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Growth in Automotive Industry will Drive Rotary Encoder Market Growth
HYDERABAD, TELANGANA, INDIA, January 10, 2023 /einpresswire.com / -- IndustryARC, in its latest report, predicts that rotary encoder market is forecast to reach $1,101.08 million by 2025, growing at a CAGR of 4.7% from 2020 to 2025. Rotary encoders are mostly used to monitor the motor shaft path on permanent magnet motors, which are often used in robots, CNC machines and various industrial applications. Developments in computing power and networking technologies have made installing and maintaining robots cost-efficient and faster. Such factors and their impact on the growth of the robotics industry inturn contributing to the growth of rotary encoder market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
1. APAC dominated the rotary encoders market with a share of approximately 37% in 2019, owning to growth in construction projects, automotive production and government initiatives such as“Made in China” and“Make in India” programs in the region.
2. Manufacturing industry is analysed to hold highest share in 2019 owing to the high adoption of various automation systems and robots for efficient make production and distribution easy and efficient.
3. Increasing adoption of industrial automation is analysed to be a key driving factor for the rotary encoder market.
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Segmental Analysis:
1. Machine tools application held the largest share in the Rotary Encoder market in 2019 and is anticipated to grow at a CAGR of 5.48% through the forecast period. Rotary encoders are used for exact sensing and positioning in the machine tool applications.
2. Manufacturing industry held the largest share in the rotary encoders market in 2019 and is growing at a CAGR of 4.99% during the forecast period. Manufacturing applications have encoders that are constantly subject to humidity, dust, or liquid.
3. In January 2020, Toyota has announced to invest $700M in the expansion of its production plant in US. In September 2019, Toyota Motor Corporation has announced to expand its facility in Brazil with an investment of $190M to increase the production.
4. In 2018, China's annual vehicle production accounted for more than 30 percent of the world's vehicle production, which exceeds that of the European Union, or the United States and Japan combined. India's food & grocery market is the sixth biggest in the country. Food & Grocery retail in India also accounts for nearly 65% of India's total retail market.
Competitive Landscape:
The top 5 players in the Rotary Encoder industry are -
1. Honeywell International Inc.
2. Renishaw PLC
3. TE Connectivity
4. Bourns
5. Dr. Johannes Heidenhain GmbH
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B. Global Integrated Servo Motor Market
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