The touch probe market is estimated to reach USD 736 million by 2025 from USD 606 million in 2020 at a CAGR of 4.0%
NEW YORK, Jan. 17, 2020 /PRNewswire/ --
Touch probe market to exhibit significant growth during 2020–2025
The touch probe market is estimated to reach USD 736 million by 2025 from USD 606 million in 2020 at a CAGR of 4.0%. The growth of this market is attributed to robust features of touch probe aiding in measurement of 3D part geometries, rise in industry safety standards, and increasing automation in automotive manufacturing. However, factors such as increasing adoption of 3D laser scanners, need of skilled professionals for implementation, and operation of touch probe systems are restraining the market growth.
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Optical touch probe market to grow at highest CAGR during forecast period "
Touch probes with optical transmission aid in the operations of the machining center more efficiently, thereby reducing cycle times and the percentage of rejects.The compact design of optical transmission touch probe with robust build and resistance to ambient conditions aids its use in rugged manufacturing conditions in the automotive and aerospace industries.
The optical transmission touch probe also aids in managing multiple touch probes with the use of single receiver, thus simplifying the machining design system. These factors influence end-users from manufacturing industries to adopt optical touch probes in their machining centers.
CNC machining center application market to grow at highest CAGR during forecast period "
The CNC machining center comprises an automatic tool changer and a table that holds the workpiece in place.On the CNC machining center, the machine tool rotates, but the workpiece or the product remains at the same place.
Machining processes such as milling, drilling, tapping, and boring, which have traditionally been done on conventional machine tools, can be done more efficiently with the help of CNC machining centers. The growth of this market is driven by the growing focus of manufacturers on investing in technologies to develop innovative, energy-efficient, and advanced CNC solutions for the end-users.
APAC to be largest market for touch probe during forecast period
APAC is expected to lead the touch probe market, in terms of size, from 2020 to 2025.China and South Korea are the major markets for touch probes.
Countries in APAC such as China, Japan, and South Korea are home to major automotive manufacturers and suppliers.The demand for automated equipment such as CNC machining in the automotive industry is on the rise.
Furthermore, the market of medical devices in the APAC region is in the growth stage.Established medical device providers, as well as new manufacturers in APAC, are constantly trying to innovate and reduce the cost of production.
These factors are driving the demand for CNC machining centers in the APAC region and thus drive the market of touch probe in this region for the next few years.
Profile break-up of primary participants for the report is given below:
• By Company Type – Tier 1 = 40%, Tier 2 = 35%, and Tier 3 = 25%
• By Designation – C-Level = 48%, Director Level = 33%, and Manager Level = 19%
• By Region – North America = 35%, Europe = 18%, APAC = 40%, and RoW = 7%
Key players in the market include Renishaw (UK), Hexagon (Sweden), DR. Johannes Heidenhain (Germany), Blum-Novotest (Germany), Tormach (Australia), Metrol (Japan), Marposs (Italy), Carl Zeiss (Germany), P-Tech Industries (India), J&M Precision Products (US).
The global touch probe market is segmented into type, transmission, application, offering, industry, and geography.The market based on type is segmented into 3D touch probes, 2D spindle probes, tool-length measuring probes, and tool touch-off probes.
Based on transmission, the touch probe market has been split into optical, radio, and hard-wired.Based on application, the touch probe market is segmented into CNC machining centers, CNC turning centers, and others.
Based on offering, the touch probe market has been split into hardware and software.Industries that are included in the study of the touch probe market include automotive, aerospace & defense, electronics manufacturing, medical devices, oil & gas, and others.
The touch probe market is segmented into 4 regions—North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report:
• Illustrative segmentation, analysis, and forecast for markets based on type, transmission, application, offering, industry, and region have been conducted to give an overall view of the touch probe market.
• The value chain analysis has been performed to provide an in-depth insight into the touch probe market.
• Major drivers, restraints, opportunities, and challenges pertaining to the touch probe market have been detailed in this report.
• The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.
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