Motion Control Encoders Market Share

North American Market Forecast   

North America industry is set to dominate majority revenue share by 2037. The growth of the market can be attributed majorly to the presence of a strong maritime network in the region as well as the rising economy generated from marine transportation. For instance, according to the data found, in 2022, ships move about USD 1.5 trillion in and out of United States ports annually, also 75% of all trade involved some form of marine transportation. Additionally, in the region, growth in the electronic and electrical industry has boosted the utilization of robotics and automation. Robotics is considered to be the fastest-growing industry in this region. In the United States, nearly 200 per 9,0000 employees were functioning in 2019.

APAC Market Statistics

Furthermore, the motion control encoders market is also anticipated to see lucrative growth opportunities in the Asia Pacific region over the forecast period. Significant growth in the robotics industry has accelerated the demand for motion control encoders along with the higher utilization in the automotive industry. South Korea is anticipated to be the leading country in robotics globally as of 2022 while China and Japan are known to hold a greater share in the global automotive industry. For instance, in 2020, the installation of robotics in South Korea was projected to be around 900 per 10,000 employees. Therefore, all these factors are projected to enlarge the market size in the region.