Optical Encoders Market Analysis, Emerging Technology, Sales Revenue and Comprehensive Research Study Till 2027 | Impact of COVID-19
Optical encoders are devices used to signify rotational motion through the use of light. Market Research Future’s (MRFR) report on the optical encoder market outlines growth drivers and hurdles to be faced by manufacturers for the forecast period (2020-2027). The COVID-19 outbreak and its effect on the industry have been explored in the report owing to adoption of smart approaches. Market Scope The global Optical Encoder Market Growth can hit USD 2.55 billion by 2024. It can exhibit 15.55% CAGR over the forecast period. The market is driven by increasing miniaturization of electronic components, demand for consumer electronics, and growth of printed circuit boards. Use of absolute encoders and demand for surface mount technology (SMT) can drive the market demand. Complexity of products and use of robots for expediting processes with the help of encoders can bode well for the market. Modern pick-and-place machines and its use in consumer electronics and data storage sectors can aug