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Optical Encoder Market Poised For Rapid Growth Due To Penetration Of Industry 4.0 Technologies

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Leena Shedmake
Optical Encoder Market Poised For Rapid Growth Due To Penetration Of Industry 4.0 Technologies

Optical encoders are electronic devices used to convert the angular position or motion of a shaft or axle to digital code signals. They are deployed in a variety of motors, actuators, fans, and pumps to convert rotary motion into linear displacement measurement. Optical encoders offer high reliability and accuracy as they do not contain moving parts. The end of life of optical encoders is generally more than 10 years, which reduces maintenance and repair costs.


The global Optical Encoder Market is estimated to be valued at US$ 2580.9 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:


The rapid growth in the adoption of optical encoders can be attributed to the accelerating penetration of Industry 4.0 technologies globally. Optical encoders have become an integral part of advanced manufacturing technologies such as robotics, automation systems, CNC machines, IIoT systems, and industrial motion control applications in Industry 4.0. The rising implementation of optical encoders in such modern production technologies is a key trend aiding the expansion of the optical encoder market size over the forecast period.


Segment Analysis


The global optical encoder market is dominated by the absolute optical encoder sub-segment which contributes over 55% share to the overall market. Absolute encoders provide higher accuracy, better resolution and can retain their positional information even when power is turned off. These attributes make absolute encoders ideal for a wide range of industrial applications which require precise measurement and control.


Key Takeaways


The Global Optical Encoder Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing automation across diverse industries. The global Optical Encoder Market is estimated to be valued at US$ 2580.9 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.


Regional analysis

The Asia Pacific region is currently the fastest growing as well as the largest regional market for optical encoders. Significant growth of the manufacturing sector, especially in China, India, Japan and South Korea is driving the demand for automation equipment and solutions in the region. Additionally, growing investments towards Industry 4.0 across major Asia Pacific countries are further propelling the adoption of optical encoders.


Key players

Key players operating in the optical encoder market are Honeywell International Inc., Renishaw plc, Sensata Technologies, Inc., US Digital, Rockwell Automation, Inc., Allied Motion Technologies Inc., and Grayhill Inc.. Honeywell International Inc. holds the leading market position with a broad product portfolio and strong global sales and distribution network. Renishaw plc is another major player focusing on additive manufacturing and industrial metrology applications.


Explorer more information on this topic, Please visit -

https://www.marketwebjournal.com/optical-encoder-market-growth-and-trnds-analysis-share-size-demand-forecast/

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