Global absolute encoders market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 7.2% during the forecast period.
Global Absolute Encoders Market
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Absolute encoders are electro-mechanical devices and are commonly known as feedback devices that provide true or absolute angular position at every point of rotation of the encoder. Absolute encoders are used to retain position information even if power is disconnected from the encoder.
The absolute encoders market has been seeing a remarkable growth from the past few years. A surge in the adoption of absolute encoders for applications such as radiation therapy, industrial robotics, microelectronics, satellite communications, surgical robotics and many other applications are major driving factor behind the growth of the market. Increasing demand for absolute encoders for sensor devices in motor speed applications and position control applications, growing market for industrial robots, increased usage of advanced automation industrial appliances and control systems and increasing adoption of industrial automation are expected to improve growth of the market during the forecast period. Absolute encoder provides some benefits such as higher resolution options, enhanced system reliability, non-volatility memory and high accuracy, which are ultimately propelling the growth of the market.
However, high costs of absolute encoder than incremental encoder is a major restraining factor that could hamper the growth of the market.
Global Absolute Encoders Market: Segmentation Analysis
By type, the absolute rotary encoder segment dominated the market in 2019 and is projected to witness fast growth at CAGR of XX% during the forecast period. Growing adoption of absolute rotary encoder in the applications where safety concerns are preferred because they position themselves while the machine is powered on is attributed to the growth of the market. Rapid growth in optical and mechanical optical encoders market and rising adoption of these encoders for application such as tuning controls or manual volume in a radio receiver is expected to improve growth of the market during the forecast period.
By application, the assembly and robotics equipment segment dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. A surge in the adoption of absolute encoders in surgery and industrial robotics is attributed to the growth of the market. In manufacturing industry robotics arms are widely used to perform tasks such as paint spraying, welding, and assembling and in healthcare it is generally used to perform remote surgery. Thus, growing requirement for high quantity and more accurate positional information and data from robotic arms is making more demand of absolute encoders in robotics equipment industry across the globe.
In addition, home-assistance robots are other emerging applications increasing demand for absolute encoders in the market. For applications in consumer as well as industrial market absolute encoders are ideal choice than other encoders as it can be used for applications ranging from automated gates to factory automation owing to its cost effective and highly precise way of determining position.
Global Absolute Encoders Market: Regional Analysis
Region-wise, the Asia pacific held the largest market share in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. The economies such as China, Japan, South Korea, and India are the major key contributors behind the growth of the market. The growth is attributed to the growing market for industrial robotics across the region.
Absolute encoders are widely used in immense applications in the electronically and automated control systems to use in automotive, manufacturing, and construction industries. Countries such as China, Japan, and India are accounted for the largest market share in the manufacturing industries. China is the world leader in manufacturing sector. In 2018, the country is accounted for 28.4% of global manufacturing output. Therefore, growing market for manufacturing sectors across the APAC region is expected to make more demand of absolute encoders during the forecast period.
The objective of the report is to present a comprehensive analysis of the Global Absolute Encoders Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Absolute Encoders Market dynamics, structure by analyzing the market segments and projects the Global Absolute Encoders Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Absolute Encoders Market make the report investor’s guide.
The Scope of Global Absolute Encoders Market
Global Absolute Encoders Market, By Type
• Absolute rotary encoder
• Absolute multi-turn encoder
Global Absolute Encoders Market, By Application
• Consumer Electronics & Semiconductor Manufacturing Equipment
• Assembly and Robotics Equipment
• Communication System
• Metalworking Equipment
• Test & Measurement Equipment
• Healthcare Equipment
Global Absolute Encoders Market, By Region
• North America
• Asia Pacific
• South America
• Middle East and Africa
Global Absolute Encoders Market, Key Players
• Kubler Group
• BEI Sensors
• Shanghai HOUDE
• Danaher (Hengstler)
• TR Electronic
• Pepperl and fuchs
• SICK AG
• Yuheng Optics
• Wuxi CREATE
South America & MEA
• Elco holdings ltd
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