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Optical Encoder Market Valuation Expected to Reach USD 2.55 Billion by 2024 - Report by Market Research Future (MRFR)

/EIN News/ -- New York, USA, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Optical Encoder Market information by Type, by Channel, by End User and Region – forecast to 2027” market size to reach USD 2.55 billion, growing at a compound annual growth rate of 15.55% by 2024.

Market Scope:
The optical encoder market is growing rapidly, mainly due to its high adoption and many features. Rapidly growing printed circuit board PCB market, demand for consumer electronics, and inclination for miniaturization of electronic components are major trends influencing the market growth. With the growing demand for optical encoders in manufacturing sectors across the globe, the market is estimated to gain significant traction over the next few years.

Dominant Key Players on Optical Encoder Market Covered are:

  • BEI Sensors (US)
  • Broadcom Inc. (US)
  • Rockwell Automation Inc. (US)
  • Dynapar (US)
  • Renishaw Plc. (UK)
  • Allied Motion Technologies Inc. (US)
  • Turck Holding GmbH (Germany)
  • Codechamp SA (France)
  • Honeywell International Inc. (US)
  • Tokyo Sokuteikizai Co. Ltd (Japan)
  • GrayHill Inc. (US)
  • Bourns Inc. (US)
  • Faulhaber Group (Germany)
  • Baumer Group (Switzerland)
  • CTS Corporation (US)

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Market USP Exclusively Encompassed:
Market Drivers
Increasing Advanced Optic Products & Medical Optics Uses in Detection Systems Escalate Market Growth
Additionally, diverse end-use applications of absolute optical encoders across industries that demand higher accuracy, better resolution, and enhanced system reliability boost the market size. High cost-efficiency of optical encoders substantiates the market growth, making it the most preferred solution for small businesses across the globe.

The emergence of cutting-edge advanced optical solutions to serve several commercial markets, including astronomy, medical, ophthalmic, semiconductor, and others, drive market growth. Advancements in technologies influence the growth of the market, driving the electronics and medical devices industries across the globe.

Simultaneously, increasing the adoption of optical communications in some burgeoning industries such as textile & printing machinery, automotive, and aviation defines the future landscape of the market. The market penetration of cloud computing, data transfer & storage, and IoT propel the growth of the market extensively. Other factors bolstering the market increase include smart technologies, management initiatives, and the growing demand for advanced manufacturing techniques.

The use of optical encoders for data representation offers vast opportunities to market players. Increasing uptake of optical encoder liner applications to determine the exact position of an object positively impacts the market valuation. Rise in demand for printed circuit boards and the inclination towards miniaturized electronic gadgets boost the demand for optical encoders.

Browse In-depth Market Research Report (111 Pages) on Optical Encoder Market:   

Segmentation of Market Covered in the Research:
The market is segmented into types, channels, end users, and regions. The type segment is sub-segmented into incremental and absolute. The channel segment is sub-segmented into 1 channel, two channels, four channels, and more than eight channels. The end-user segment is sub-segmented into automotive, electronics, medical devices, textile & printing machinery, aviation, and others. The region segment is sub-segmented into North America, Europe, Asia Pacific, and the-rest-of-the-world.

Regional Analysis
North America dominates the optical encoder market worldwide. Factors such as the rising numbers of electronic component manufacturing companies and the high demand for optical encoders drive the growth. Besides, vast developments in technology that can avail better efficiency at low prices across different regions boost the market expansion in North America. The North American optical encoder market is expected to rise exponentially during the review period.

COVID-19 Impact on the Global Optical Encoder Market
Like most industries, the optical encoder industry was severely hit by the onset of COVID 19, witnessing a steep fall in demand. Manufacturers faced problems like obtaining components, attracting workers from quarantines, and delivering end products to markets. Besides, strict lockdown mandates restricting cross-border trades affected the market growth. Resultantly, overall prices got spiked, while the demand for optical encoders was reduced, and the market value was affected exponentially.

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However, the market is gradually picking up with various business and industrial activities returning to normalcy. Considering opportunities in the market, industry players are forming strategic partnerships with all financing partners involved in refinancing and shareholding. Major industry players are also investing substantially to improve their existing product lines with innovative technologies.

Competitive Landscape
The global market of optical encoders appears to be highly competitive. Well-established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage in this market. Many key players are rapidly investing in product development and expansion of global footprints.

For instance, on Nov. 26, 2020, Renishaw plc (the UK), a leading engineering company, announced its partnership with VAD Instrument (South Korea), a leading manufacturer of a wide range of precision motion platforms for semiconductor, FPD, and electronics applications. Renishaw specializes in measurement, motion control, healthcare, spectroscopy, and manufacturing.

The company is best known for its coordinate-measuring machines and machine tool products. Renishaw would provide its UHV optical encoders for VAD Instrument’s motion platforms. Renishaw’s TONiC UHV optical encoders are designed for use in high and ultra-high vacuum enclosures to meet the strict FPD and semiconductor process equipment requirements. UHV encoder and RLE fiber optic laser encoder for its latest range of compatible vacuum platforms deliver improved motion control performance.

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