As per Future Market Insights, the rotary encoder market is anticipated to attain a value pool of US$ 2.5 billion by 2023-end. Global demand for rotary encoders is expected to rise at a CAGR of 8.2% to US$ 5.5 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 2.5 billion |
| Projected Market Value in 2033 | US$ 5.5 billion |
| Growth Rate (2023 to 2033) | 8.2% CAGR |
The worldwide rotary encoder market is driven by the increasing demand for precision and automation in industrial applications. Rotary encoders are widely used in industrial applications such as robotics, automation systems, and machine tools, where they are used to provide precise position and speed feedback. As the demand for precision and automation in these applications continues to grow, so does the demand for rotary encoders.
The rotary encoder market is also driven by the growing adoption of Industry 4.0. Industry 4.0 is the fourth industrial revolution, characterized by the integration of advanced technologies such as automation, data exchange, and the Internet of Things (IoT) into manufacturing and other industrial processes. Rotary encoders play an important role in Industry 4.0, as they are used to provide precise position and speed feedback for automated systems and machines.
The increasing adoption of Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) is also leading to the growth of the market. Rotary encoders are used in EVs and HEVs for precise position and speed feedback of electric motors and generators, which is critical for the efficient operation of these vehicles. The increasing use of automation in the healthcare industry is also driving the growth of the market. Rotary encoders are used in medical devices, such as imaging equipment and laboratory automation systems, to provide precise position and speed feedback.
The development of the rotary encoder market in the Asia Pacific region is driven by factors such as the growing adoption of automation in various industries, the increasing use of Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) in the region, and the growing adoption of Industry 4.0
The Asia Pacific region is home to some of the world's largest automotive and industrial manufacturing industries, and these industries are increasingly adopting automation, which is driving the demand for rotary encoders. The increasing use of EVs and HEVs in the region is also driving the demand for rotary encoders. The region's rapidly growing economies, such as China and India, are making significant investments in Industry 4.0, which is also driving the growth of the rotary encoder market in the region.
A rotary encoder also known as shaft encoder. It is defined as an electromechanical switch used to convert angular motion and position of the axle into advanced encoding output or digital signal. Depends on the rotational movement, a rotary encoder generates an electrical signal, either analog or digital.
The demand for rotary encoder for industrial end use application such as manufacturing is growing rapidly due to trending technologies such as robotics and smart manufacturing. On the basis of CNC machines (industrial software and robots) application, the rotary encoder are often used to track the path of the permanent magnet motor shaft.
Increasing industrial automation in diversified industry driving the demand for rotary encoder. Rotary encoder widely used across diversified sector such as automotive, aerospace, manufacturing and others. With increased consumer demand from the above industries, industrial growth across various regions is anticipated in the foreseeable future, contributing to the demand for rotary encoder.
The rotary encoder has a sensor which provides electrical output to precisely measure shaft rotation angles and pedal position. In automotive industries, these sensors are used in steering wheel position, gear position and throttle position. The automotive sector is one of the main factor increasing the demand for rotary encoder globally.
The challenging factor the market growth is the lack of product differentiation. This increases buying power of consumer and creates pricing pressure on the manufacturer to compete with large players in the global market
The global rotary encoder market is expected to account high growth in Asia Pacific and is expected to continue its dominance over the forecast period owing to the increasing consumption and demand by the end-use industries.
On the country level, China Rotary Encoder market projected to grow at considerable rate owing to the rapid industrialization & urbanization. North America region in rotary encoder market is anticipated to follow by Asia Pacific over the forecast period. Europe is expected to follow by the North America accounted for the fast-growing positive impact on the growth of the rotary encoder market, estimated to follow the same trend in forecast year.
Latin America and MEA (The Middle East & Africa) account for a comparatively less share in the market. However, the demand for rotary encoder market and anticipated to grow at a significant pace over the near future.
Some key players involved in the Rotary Encoder market include
Globally, the Rotary Encoder market is found to be fragmented in nature as the market has large number of manufacturer operating worldwide.
The research report presents a comprehensive assessment of the Rotary Encoder market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Rotary Encoder market segments such as product type, application and end-use industry.
The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on rotary encoder market segments and geographies.
The most lucrative product type in the rotary encoder market is the absolute encoder. Absolute encoders are widely preferred over incremental encoders due to their ability to provide an absolute position measurement, regardless of the power state or motion of the shaft. This feature makes absolute encoders ideal for use in applications where the position of the shaft needs to be known at all times, even after a power failure or interruption.
Absolute encoders are widely used in industrial automation, robotics, and machine tool applications. The increasing adoption of absolute encoders in Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) is also driving the growth of the absolute encoder segment. The market is expected to continue to grow in the coming years as the demand for absolute encoders continues to increase.
Globally, the rotary encoder market can be segmented on the basis of product type, application and end-use industry
Explore Similar Insights
Rotary Encoder Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
