Optical Encoder Market revenue totalled ~US$ 2,333.4 Mn in 2021 and is projected to reach ~US$ 4,851.9 Mn by 2029, growing at a CAGR of 9.7% for 2022 – 2029. 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.
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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
Optical Encoder Market Outlook by Category
By Configuration :
- Shafted Optical Encoder
- Hollow-Shaft Optical Encoder
- Absolute Optical Encoder
- Multi-turn Optical Encoder
- Incremental Optical Encoder
By Output Signal Format :
- Analog Optical Encoder
- Digital Optical Encoder
By Application :
- Healthcare Equipment
- Consumer Electronics and Semiconductor Manufacturing Equipment
- Robotics Equipment
- Test & Measurement Equipment
- Others
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa
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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.
Competitive Landscape
Many key players are inclined at investing heavily in innovation, research, and development practices to uncover increased applications of optical encoder. With the use of technology, vendors are also focusing on strategic partnerships and collaborations, new product developments and business expansion to capture huge customer base.
- Honeywell International
- Rockwell International
- Renishaw PLC
- Allied Motion Technologies
- Sensata Technologies
- US Digital
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