The market for rotary encoders is anticipated to expand at a CAGR of 8.5% between 2024 and 2032. Increasing industrial automation across a variety of industries is driving the demand for rotary encoders. Rotary encoders are utilised in numerous industries, including automotive, aerospace, manufacturing, and others. As a result of increased consumer demand in the aforementioned industries, industrial expansion across multiple regions is anticipated in the near future, which will contribute to the demand for rotary encoder.
The rotary encoder is equipped with a sensor that generates an electrical output to precisely measure the angle of shaft rotation and pedal position. These sensors are utilised in the automotive industry for steering wheel position, gear position, and throttle position. The automotive industry is one of the primary factors driving the global demand for rotary encoders. Lack of product differentiation poses a challenge to the market's expansion. This increases consumer purchasing power and creates pricing pressure for the manufacturer to compete with global market leaders.
Absolute encoders are the most lucrative product type on the rotary encoder market. Absolute encoders are favoured over incremental encoders because they can provide an absolute position measurement regardless of the power state or shaft motion. Absolute encoders are ideal for applications in which the position of the shaft must always be known, even in the event of a power failure or interruption.Absolute encoders are widely used in applications involving industrial automation, robotics, and machine tools. Increasing use of absolute encoders in Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) also contributes to the expansion of the absolute encoder market segment. As demand for absolute encoders continues to rise, it is anticipated that the market will expand in the coming years.
Increasing demand for accuracy and automation in industrial applications drives the global rotary encoder market. In industrial applications such as robotics, automation systems, and machine tools, rotary encoders are utilised to provide precise position and velocity feedback. As the need for precision and automation in these applications increases, so does the demand for rotary encoders.The market for rotary encoders is also being driven by the increasing adoption of Industry 4.0. Industry 4.0 is the fourth industrial revolution, defined by the incorporation of advanced technologies such as automation, data exchange, and the Internet of Things (IoT) into manufacturing and other industrial processes. Rotary encoders play a crucial role in Industry 4.0, as they provide precise position and velocity feedback for automated systems and machines.
Increasing adoption of Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) also contributes to market expansion. EVs and HEVs utilise rotary encoders for precise position and speed feedback of electric motors and generators, which is essential for the efficient operation of these vehicles. Increasing automation in the healthcare industry also contributes to market expansion. In medical devices, such as imaging equipment and laboratory automation systems, rotary encoders provide precise position and velocity feedback.
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The growth of the rotary encoder market in the Asia Pacific region is propelled by factors such as the increasing adoption of automation in various industries, the increasing use of Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs) in the region, and the increasing adoption of Industry 4.0.Some of the world's largest automotive and industrial manufacturing industries are located in the Asia-Pacific region, and these industries are increasingly adopting automation, which is driving the demand for rotary encoders. Increasing use of electric vehicles and hybrid electric vehicles in the region is also driving demand for rotary encoders. China and India, two of the region's fastest-growing economies, are making significant investments in Industry 4.0, which is also driving the growth of the rotary encoder market in the region.
Asia-Pacific is anticipated to continue its dominance in the global rotary encoder market over the forecast period, on account of the increasing consumption and demand from end-use industries.Due to China's rapid industrialization and urbanisation, the country's market for rotary encoders is expected to expand at a significant rate. Asia-Pacific is anticipated to follow North America in the rotary encoder market over the forecast period. Europe is anticipated to follow North America's fast-growing positive impact on the growth of the rotary encoder market, with the same trend continuing in the forecast year.Latin America and the Middle East and Africa (MEA) account for a relatively smaller market share. However, the market for rotary encoders is anticipated to expand at a rapid rate in the near future.
