CHICAGO, May 20, 2021 /PRNewswire/ — According to the new research report “Encoders Market with COVID-19 Impact, by Type (Linear and Rotary), Technology (Optical, Magnetic, Inductive), Application (Automotive, Consumer Electronics, Industrial, Power, Healthcare), Signal Type, and Geography – Global Forecast to 2026”, published by MarketsandMarkets™, the global Encoder market size is expected to grow from USD 2.3 billion in 2021 to USD 3.7 billion by 2026, at a CAGR of 10.0%.The growth of this market is driven mainly by the need for high-end automation across industries, growth in adoption of Industry 4.0, the inclination toward advanced technologies amid COVID-19 pandemic, increasing demand for artificial intelligence, and upcoming technologies in the automotive industry.
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Inductive encoder technology is estimated to hold the largest growth rate of the Encoder market during the forecast period.
The inductive encoder technology is expected to held the largest CAGR of the encoder market during the forecast period. Inductive encoders are used to measure the displacement or rotation relative to a target. It finds various applications in electric motors, mobile devices, motorized zoom, and direct measurement of the rotation of gears used in various machines. The inductive encoders are manufactured using semiconductor technology, thus making them compact and highly accurate.