Global Machine Tool Touch Probe Market to Register a CAGR of 3.5% during 2022 – 2028
The report reveals that 3D Touch Probes and 2D Spindle Probe types will dominate the machine tool touch probe market and are expected to collectively account for more than 80% of market share over the forecast period. The global machine tool touch probe market is estimated to be pegged at US$ 538.3 Mn by the end of 2018. Moreover, the machine tool touch probe market is estimated to create total incremental $ opportunity worth US$ 218.0 Mn by the end of forecast period.
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Global Machine Tool Touch Probe Market Dynamics
Machine tool touch probes can operate in conditions in which
humans cannot sustain themselves or in conditions in which humans cannot
operate optimally, such as when accuracy is the primary factor. Due to this
reason, machine tool touch probes have been in high demand in the manufacturing
industry in the global market. Manual measurement of work pieces is being
replaced by machine tool touch probes as they reduce any chances of inaccuracy
and also increase the potential for accurate workflows. This particular factor
will accelerate the growth of the machine tool touch probe market over the
forecast period. Moreover, human personnel can work for only a number of
limited hours whereas machines and their components are capable of working
continuously.
Growth in research and development activities by prominent
market participants is estimated to create several growth opportunities for the
machine tool touch probe market in the coming future. Increasing demand and
competition will encourage manufacturers to invest on research and development.
This is expected to further create opportunities for the augmentation of the
machine tool touch probes market in the coming years.
However, lack of skilled professionals for operation and
maintenance of machine tool touch probes may hamper the growth of the machine
tool touch probe market over the forecast period. Moreover, the initial cost
associated with the machine tool touch probes is on the higher side. This may
be one of the prime reasons which may derail the growth of the machine tool
touch probes market over the forecast period.
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Global Machine Tool Touch Probe Market Forecast
The global machine tool touch probe market is consolidated
by nature. There are only a few key market participants which occupy a
significant share in the market. These players are expected to play a pivotal
role in the growth of the machine tool touch probe market over the forecast
period. By transmission type, infrared segment is expected to hold a
significant share in the machine tool touch probe market over the coming years.
Moreover, infrared segment along with the radio segment is
expected to occupy more than 85% share in the global market. By machine type,
CNC machining center segment is expected to create overall incremental $
opportunity of US$ 124.3 Mn between 2018 and 2028. By end use, automotive,
defense & aerospace and medical segment is expected to dominate the market.
The medical and automotive segment are expected to collectively account for
33.9% of the market share by the end of 2018, which is expected to grow to
35.1% of the overall market by the end of forecast period. By region, Western
Europe is expected to grow at a significant rate, at a CAGR of 4.2% over the
forecast period.
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Global Machine Tool Touch Probe Market Competitive
Landscape
Some of the key market participants reported in this study
on the global machine tool touch probe market are Renishaw plc., Hexagon AB,
DR. Johannes Heidenhain GmbH, Blum-Novotest GmbH, Tormach, Inc., METROL Co.,
Ltd., Marposs S.p.A., P-Tech Industries Pvt. Ltd., Centroid Corporation, J
& M Precision Products Inc., Micro-Vu., Quality Vision International, Inc.,
Mahr GmbH, Magnescale Co. Ltd., Carl Zeiss AG.
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