The market is driven by factors such as the growing demand for SMT equipment, growing demand for material handling systems, and the increasing demand from automotive industries. However, mechanical and environmental challenges, growth of magnetic encoders, and installation challenges will hamper the market growth. Optical Encoder Market: Type Landscape By type, the market is analyzed across absolute encoder and incremental encoders segments. The absolute encoder segment will generate the highest revenue in the market over the forecast period. Optical encoders have built-in reference data, which eliminates the need for additional expensive components. Such benefits are driving the growth of the segment. Also, the increased awareness and the development of user-friendly…