Optical encoders are devices used to signify rotational motion through the use of light. Market Research Future’s (MRFR) report on the optical encoder market outlines growth drivers and hurdles to be faced by manufacturers for the forecast period (2020-2027). The COVID-19 outbreak and its effect on the industry have been explored in the report owing to adoption of smart approaches.
The global optical encoder market size can hit USD 2.55 billion by 2024. It can exhibit 15.55% CAGR over the forecast period.
The market is driven by increasing miniaturization of electronic components, demand for consumer electronics, and growth of printed circuit boards. Use of absolute encoders and demand for surface mount technology (SMT) can drive the market demand. Complexity of products and use of robots for expediting processes with the help of encoders can bode well for the market. Modern pick-and-place machines and its use in consumer electronics and data storage sectors can augment the market size considerably.
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Use of novel technologies to increase output and communication with other SMT equipment to be viable can bode well for the market. New absolute optical encoders can perform better, eliminate crash risks, and provide reliable returns. Adoption of advanced motion control systems and need for real-time data for accuracy and productivity can bolster demand for optical encoders significantly.
COVID-19 Impact Analysis
The COVID-19 pandemic has severely affected the optical encoder market owing to glitches in supply chains originating from China. Lockdowns initiated by governments and effect on trade can lower the adoption of optical encoders. Shutdown of industries and change in customer buying behavior can affect market growth. But ease of norms in production can revive the market demand slowly.
By type, the market has been segmented into incremental and absolute. The absolute optical encoder segment is expected to dominate the market during the forecast period owing to its diverse end-use applications across verticals with needs of high accuracy, better resolution, and enhanced system reliability. Furthermore, the cost-efficiency of encoders makes it the most preferred solution for small businesses globally.
By channel, the market has been segmented into 1 channel, 2 channels, 4 channels, and more than 8 channels. The 2 channel segment is estimated to dominate the market during the forecast period. These encoders can efficiently channel two quadrature signals and many a time, an additional index signal.
By end user, the market has been segmented into aviation, electronics, medical devices, automotive, textile printing machinery, and others. The electronics segment is expected to dominate the optical encoder market during the forecast period owing to the growing demand for miniature and light consumer electronic products. On the other hand, the medical devices segment is set to carve a significant market share due to application in robot surgery.
North America, Latin America, Europe, Asia-Pacific (APAC), and the Middle East Africa (MEA) are major regions covered in the optical encoders market.
APAC is estimated to dominate the global market growth due to a huge concentration of electronic manufacturers settled in the region. Inclination towards automation and interest in SMT placement forms can drive the market demand in the region. Rise of medical diagnostics, elevators, machine controls, and robotics can spur the market.
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Tokyo Sokuteikizai Co., Ltd, BEI Sensors, Rockwell Automation Inc., Renishaw Plc., Dynapar, Baumer Group, Allied Motion Technologies Inc., Turck Holding GmbH, GrayHill Inc., Faulhaber Group, Bourns Inc., Codechamp SA, Broadcom, Inc., Honeywell International Inc., and CTS Corporation are key players of the optical encoder market. Development of new products are the key strategy of players looking to gain the edge in the market. Steps to improve accuracy and functionality are metrics of differentiation among the players.
Renishaw’s optical encoders are selected to be integrated in motion platforms designed by VAD Instrument. Generation of high-quality vacuum is required in industrial processes to minimize the effect of airborne particles.
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