Leading players in the encoder market remain largely invested in research for product improvements, to widen scope of application in multiple verticals.
DUBAI, UAE / ACCESSWIRE / August 20, 2020 / The encoders market is anticipated to show a healthy 7.5% CAGR during the assessment period from 2020 to 2030. The covid-19 pandemic has substantially hurt short term growth prospects of the encoder industry. Strict nationwide lockdowns imposed by governments to contain the spread of the outbreak has severely curtailed industrial activities in multiple sectors including material handling, aerospace, textile, and manufacturing. This will reduce demand for encoders in the near future.
"Rising demand for automation in industrial settings, coupled with the deployment of Industry 4.0 practices. The market is anticipated to witness robust growth during the period of assessment owing to increasing popularity of digitized equipment, which previously operated on analog settings," says the FMI report.
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Encoders – Primary Takeaways
- Incremental rotary encoders are finding increased demand, particularly in the automotive sector, driven by application of electronic position sensing devices in fabrication and assembly processes.
- Niche applications in consumer electronics and logistics sector are gaining ground on account for smart device, IoT and internet penetration.
- Asia Pacific is witnessing rapid growth in encoder deployment supported by major investments in robotic installations in industry 4.0 facilities, in China, South Korea, India, and Japan.
Encoders – Growth Factors
- New applications in the printing and textiles industries in motor feedback and web tensioning processes will prove lucrative to market players.
- The growing trend of digitization of analog devices in industry 4.0 settings provides impetus to market growth.
Encoders – Major Constraints
- High complexity of manufacturing encoders restrains development of new technology and limits market growth.
- Presence of delicate components and limited range of operable temperature restrict encoder applications.
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The Projected Impact of Coronavirus
The coronavirus pandemic has significantly curtailed the overall global economy, which in turn has also hurt technology supply chains. Falling business confidence in multiple industrial verticals, and the slump in manufacturing processes including industries of automotive, aerospace, and consumer goods during lockdowns in various countries has reduced the demand for encoder technologies and devices. Applications in the food & beverage, and packaging industries will help to reduce losses during this period. The market is likely to display strong recovery to pre-pandemic levels towards 2021.
Competition Landscape
The encoders market comprises players including but not limited to TE Connectivity, OMRON Corp., Fraba B.V., Baumer Electric AG, Dynapar, Schneider Electric, Rockwell Automation Inc., Panasonic Corp., Honeywell International Inc., and Renishaw plc.
Participants in the encoders market are pushing for product development and launch strategies to meet growing demand in regional markets, also aiding geographical and industrial penetration.
For instance, NORD Drivesystems has developed a multi-encoder interface for muti-axis operations of inverters. Heidenhain has unveiled a range of functionally safety rated linear and absolute angle encoders. SICK has released new absolute encoders which operate on IO-Link principles for higher fieldbus integration.
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More About the Study
The FMI study provides detailed insights on encoders. The market is broken down in terms of type (linear and rotary), position signal (absolute and incremental), sensing technology (optical, magnetic, capacitive, and inductive) and application (automotive, consumer electronics, aerospace & defense, healthcare & medical devices, industrial, and others), across six key regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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View source version on accesswire.com:
https://www.accesswire.com/602570/Encoders-Market-to-Expand-at-75-CAGR-through-2030-Covid-19-Pandemic-Hurts-Production-and-Sales-Owing-to-Suspended-Industrial-Activities-says-Future-Market-Insights
