Rapid upsurge in adoption of absolute optical encoders in robotics is particularly driving the growth of optical encoder market. Between 2019 and 2029, the global sales of optical encoders are projected for a robust hike at around 9% CAGR, as indicated in a new research study of Future Market Insights (FMI). Increasing implementation of advanced absolute optical encoders by manufacturers of surface mount technology (SMT) placement equipment will also remain a major booster to market growth through 2029.
Optical Encoder Market
Key Takeaways – Optical Encoder Market Study
- Players in the automation sector are switching from incremental optical encoders to absolute optical encoders that are well suited for high-precision instrument, as they produce parallel digit outputs.
- Shafted optical encoder is estimated to continue to hold a leading market share, based on configuration, during the forecast period.
- Healthcare equipment currently account for over a fourth of total demand. It will remain a significantly lucrative application area for optical encoder manufacturers and is most likely to overtake the consumer electronics industry in terms of market value share, in the latter half of projection period.
- Asia Pacific excluding Japan (APEJ) is witnessing a high growth rate in optical encoder market as manufacturers of automotive, consumer electronic, and industry automation are adopting optical encoders to improve product quality
Manufacturers in the optical encoder market are targeting profits in the absolute optical encoder category, as adoption of these encoders by robotic equipment manufacturers has been on a constant rise with an aim to achieve enhanced functional safety and efficiency.
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Commercialization of Quantum Dots to Create Lucrative Opportunity
Requirement for high performance optical encoders is expected to increase, owing to commercialization of quantum dots (QDs). These QoDs are used in a variety of thin film devices such as photo detectors, solar cells and LEDs. In flat panel display (FPD) applications, QDs offer improved efficiency, display life, power consumption, brightness and color saturation, along with reduced cost. Experts at FMI expects manufacturers to shift from liquid crystal display (LCD) towards the development of QD-enabled devices such as cost-effective thin film transistor (TFT) products in the foreseeable future.
Improvement in performance will be crucial to meet demand for motion control in these QD devices. Advanced optical encoders are expected to emerge as the best solutions for servo feedback in applications that require highest precision, in turn creating potential business opportunities for manufacturers in the optical encoders market.
Learn More About Optical Encoder Market Report Coverings
Future Market Insights offers an unbiased analysis of the global optical encoder market, providing historical data for 2014-2018 and forecast statistics from 2019-2029. The market is segmented on the basis of configuration, output signal format, and application across seven major regions to help readers understand opportunities in the optical encoder market.