Encoder Market

The encoder market is projected to grow from USD 2.7 billion in 2023 and is projected to reach USD 4.5 billion by 2028; it is expected to grow at a CAGR of 11.0% from 2023 to 2028. The rising need for high-end automation across industries and the increasing adoption of encoders in automation industries are expected to propel the encoder market in the next five years. However, accuracy-related errors and variations in international regulations will likely pose challenges for the industry players.

Major Encoder Companies include: 

• Sensata Technologies (US),
• HEIDENHAIN (Germany),
• Fortive (Dynapar) (US),
• Renishaw plc (UK),
• Mitutoyo Corporation (Japan),
• FRABA B.V. (Netherlands),
• ifm electronic (Germany),
• Pepperl+Fuchs (Germany), and
• Maxon (Switzerland).

New product launches, collaborations, and acquisitions were the key strategies adopted by the players in the encoder market ecosystem to enhance their product portfolios, increase their market share and expand their presence in the encoder market.

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For instance, in July 2022, Sensata Technologies (US) acquired Dynapower Company LLC (South Burlington, Vermont), a leading energy storage and power conversion system provider, by Pfingsten Partners, a private equity firm. The objective is to deliver highly engineered, mission-critical power conversion solutions to fast-growing renewable energy storage, electric vehicle charging, and industrial and defense applications.

In July 2022, HEIDENHAIN (Germany) launched new encoders representing the newest inductive scanning technology: ECI 1122 and EQI 1134. These new encoders have EnDat 3 interface, because of which they benefit from low signal noise, low-speed ripple, operating-data collecting, and reduced cabling. These advantages were obtained by increasing the resolution of the single turn position to 22 bits, which also enhances motor control performance dramatically.

Sensata Technologies is a well-known industrial technology company that creates sensors, sensor-based solutions (including controllers and software), and embedded systems, among others. The company’s product portfolio includes rotary encoders, linear encoders, hall effect sensors, potentiometers, inclinometer tilt sensors, and draw wire sensors. The company has a diverse product portfolio through which it caters to various verticals, such as aerospace & defense, industrial, material handling, medical, motors, and professional food equipment. It serves clients in automotive, fleet management, heavy vehicle and off-road ("HVOR"), and clean energy. The company operates through two major business segments-Performance Sensing and Sensing Solutions. The company offers encoders through its Sensing Solutions segment.

HEIDENHAIN is one of the leading players in the encoder market and a well-known company in measurement control and drive system technologies. The company’s product portfolio comprises various linear encoders, rotary encoders, angle encoders, digital readouts, and CNC controls. These products mostly find their applications in high-precision machine tools and electric component manufacturing & distribution plants. Moreover, the company’s expertise in encoders has enabled it to automate production machines and systems and attain a leading position in the market.

Related Reports:

Encoder Market by Encoder Type (Linear, Rotary), Signal Type (Incremental, Absolute), Technology, Application (Industrial, HC, Consumer Electronics, Automotive, Power, FnB, Aerospace, Printing, Textile), Region - Global Forecast to 2028

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