North America to Dominate the Global Encoder Market During the Forecast Period 2018-2027
— Future Market Insights (FMI) has recently published a report titled “Encoder Market – Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2027.” An encoder is a kind of sensor for mechanical motion that generates digital signals for motion. As an electro-mechanical device, an encoder is capable to provide information about the position, velocity and direction to the users of motion control systems.
In this report FMI has given brief understanding about: linear and rotary. A linear encoder responds to motion along a path, whereas a rotary encoder responds to rotational motion. An encoder is generally categorized by the means of its output. An incremental encoder generates a train of pulses that can be used to determine position and speed. An absolute encoder generates unique bit configurations to track positions directly. The global encoder market is expected to grow at a CAGR of 12.3% during the forecast period. The encoder market was valued at US$ 1,971.6 Mn in 2017, and is projected to grow significantly to reach US$ 6,217.9 Mn by 2027 due to the increasing adoption of industrial automation equipment, digital transformation and the development of sensors in industrial production.
In this report, FMI has segmented the global encoder market by type, by vertical and by region. By type, the encoder market is sub-segmented into linear encoder and rotary encoder. The increasing penetration of IIoT devices in various industry verticals is encouraging industries to integrate a larger number of IIoT devices. Owing to this factor, the rotary encoder sub-segment of the global encoder market is projected to register a 52.5% market share by the end of 2018. In addition, due to the rising adoption of digital technologies and automation systems, the linear encoder sub-segment is also estimated to register a double-digit growth rate during the forecast period.
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Based on vertical, the encoder market is sub-segmented into automotive, electronics, textile & printing machinery and others. Due to the increasing demand from automotive OEMs, the automotive sub-segment is expected to register a high CAGR of 14.3% during the forecast period in the global encoder market. In recent years, the textile & printing machinery segment is expected to witness the deployment of advanced technologies. With these advancements, the textile & printing machinery sub-segment is projected to witness lucrative growth.
In the recent past, it has been observed that established companies as well as growing companies have started investing on process automation. In addition, it has been observed that companies from various sectors are investing significantly on process automation and smart manufacturing. These factors are expected to boost the global encoder market in the near future.
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Furthermore, to sustain in this highly competitive environment, global and regional automotive companies are moving towards smart manufacturing and adopting automated manufacturing processes. Worldwide, the automotive industry is the largest adopter of advanced technologies. The automotive industry is significantly investing in and setting higher targets for its digital manufacturing operations as compared to any other sector. Thus, the automotive industry is expected to create potential growth opportunities for the vendors of encoders.
On the basis of geography, North America is expected to dominate in the global encoder market due to the advent of next-generation technological advancements in the U.S. and Canada. The encoder market has high potential in China owing to major technological advancements in the country. China is now the most connected country in the world. In the recent years, the encoder market in China has witnessed significant growth. The SEA and Others of APAC encoder market will be a target market for market participants because governments in the region are promoting and supporting the Industry 4.0 revolution. Latin America is estimated to grow with a moderate CAGR over the forecast period. Furthermore, Japan is projected to exhibit a double digit-growth rate during the forecast period.
According to FMI analysis, long-term contracts with business partners are expected to help increase revenue and new innovation strategies are likely to enable the vendors of encoders to reach new growth markets. Some of the market participants featured in the global encoder market report are Omron Corporation, Honeywell International, Schneider Electric, Rockwell Automation, Panasonic Corporation, Baumer Group, BEI Sensors, Dynapar Corp, FAULHABER Drive Systems, Pepperl+Fuchs, Hengstler GmbH and Maxon Motor.
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