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The encoder industry is experiencing notable trends that are shaping its trajectory. There is an increasing demand for high-resolution encoders in precision industries such as semiconductors and nanotechnology. As technology progresses, the need for finer measurements and control becomes critical. Additionally, the market is witnessing a surge in demand from the Electric Vehicle (EV) industry, driven by the global shift toward sustainable transportation. EVs rely on encoders for precise motor control and battery management.
Encoders are also integrated into Industry 4.0 and IoT systems. Encoders are becoming essential components in smart factories and automation processes, enabling real-time data collection & analysis for enhanced efficiency. As these trends continue to evolve, the market is poised for sustained growth across diverse industries, driven by the demand for accuracy, efficiency & automation.
Market size for encoder was valued at USD 2.57 million in 2022 and is estimated to register a CAGR of over 9% between 2023 and 2032, owing to the rising need for high-end automation across industries.
The rotary segment generated over USD 1.5 million in 2022 and is expected to register a CAGR of about 9% through 2032, as these encoders are versatile and can be used in simple tasks such as volume control in consumer electronics to complex tasks in industrial automation and CNC machinery.
Asia Pacific held a significant market share of over 38.5% in 2022 and is experiencing robust growth due to the expanding manufacturing sector in countries such as China and India.
HEIDENHAIN, Renishaw plc, Rockwell Automation, Inc., Schneider Electric, TE Connectivity, Mitutoyo Corporation, and Omron Corporation.