The global motion control encoders market is estimated to garner a revenue of ~USD 22 billion by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 15 billion in the year 2021. The growth of the market can primarily be attributed to the growing number of satellites communications with the surge in the number of satellites worldwide. For instance, it was found that, a total of 4,852 satellites circled the earth by the end of 2021.
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A sensing device that provides feedback can be termed as an encoder. Encoder sensors are a type of mechanical motion sensor that create a digital signal from a motion. It is an electro-mechanical device that provides users (commonly those in a motion control capacity) with information on position, velocity and direction. There are two main types of encoder-linear and rotary. The motor encoder is a rotary encoder mounted to an electric motor that provides closed loop feedback signals by tracking the speed and/or position of a motor shaft. The demand for motion control encoders is on the rise amongst the commercial aerospace and defense industry, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global motion control encoders market during the forecast period. It was found that, the global commercial aerospace and defense (A&D) industry generated a revenue of more than USD 700 billion in 2021.
Upsurge in Medical Robotics – Motion control advances, have surged the demand for surgical robotics which is responsible for driving the motion control encoders market in the forecasted period. According to the International Federation of Robotics (IFR), medical robotics unit sales will reach 18,000 units in 2020, up from 7000 units in 2019.
Rising Textile Industries – The demand for motion control encoders, as encoders provide critical feedback for speed, direction, and distance. The boom in the textile industry is expected to propel the demand for motion control encoders. It was found that, the Indian textile industry was valued at more than USD 220 billion in the year 2021.
The global motion control encoders market is segmented and analyzed for demand and supply by type into incremental encoder, absolute encoder. Amongst these segments, the absolute encoder segment is anticipated to garner the largest revenue by the end of 2031, backed by the growing sale of all products of automotive sector including cars worldwide. For instance, it was observed that, globally, automotive industry’s unit sales volume (including cars) reached around 78 million units in 2022.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global motion control encoders market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031, backed by the presence of a strong maritime network in the region as well as the rising economy generated from marine transportation. For instance, according to the data found, in 2022, ships move about UDS 1.5 trillion in and out of United States ports annually, also ~75% of all trade involved some form of marine transportation.
The global motion control encoders market is further classified on the basis of region as follows:
FREQUENTLY ASKED QUESTIONS
Increasing number of satellites as well as the as the rise in the automotive industry sales along with growing automation in manufacturing sector are some of the major factors anticipated to drive the growth of the market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
Challenges in choosing the right motion feedback solution as well as concern about the functional safety issues are some of the factors estimated to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are TE Connectivity Corporation (TE), British Encoder Products Company, Dynapar Corporation, Sensata Technologies Inc., Broadcom Inc., Novanta Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
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