Optical Encoders Market: Precision and Innovation Drive Growth in Various Industries
Market Overview:
Optical encoders are devices used for precise measurement of position and motion. They find extensive applications in robotics, manufacturing, aerospace, and healthcare sectors. The markets growth is attributed to the expanding scope of automation and technological advancements.
Market Size and Growth:
Global optical encoders sales revenue totaled US$ 2.2 billion in 2022. Over the projection period (2023 to 2033), optical encoder demand is forecast to rise at 9.2% CAGR. The global optical encoders market size is expected to increase from US$ 2.5 billion in 2023 to US$ 5.9 billion by 2033.
Market Segmentations:
The market can be segmented by:
Type
Incremental Optical Encoders, Absolute Optical Encoders
Resolution
Low, Medium, High
Application
Manufacturing, Healthca...