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Asia Pacific region is expected to hold the largest share of the market in the forecast period. Emerging economies such as China, Japan, South Korea, and India are witnessing robust growth in the automotive sector owing to the rising demand for the encoder in the automobile and manufacturing sectors. The increasing demand for better tracking and monitoring, along with the growth of the e-commerce sector in the region, is further expected to bolster the market growth. Moreover, the adoption of Industry 4.0 in electronics, textiles, and automotive sectors, among others, is further anticipated to fuel the market growth. Additionally, favourable government policies to increase production are also driving the encoder industry. Increasing research and development (R&D) in factory automation and the government’s investments in programs such as Made in China 2025 and Aatmanirbhar Bharat Abhiyaan are increasing the demand for encoders, consequently boosting the market growth.
Sensata Technologies, Inc. (NYSE: ST), one of the leading players, launched H38 Series Parallel, Analog, SSI, a position sensor and encoder in 2019. The encoder is specifically designed to operate in explosive environments. It is suitable to be used in petroleum service industries, solvent refining operations, spray painting applications, and explosive dust environments. It is used in oil and gas drilling equipment to provide crucial feedback about moving machinery on the rig. Moreover, it functions to measure the distance the travelling block has moved and track the length of the pipe which has passed down the hole. This enables cost-effectiveness and increased efficiency of the drilling program while keeping it on schedule. The development of such products is expected to provide further impetus to the market growth.
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The major players in the global market for encoder are OMRON Corporation, Schneider Electric, Rockwell Automation, Inc., Panasonic Corporation, Sensata Technologies, Inc., and Baumer Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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