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Buffered Encoders & Decoders Market Outlook- 2030
Buffered encoders & decoders are used to convert data from one form to another. These are commonly used to transfer data from one end to the other end in communication systems such as in telecommunications and networking. Similarly, in the digital world, data is frequently encrypted or coded before being transferred for ease of transmission. The coded data is decrypted or collected from the code at the receiver, then processed so that it can be displayed or supplied to the load. All these factors are assisting the growth of buffered encoders & decoders industry.
The global buffered encoders & decoders market is segmented on the basis of type, product type, technology, application, industry vertical and region. Based on type, the market is divided into linear and rotatory. In terms of product type, the market is bifurcated into non-contacting and contacting. On the basis of technology, the market is categorized into optical, magnetic, photoelectric, and others. On the basis of application, the market is divided into home automation, robotics, motor speed synchronization, wireless health monitoring system, and others. In terms of industry vertical, the market is divided into transportation, residential, commercial, military, institutional, defense, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global buffered encoders & decoders industry include Process Technologies Group, Inc., Pacific Instruments, Inc., Safetycom Inc., VITEC, IC Realtime, Industrial Scan, Inc., Dynasys Technologies Inc, Barix Technology Inc., Aventura Technologies, Inc., Digi-Key. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global buffered encoders & decoders market.
COVID-19 Impact Analysis
COVID-19 has three major effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. The COVID-19 outbreak has posed a significant strategic threat to electronics and manufacturing companies in recent months.
The electronics and semiconductor manufacturing industries have been harmed by disruptions in raw material supply, temporary shutdown of manufacturing units, inadequate finance, and weak consumer demand. All these factors have declined the growth of buffered encoders & decoders market share globally.
Top Impacting Factors
The growth in demand for high-end automation and high-precision machining equipment is expected to be one of the driving factors for the buffered encoders & decoders market. Linear encoders are widely used in end-use sectors including medical, industrial, printing, and semiconductors. Due to the adoption of Internet of Things (IoT), which uses encoders and decoders for features like IC-integrated LED lighting, voice recognition, the automotive sector maintains the biggest share of the buffered encoders & decoders market in terms of applications.
The healthcare and medical devices application sector also uses encoders and decoders as these devices require high accuracy, smaller size, reduced weight, and reduced power consumption, resulting in greater clinician productivity and better patient outcomes. However, the buffered encoders & decoders market opportunity is likely to be constrained by mechanical failures in buffered encoders and decoders caused by harsh environments.
New Product Launches to Flourish the Market
Industry is introducing new products to increase machine performance, which has propelled the encoder and decoder market forward. The encoder market has grown due to rise in demand for small size and advanced interface encoders. For instance, on August 2020, the FRABA B.V. company released a new encoder with an improved interface for the market. For small to mid-sized control systems, a new RTU communications connection-based encoder has been introduced. The company has improved its product offering for the market as a result of this.
Celera Motion, a leading global supplier of core technology solutions ( Novanta Inc. subsidiary) introduced new small ultra-range encoders based on inductive technology in June 2020. Even in hostile environments, it is used for precise angle or angular speed measurements. New ultra-compact, light, and extremely stable encoders helped the company in increasing income.
Baumer, a global manufacturer of encoders and sensors, launched a new multi-unit axle encoder BPIV2, encoder device for the railway sector in February 2020, including one sensor and four encoders. It is designed to be safe and simple to attach, as well as to offer exact wheel speed information. As a result, the company's product range and sales for the buffered encoders & decoders market have surged.
Surge in Usage in Automotive Sector and Healthcare Sectors
Although the automobile sector is presently experiencing a downturn due to COVID-19, such as supply chain disruptions, dislocation of workforce, production halt etc., the industry's long-term prospects are bright. In recent years, the introduction of feature-rich automobiles, such as those with Bluetooth and cellular connectivity, has resulted in record-breaking sales of encoders. A broad range of encoders are used in vehicle positioning and location-based prompts, which is likely to maintain this market in the lead in the future decade.
The growth in use of various information and communication technologies (ICT), as well as the growth in demand to improve the quality of healthcare services have provided buffered encoder and decoder manufacturers a significant boost. Encoders are essential in the development of novel lab processes in the healthcare sector. Rotary encoders, for instance, are used in CT and MRI machines to aid in precise imaging while also guaranteeing patient safety.
Key Benefits of the Report
Questions Answered in the Buffered Encoders & Decoders Market Research Report
Key Market Segments
Key Market Players