The encoders market is expected to grow from USD 1.6 billion in 2019 to USD 2.4 billion by 2024--at a CAGR of 8.6%
NEW YORK, Nov. 11, 2019 /PRNewswire/ --
Encoders market to grow at significant rate from 2019 to 2024
The encoders market is expected to grow from USD 1.6 billion in 2019 to USD 2.4 billion by 2024--at a CAGR of 8.6%. Key factors driving the growth of the encoders market include the need for high-end automation and industry 4.0. Strategies such as product launches adopted by market players are fueling the growth of the encoders market. However, the adoption of inorganic strategies by established players is creating intense competition for new entrants and restricting the growth of the market.
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Rotary encoders to account for largest market size from 2019 to 2024
The rotary encoders type is expected to account for the largest share of the encoders market during the forecast period.Rotary encoders are used for position sensing across various applications; for example, on motors paired with drives and automated machinery in consumer electronics, elevators, conveyor speed monitors, industrial machines, and robotics.
The future growth of this segment is attributed to the use of rotary encoders in industrial and commercial designs due to their durability and excellent performance.
APAC to be fastest-growing market for encoders from 2019 to 2024
The encoders market in APAC is likely to witness the highest CAGR during the forecast period.Increasing manufacturing facilities across various industries in this region and growing adoption of automation techniques and robotics in manufacturing plants are among the factors that are expected to drive the demand for encoders in this region.
In addition, the concept of autonomous, electric, and connected cars has enabled the growth of the automotive sector in APAC, especially in China. The automotive industry here has been growing rapidly, and the country is playing an increasingly important role in the global automotive market.
The break-up of profiles of primary participants for the report has been given below.
-- By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%
-- By Designation: C-level Executives = 35%, Directors = 40%, and Managers = 25%
-- By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
HEIDENHAIN (Germany), POSITAL FRABA (Germany), Sensata Technologies (US), Dynapar Corporation (US), and Baumer Group (Switzerland) are among the major players in the encoders market.
Research Coverage:
The encoders market, in this report, is segmented into type, technology type, end use, and geography.The market based on type is further classified into linear and rotary.
The encoders market, by technology type, is further segmented into optical, magnetic, and others. The market, by end use, is segmented into automotive, consumer electronics, industrial, food & beverages, medical, printing, textile, and others.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market, by type, technology type, end use, and geography have been provided to give an overall view of the encoders market.
Major drivers, restraints, opportunities, and challenges pertaining to the encoders market have been provided in the report.
The report includes a detailed competitive landscape and revenues of key players.
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