Encoder Market Trends, Business Strategies, Regional Outlook and Forecast Report 2030

NEW YORK - Jan. 24, 2024 - PRLog -- According to P&S Intelligence, the encoder market was USD 2,435 million in 2022, which will rise to USD 4,888 million, with a 9.10% CAGR, by 2030.

This is mainly attributed to the increasing demand for automotive products and the growing necessity for high-end automation across numerous businesses. Furthermore, the rapidly growing need for AI and machine learning-based systems will contribute significantly to the industry's growth.

To enhance operational reliability, numerous manufacturers are incorporating sophisticated signal-processing algorithms and embedded microprocessors in encoders. This is primarily motivated by the susceptibility and mechanical intricacies associated with traditional absolute optical encoders when deployed in challenging conditions.

Additionally, equipment based on microprocessors enables engineers to adjust measurement characteristics through software, such as zero-point location, update resolution, and measurement direction, without altering any mechanical or physical properties.

North America is dominating the market, with the largest revenue share, and is projected to continue with dominance in the future as well to capture USD 1,515 million by the end of the decade.

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This can be ascribed to the increasing production of automotive parts, the snowballing demand for consumer electronics, the rising number of vehicles, and the mounting research and development actions in this field for new and better technologies.

Furthermore, the presence of major players has a solid foothold in the continent, therefore making it simpler for end users to manufacture these semiconductor components.