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Motion Control Encoders Market revenue to surpass USD 22

August 21, 2023 07:00 ET | Source: Research Nester Research Nester

New York, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global Motion Control Encoders Market size is slated to expand at ~ 5% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 22 billion by the end of 2035, up from a revenue of ~USD 15 billion in the year 2022. Also, it was observed that the number of satellites orbiting the earth has increased by 175% over the past five years to 4,850 at the end of 2021. As satellites become more sophisticated, they require more precise motion control systems, and encoders provide the necessary accuracy and reliability. Request Free Sample Copy of this Report @ Incremental Encoder Logo Siemens

Motion Control Encoders Market revenue to surpass USD 22

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Moreover, the growing demand for medical robotics in healthcare settings and other rising adoption of robotic systems in various end use sectors are expected to drive the demand for motion control encoders. For instance, a total of 120,000 professional service robots were sold in 2021. Hospitality robot sales reached more than 20,000 units in 2021, while medical robot sales reached 14,820 units, up 24% from the past year. Robotic systems require precise motions and accurate positioning, which can only be provided by motion control encoders. Motion control encoders are used to measure the position, velocity, and acceleration of robotic systems, allowing them to move with greater precision and accuracy.

Global Motion Control Encoders Market: Key Takeaways

Rapid Emergence of Industry 4.0 to Spur Market Growth

Industry 4.0 is an advanced technology that is transforming the way that motion control encoders are designed and manufactured. It is allowing for greater accuracy and precision, as well as faster production times, which makes motion control encoders more attractive to companies looking to automate their processes. Industry 4.0 is also driving down the cost of motion control encoders, making them more accessible to a wider range of businesses. Motion control encoders are used to measure the speed and position of machines in an industrial setting. They are used to monitor and control the production process and can be used to detect and prevent problems before they occur. They also help improve the accuracy and efficiency of production processes. Additionally, 4.0 strategies allow for more efficient production processes and machines. As a result, more industries are looking to invest in such technology in order to stay competitive. This increased spending on motion control encoders market is expected to create more demand for the market and drive up market growth in the coming years. For instance, the number of acquisitions associated with Industry 4.0 increased to a total of 130 in 2021. Compared to 10 years ago, this represents an increase of 115%. In the period 2011–2021, investors put 315 percent more money into startups developing Industry 4.0-related technologies. A total of USD 2 billion was spent on these startups in 2021.

Global Motion Control Encoders Market: Regional Overview

The global motion control encoders market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region. 

Rapid Vehicle Production and Advanced Featured Automobiles to Drive Asia Pacific Growth

The motion control encoders market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035, backed by the increasing production of vehicles in the region, especially electric vehicles, which require the use of motion control encoders. The rise in demand for fuel-efficient and eco-friendly vehicles has further pushed the growth of the motion control encoder market in the Asia Pacific region. For instance, China is the world's largest manufacturer of electric vehicles. In 2021, 3.4 million EVs were produced, an increase of 1.5 times over the previous year. Also, in 2021, the number of passenger cars produced in China was approximately 21 million, and the number of commercial vehicles was approximately 4 million. Moreover, the increasing demand for advanced automotive features such as lane departure warning systems, adaptive cruise control, and vehicle stability control and the rising demand for electronic components in the automotive sector are expected to drive the motion control encoders market in the Asia Pacific region. Motion control encoders are used in automotive applications to measure the speed and position of rotating components such as wheels, gears and shafts. This enables precise control of the operation of the vehicle, ensuring greater safety and reliability.

A High Volume of Marine Transportation and Shipment to Drive Growth in the North America Region

The motion control encoders market in North America is estimated to garner the highest CAGR by the end of 2035. North America is home to some of the busiest and largest ports in the world, such as the Port of Los Angeles and the Port of New York and New Jersey. For instance, a study found that in 2022, ships moved approximately USD 1.5 trillion into and out of United States ports, and approximately 75% of all trade involved sea transportation. This increases the demand for motion control encoders to help support the complex systems of these large ports, as well as the marine transportation industry that relies on them. Moreover, the growing investments in the commercial aerospace and defense (A&D) industry, the increasing number of aircraft deliveries, and the increased military expenditure on aerial defense technologies in North America will drive regional market growth in the years to come. In 2020, the United States accounted for 40% of total military expenditures as the world's largest spender. Encoders are essential components used in A&D equipment to measure the position and speed of moving objects and for applications such as aircraft control, guidance, navigation, and actuation. Furthermore, the demand for motion control encoders is expected to increase owing to the growing focus on unmanned aerial vehicles (UAVs) in the region.

The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:  

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Global Motion Control Encoders Market, Segmentation by Type

The incremental encoder segment is anticipated to hold the largest revenue by the end of 2035, backed by the growing demand from the industrial automation sector, as incremental encoders are used for precise positioning and speed measurement of motors in industrial production processes. Additionally, the increasing need for more accurate and reliable motion control systems is also contributing to the growth of this segment. In addition, the rapid development of advanced incremental encoders is expected to drive segment growth in the future. For instance, a new non-contact optical linear and rotary incremental encoder system has been launched by Renishaw, combining tiny size with leading-edge dirt immunity, signal stability, and reliability. Newly developed incremental encoders offer improved accuracy, reliability, and faster data transmission capabilities compared to traditional incremental encoders. This will make them much more attractive to the industrial automation market, leading to increased demand and growth in the segment.

Global Motion Control Encoders Market, Segmentation by Application

The consumer electronics segment is anticipated to hold the largest revenue by the end of 2035 owing to the growing demand for consumer electronics such as smartphones, tablets, and laptops, which require motion control encoders to function. For instance, the volumes for consumer electronics are expected to reach 9,180 million units by 2027, with volume growth estimated at 1.2% by 2024. Statistics show that smartphones account for 95% of all internet users, out of all the devices in use today. Global smartphone usage is anticipated to reach 7 billion users by 2024, according to reports. Motion control encoders are used in consumer electronics to provide an accurate, precise, and reliable source of positional and rotational feedback. This feedback can be used to control the movements of a device, such as scrolling a screen. Furthermore, these encoders aid in the detection of device movement and orientation, allowing for improved user-device interaction. They are especially useful in gaming applications, where they help detect motion and the orientation of the device so that the user can control the game more accurately. Additionally, rising disposable income has allowed people to purchase a variety of consumer electronics as well as more sophisticated products such as high-end gaming consoles and other premium products, which is expected to augment segment growth in the coming years.

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Few of the well-known market leaders in the global motion control encoders market that are profiled by Research Nester are TE Connectivity Corporation (TE), British Encoder Products Company, Broadcom Inc., Renishaw plc, Novanta Inc., Dynapar Corporation, Sensata Technologies Inc., Rockwell Automation, Inc., Leine & Linde AB, RG Speed Control Devices Ltd., and other key market players.

Recent Development in the Global Motion Control Encoders Market

Motion Control Encoders Market revenue to surpass USD 22

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