VALLEY COTTAGE, N.Y. – Future Market Insights (FMI) analysts forecast the optical encoder market size to touch US$ 4 Bn by the end of 2029, registering a CAGR of 9% during the forecast period 2019-2029. With growing importance of using drones in various industry verticals, positioning devices such as optical encoders are rising in popularity. In recent years, as automation continues to take part in the design of new products, optical encoders are expected to witness high demand, providing the highest resolution and accuracy.
“An increase in demand for high quality assurance in Surface Mount Technology (SMT) placement process and growing adoption of advanced motion control systems are major factors contributing to the growth of the global optical encoder market. Additionally, rising demand for robotics, medical diagnostics, machine controls, and elevators are expected to remain instrumental to the market growth,” says FMI analyst.
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Gains Upheld by Increasing Demand for Shafted and Incremental Encoders
The trend of automation in various industries such as defense, aerospace, and automotive is driving the demand for shafted encoder. As of 2018, the shafted encoder held 33% of the total sales of optical encoders. On the other hand, demand for incremental encoder remains notably high in industrial and commercial landscapes, due to its excellent durability and superior performance. Therefore, increasing sales of the shafted and incremental encoders are poised to further drive the market growth. According to the FMI study, sales of absolute and multi-turn encoder are also set to record significant growth rates in the future.
Application in Healthcare Equipment to Show Double-digit Growth
Adoption of optical encoders for consumer electronics & semiconductor manufacturing equipment continues to account for relatively high share. With growing demand for lightweight and miniaturized consumer electronics, manufacturers of optical encoders are hard pressed to direct their investments towards product innovation, as compact electronics prevent the adoption of large dimension encoders.
Preview Analysis of 2019 Analysis and Review of Optical Encoder Market by Configuration – Shafted, Hollow-Shaft, Absolute, Multi-Turn, and Incremental for 2019 – 2029:
The FMI study finds that application in healthcare equipment will grow at the highest CAGR of nearly 12%, thereby resulting in increased market share over the forecast period.
APEJ to Take Over North America’s Market
North America’s optical encoder market subjugated the revenue share in 2018. However, APEJ is expected to surpass the North American market in terms of volume share by 2023, owing to rapid industrialization along with growing demand from end users to reduce manufacturing costs. Moreover, due to lower production costs, market players are focusing on setting up their production facilities in the region. Furthermore, the demand for optical encoder will witness high growth in Middle East & Africa, incrementing at a CAGR of 14.7% through to 2029.
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Commercialization of Quantum Dots Attracts Potential Investors
Due to the commercialization of quantum dots (QD), there is an increase in the requirement of high-performance optical encoders. The advent of QD devices will create a new paradigm that will eventually liquidate the liquid crystal displays (LCDs) and will support the development of low-cost thin-film transistor (TFT) products. Thus, a gradual shift from LCDs to TFT products is expected to impact the growth of the optical encoder market
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