Incremental Encoders Market to be Propelled by it’s Increasing Use in Various Industries by CAGR of ~10% During 2031
Research Nester published a report titled “Incremental Encoders Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global incremental encoders market in terms of market segmentation by type, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global incremental encoders market is anticipated to grow with a CAGR of ~10% during the forecast period, i.e., 2022-2031. The market is segmented by type into quadrature incremental encoder, optical incremental encoder, and magnetic incremental encoder. Out of these segments, the quadrature incremental encoder segment is anticipated to garner the largest market share over the forecast period, owing to the increasing demand for mice and trackballs. In addition, increasing sale of personal computers is expected to boost the growth of the segment in the coming years.
The global incremental encoders market is estimated to garner a moderate revenue by the end of 2031, backed by the growing textile industry worldwide. Various features provided by incremental encoders such as critical feedback for speed, direction, and distance are also projected to boost sales of these encoders in the coming years. Moreover, increasing investment in robotics and upsurge in the food and beverages industry is also projected to propel the growth of the market during the forecast period.
Geographically, the global incremental encoders market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is estimated to garner the largest market share over the forecast period, owing to the increasing marine transportation.
Apart from this, the market in Europe is anticipated to register significant growth in the coming years.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Use of Incremental Encoders in Various Industries to Drive the Market Growth
It was found that, automating different tasks can raise productivity by ~1.4% annually.
The usage of incremental encoders for industrial automation is expected to accelerate the market growth in the coming years, as there is surge of automation across diverse industries. Moreover, the increasing technological advancements as well as the increasing automation in the manufacturing sector are also expected to drive the growth of the global incremental encoders market during the forecast period.
However, concern about setting a reference point as well as possibility of losing the results without electrical supply are expected to operate as key restraints to the growth of global incremental encoders market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the of global incremental encoders market which includes company profiling of TE Connectivity Corporation (TE), British Encoder Products Company, Omron Corporation, Renishaw PLC, Encoders UK LTD., Newall Electronics, Inc, Dynapar Corporation, Fraba B.V., Gurley Precision Instruments Inc., Sensata Technologies Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the of global incremental encoders market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.