Encoder Market : Drivers, Restraints, Opportunities, And Challenges , Geography (2021-2026)

 The global encoder market size is expected to grow from USD 2.3 billion in 2021 to USD 3.7 billion by 2026, at a CAGR of 10.0%.

The growth of the market has attributed the need for high-end automation across industries, growth in adoption of Industry 4.0, and the inclination toward advanced technologies amid COVID-19 pandemic. However, factors problems related to accuracy, and variation in international regulations are restraining the market growth. On the flip side, the increasing demand for artificial intelligence-based systems is expected to create opportunities for the adoption of encoders in the coming years. Moreover, mechanical failures in harsh environments act as a challenge for the encoder market. 

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Based on encoder type, the market for the rotary encoder segment is expected to grow at the highest CAGR during the forecast period. These encoders are designed to measure the number of rotations, rotational angle, and rotational position of equipment. They are used in a wide range of applications that require monitoring or control, or both, of mechanical systems, including industrial controls, robotics, photographic lenses, computer input devices, and rotating radar platforms.

Based on industry, the industrial application dominated the market in 2020 owing to the increasing increase in the adoption of robotics. The most common application is providing feedback in motion control of electric motors. Besides, consumer electronics application is expected to grow at -highest growth rate due to the rapid adoption of new technologies and the presence of many consumer electronics giants. Encoders are used to monitor and provide information pertaining to speed, direction, or distance for precise control of equipment. Hence, a larger adoption of the encoders in the consumer electronics application is noticed in the APAC and North America region.

The encoder market has been segmented into North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR from 2021 to 2026. The growth of encoders in the region is attributed presence of numerous manufacturing hubs related to various industries. The increasing demand for energy-efficient production processes, coupled with the need for feedback systems, is expected to create opportunities for the encoder market in APAC. However, the pandemic has resulted in disruptions in supply chain activities, revenue losses, and slowdown in production activities which have highly impacted the growth of the market, eventually impacting the economy.
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