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Optical Encoder Market Analysis, Growth, Share, Market Trends 2027

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Soham Patel
Optical Encoder Market Analysis, Growth, Share, Market Trends 2027

Market Highlights

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.

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Segmentation:

The global Optical Encoder Market Growth is studied for several segments on the basis of type, end-user, and region for detailed insights of the market. On the basis of type, the global market for optical encoders is segmented into incremental and absolute. The segment of absolute optical encoders is estimated to hold a dominant share of the market during the forecast period.

This can be owed to the greater diversity of end-use applications across several verticals which demand several benefits. These benefits include better resolution, higher accuracy, and enhanced system reliability. Moreover, absolute optical encoders are highly cost-efficient, which has proliferated the amount of preference given to the same, as compared to incremental optical encoders.

On the basis of channel, the global market for Optical Encoder Market Trends is segmented into 1 channel, 2 channels, 4 channels, and more than 8 channels. Among these, the 2 channels segment is projected to be at the forefront of the market. These optical encoders are known for their efficiency of channeling two quadrature signals and an additional index signal.

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).


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About Market Research Future:

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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