Encoder Market to Reach USD 4.5 Billion by 2028, Growing at CAGR of 11.0%

CHICAGO, July 21, 2023 /PRNewswire/ — The Encoder Market, already valued at USD 2.7 billion in 2023, is projected to reach USD 4.5 billion by 2028. This significant growth represents a Compound Annual Growth Rate (CAGR) of 11.0% from 2023 to 2028, according to a new report by MarketsandMarkets™.

Key factors propelling the growth of the encoder market include increasing adoption of encoders in energy harvesting applications and a continuing expansion of automotive markets worldwide. Additionally, the introduction of innovative technologies in the automotive and Unmanned Aerial Vehicle (UAV) industries are expected to provide lucrative opportunities for the market’s growth.