Optical Encoder Market
Optical Encoder Market Overview
According to Market Research Future, the market for optical encoder has been segmented on the basis of type, channel, end user, and region.
Optical encoder analyses light waves to represent data such as position, direction, or velocity. It has two main applications—rotary and linear. For rotary applications, the encoder acts in accordance with the rotating shaft and receives the movement data. In liner applications, it determines the position of an object. The key advantages offered by optical encoders are high performance, low power consumption, increased flexibility, ease of installation, and reduced product size among others. The market players are adopting new product development as the key market strategy to increase their market share.
Based on type, the market has been segregated into incremental and absolute optical encoders. The absolute optical encoder market segment is estimated to be the largest during the review period; it is expected to register the higher CAGR during the forecast period. The growth is attributed to higher accuracy, better resolution, and improved system reliability which makes it the most preferred optical encoder solution across various end-use verticals.
Based on channel, the market has been segmented into 1 channel, 2 channels, 4 channels, and more than 8 channels. The 2 channel segment held the highest market share in 2018. However, the more than 8 channel encoder segment is expected to register the highest CAGR during the review period as it is cost-efficient for small businesses to use 16-channel devices than to opt for IP-based systems.
Based on end user, the market has been segmented into automotive, electronics, medical devices, textile & printing machinery, aviation, and others. The electronics segment is expected to dominate the optical encoder market during the forecast period owing to the growing demand for miniaturized and lightweight consumer electronics that demand technically advanced optical encoder.
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Key Players
The prominent players in the optical encoder industry are 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).
Regional Analysis
The global optical encoder market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to be the largest market in the forecast period owing to the high concentration of market players and easy availability of proficient technical expertise in the region. However, Asia-Pacific is expected to register the highest CAGR in the optical encoder market during the forecast period. The major countries identified to witness high growth in Asia-Pacific are China, Japan, and South Korea.
