That name sounds incomplete. The reason is the word "inspect" sounds misplaced in the phrase. Can you please post the context?
"Belt" would refer to a machine that operates by a
conveyor belt
"Encoder" would refer to a machine that places a code on the "Product", such as a bar code or a serial number stamp, or a date & time of manufacture stamp, etc.
"Inspect" sounds out of place here. It is a verb. It might make sense as an adjective if the phrase was "Product Inspection Belt Encoder" or some such. So if you could, please let us know what context it is used in.