The new report by Expert Market Research titled, ‘Global Machine Tool Touch Probe Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, gives an in-depth analysis of the global machine tool touch probe market, assessing the market based on its segments like offerings, transmissions, probe types, measuring technologies, machine types, axes measurements, end-uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): USD 585 million
• Forecast CAGR (2020-2025): 3.5%
• Forecast Market Size (2025): USD 720 million
The touch probe industry for machine tools is seeing strong rivalry among existing players as well as new entrants, leading to a healthy competitive environment. This has led to rapid technological advancements in the industry, increasing adoption and demand for such tools due to their abilities to easily verify the quality of various machine parts, and precisely measure the dimension of completed workpieces. Hence, machine tool touch probes are seeing increasing demand in industries such as the automotive industry as well as defence, aerospace, and general machining industries.
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Industry Definition and Major Segments
Machine tools include commonly-used industrial machinery such as milling machines and machining centres. Touch probes are used in conjunction with these to reduce time spent in setup and machining, as well as to increase the dimensional accuracy of machining by use of various sensors.
By offering, the market is bifurcated into:
On the basis of transmission, the industry is divided into:
• Hard Wired
Based on probe type, the market is segmented into:
• 3D Touch Probes
• 2D Spindle Probes
• Tool-Length Measuring Probes
• Tool Touch-Off Probes
By measuring technologies, the market is categorised into:
• Kinematic Resistive
• Strain Gauge
On the basis of machine type, the market is divided into:
• CNC Machining Centre
• CNC Turning Centre
By axes measurement, the industry is bifurcated into:
• 3-Axis Touch Probes
• 5-Axis Touch Probes
Based on end-use, the market is segmented into:
• Defence and Aerospace
• General Machining
The global market can be classified based on region as:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The rising manufacturing sector in the Asia Pacific region, especially in developing countries, such as India and China, is expected to boost the growth of the machine tool touch probe industry. The market in this region is further dependent on factors such as growing populations and rising disposable incomes. Increasing safety concerns and standards has led to an increased adoption of machine tool touch probes. These tools can operate easily in unsafe conditions that are unsustainable or hazardous for humans. This is expected to increase production capacities for the industry.
Key Market Players
The major players in the market are Renishaw plc. (LON: RSW), Hexagon AB (STO: HEXA-B), DR. Johannes Heidenhain GmbH, Blum-Novotest GmbH, Marposs S.p.A., and DP Technology Corp, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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