Market Highlights
An Optical Encoder Market Trends uses pulses of light to represent data. These light waves are then analyzed to reveal variables like position, direction, and/or velocity. As per the latest analysis presented by Market Research Future (MRFR), the global optical encoder market is estimated to upscale at an impressive CAGR of 15.55% during the forecast period. reaching a market valuation of USD 2.55 billion by 2024.
The global Optical Encoder Market Forecast is estimated to ascend due to many factors. One of the primary factors contributing to the ascension of the global optical encoder market includes several features of the encoders. High performance, low power consumption, augmented flexibility, easy installation, and reduction in the size of the product are some of the many advantages of deploying optical encoders.
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Detailed Regional Analysis
On the basis of geography, the global Optical Encoder Market Trends is segmented into the regions of North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. Among these geographical segments, Asia Pacific’s optical encoders market is estimated to ascend at the highest CAGR over the review period of 2019-2024. This can be accredited to the high concentration of electronic component manufacturers in the region. These manufacturers are demanding optical encoders to fulfil their requirement of higher efficiency.
Additionally, the availability of cheaper raw materials and labor has enabled mass production of cost efficient optical encoders in the region. However, North America is likely to be at the forefront of the global optical encoders market owing to the presence of a high number of market players in the region and easier availability of proficient expertise.
Key Players
Some influential players in the global Optical Encoder Market Trends include Broadcom, Inc. (US), BEI Sensors (US), Rockwell Automation Inc. (US), Renishaw Plc. (UK), Dynapar (US), Allied Motion Technologies Inc. (US), Codechamp SA (France), Turck Holding GmbH (Germany), Honeywell International Inc. (US), GrayHill Inc. (US), Tokyo Sokuteikizai Co., Ltd (Japan), Bourns Inc. (US), Baumer Group (Switzerland), Faulhaber Group (Germany), and CTS Corporation (US).
Industry Update
Sept 2019: RSF Elektronik has started offering a next generation kit angle encoder. Best suited applications of this encoder include semiconductor, robotics, machine tools, and the medical industry.
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