefits. These benefits include better resolution, higher accuracy, and enhanced system reliability. Moreover, absolute optical encoders are highly cost-efficient, which has proliferated the amount of preference given to the same, as compared to incremental optical encoders.
On the basis of channel, the global market for optical encoders is segmented into 1 channel, 2 channels, 4 channels, and more than 8 channels. Among these, the 2 channels segment is projected to be at the forefront of the market. These optical encoders are known for their efficiency of channeling two quadrature signals and an additional index signal.
Based on end-users, the optical encoders market is segmented into electronics, automotive, textile & printing machinery, medical devices, and aviation. The electronics segment is assessed to lead the global optical encoders market during the forecast period owing to the upscaling demand for miniaturization and lightweight consumer electronics. Technical advancements in the market are also likely to promote its adoption by the consumer electronics industry across the globe.
Detailed Regional Analysis
On the basis of geography, the global optical encoders market is segmented into the regions of North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. Among these geographical segments, Asia Pacific’s optical encoders market is estimated to ascend at the highest CAGR over the review period of 2019-2024. This can be accredited to the high concentration of electronic component manufacturers in the region. These manufacturers are demanding optical encoders to fulfil their requirement of higher efficiency.
Additionally, the availability of cheaper raw materials and labor has enabled mass production of cost efficient optical encoders in the region. However, North America is likely to be at the forefront of the global optical encoders market owing to the presence of a high number of market players in the region and easier availability of proficient expertise.
Key Players
Some influential players in the global optical encoders market include Broadcom, Inc. (US), BEI Sensors (US), Rockwell Automation Inc. (US), Renishaw Plc. (UK), Dynapar (US), Allied Motion Technologies Inc. (US), Codechamp SA (France), Turck Holding GmbH (Germany), Honeywell International Inc. (US), GrayHill Inc. (US), Tokyo Sokuteikizai Co., Ltd (Japan), Bourns Inc. (US), Baumer Group (Switzerland), Faulhaber Group (Germany), and CTS Corporation (US).
Browse Complete Report "Optical Encoder Market Research Report - Global Forecast till 2024" @ https://www.marketresearchfuture.com/reports/optical-encoder-market-7932
