An Incisive, In-depth Analysis on the Optical Encoder Market
This study offers a comprehensive, 360 degree analysis on the Optical Encoder market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Optical Encoder market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
An optical encoder is an electromechanical device with mechanical input and electrical output. It provides multiple digital signals proportional to angular displacement of the input shaft. Optical encoders are commonly used in motion control systems to control and monitor speed, position, count and direction of components and machinery and equipment where it is installed. Optical encoder operation has no effect on the magnetic field and can be used in both stable, and unstable environments.
Optical Encoder Market: Key Drivers
Rising adoption of advanced motion control systems, need for more enhanced automation and increasing demand for high quality assurance in surface mount technology (SMT) placement processes are driving growth of the optical encoders market globally. Advanced motion control systems are increasingly being adopted in various sectors, including construction machinery, offshore equipment, military & aerospace equipment, automotive and alternative energy systems. Also, there is growing demand for improved automated controls for industrial applications to improve performance, reduce costs and improve productivity.
The global optical encoder market was valued at US$ 1.4 Bn with market volume of 7.5 Mn units in 2015, which is expected to expand at a CAGR of 8.7 % (by value) and 19.9% (by volume) during the forecast period (2016–2026). Increasing deployment of advanced absolute encoders by SMT placement equipment manufacturers is expected to be a factor driving growth of the global optical encoders market during the forecast period.
The global optical encoder market is classified on the basis of configuration, output signal format, end user, application and region. On the basis of configuration, the market is segmented into incremental, shafted, hollow shaft, absolute single turn and multi-turn.
Optical Encoder Market Segmentation
On the basis of output signal format, the market is segmented into analog and digital.
On the basis of end user, the market is segmented into IT & telecommunication industry, public sector, manufacturing industry and others. Manufacturing industry is further sub-segmented into automobile industry, space and aviation industry, instrumentation, test & measurement equipment industry, consumer electronics industry and rest of manufacturing industry.
On the basis of application, the market is segmented into healthcare equipment, assembly and robotics equipment, consumer electronics & semiconductor manufacturing equipment and metalworking equipment.
Region-wise Analysis on Global Optical Encoder Market
Among regions, North America market held largest revenue share of the global optical encoder market at US$ 366.5 Mn with market volume of 2.0 Mn units in 2015. Robustly competitive manufacturing sector along with industry leaders and policymakers adopting new and advanced technologies to enhance productivity are factors expected to drive market growth in the region.
Asia Pacific market is anticipated to witness substantial expansion at a CAGR of 8.8% during the forecast period, as increasing demand for fibre optic communication in countries such as India, South Korea, China, Singapore and Malaysia due to increasing adoption of smart devices and smart city incentives is spurring growth of the global optical encoder market during the forecast period.
Optical Encoder Market: Competitive Landscape
Some key players covered in the global optical encoder market report include GrayHill Inc., US Digital, Codechamp SA, Bourns Inc., Rockwell Automation Inc. (Allen-Bradley), Honeywell International Inc., Renishaw PLC, Allied Motion Technologies Inc., Sensata Technologies, Inc. (BEI Sensors) and Dynapar (Danaher Corporation).
Future Market Insights offers a 10-year forecast for the global optical encoder market between 2016 and 2026. The market is expected to register a CAGR of 8.7% and 19.9% in terms of value and volume respectively during the forecast period. The study demonstrates the market attractiveness, dynamics and trends in all seven regions, which influence the current nature and future status of the global optical encoder market over the forecast period.
The research report provides a detailed analysis and identifies various factors driving demand for optical encoders across different verticals and industries globally. The report also analyses key industry drivers, restraints, market trends and market attractiveness of products across various regions, applications and industries. Key regions assessed in the report are North America, Latin America, Eastern Europe, Western Europe, Asia Pacific (excluding Japan), Japan and Middle East & Africa.
Some of the drivers identified in the market include rising adoption of advanced motion control systems in various sectors, including construction machinery, offshore equipment, military & aerospace equipment, automotive and alternative energy systems. Also, growing demand for improved automated controls for industrial applications to reduce costs and improve performance has been identified as one of the major factors driving growth of the global optical encoder market. Increasing demand for enhanced resolution and accuracy for optical and magnetic technologies and shift towards absolute encoders across various applications in the automotive sector are prominent trends associated with the global optical encoder market.
The report starts with an overview of the global optical encoder market in terms of market value and volume, key trends, drivers and restraints that are expected to influence the current and future growth of the global optical encoder market over the forecast period. The report studies market opportunities to understand changes in terms of technology, industry needs and demand and offers insights and forecast in this regard.
The global optical encoder market is segmented on the basis of configuration, output signal format, end user, application and region. The report provides detailed analyses of each of these segments in terms of market value, market volume, market trends and market attractiveness to understand present scenario and individual segment’s relative contributions to market growth during forecast period 2016–2026.
In the final section of the report, a competitive landscape of the market is included to present readers with a dashboard view based on revenue share, growth strategy, product offerings and recent developments in the global optical encoder market. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment. Key players covered in this report include GrayHill Inc., US Digital, Codechamp SA, Bourns Inc., Rockwell Automation Inc. (Allen-Bradley), Honeywell International Inc., Renishaw PLC, Allied Motion Technologies Inc., Sensata Technologies, Inc. (BEI Sensors) and Dynapar (Danaher Corporation).
In order to evaluate optical encoder market size, revenue generated by optical encoder manufacturers has been taken into consideration. Market estimates have been analyzed keeping in mind various factors such as technological, environmental, economical, legal and social. In order to provide accurate market forecast statistics, the current market was sized as it forms the basis of the optical encoder market performance during the forecast period. Given the characteristics of the market, we triangulated the outcome of three different types of processes namely secondary research, primary research and data from paid database. Primary research represents the bulk of our research efforts, supplemented by extensive secondary research. Secondary research includes product literature of key players, annual reports, press releases and relevant documents, recent trade journals, related technical write-ups, Internet sources, trade associations, agencies and statistical data from government websites. This collated data from primary and secondary sources is then analyzed by the in-house research panel using market research statistical tools, which equates to the most appropriate methodology to provide a quality market research report.
Key Segments Covered:
- Hollow Shaft
- Absolute Single Turn
By Output signal format
By End User
- IT & Telecommunication Industry
- Public Sector
- Automobile Industry
- Space and Aviation Industry
- Instrumentation, Test & Measurement Equipment Industry
- Consumer Electronics Industry
- Rest of Manufacturing Industry
- Healthcare Equipment
- Assembly and Robotics Equipment
- Consumer Electronics & Semiconductor Manufacturing Equipment
- Metalworking Equipment
- Test & Measurement Equipment
- Communication System
- Rest of Latin America
- Rest of Western Europe
- Rest of Eastern Europe
APEJ - Asia Pacific (excluding Japan)
- Rest of APEJ
MEA - Middle East & Africa
- North Africa
- South Africa
- GCC Countries
- Rest of MEA
- North America
Optical Encoder Market Reports - Table of Contents
1. Executive Summary
2. Assumptions and Acronyms
3. Research Methodology