The global machine tool touch probe market is expected to grow by 3.6 percent year on year in 2022, reaching a value of approximately US$ 615.1 Mn by the end of 2022. Machine tool touch probes are widely used in grinding, turning, and milling for fast, precise, and automatic tool setting and workpiece measurement. It has the potential to improve dimensional accuracy while reducing setup time. The global market is expected to grow at a significant CAGR of 3.5 percent between 2022 and 2028.
According to the report, 3D Touch Probes and 2D Spindle Probe types will dominate the machine tool touch probe market, accounting for more than 80% of market share over the forecast period. The global machine tool touch probe market is expected to be worth $616 million by the end of 2022.
Furthermore, by the end of the forecast period, the machine tool touch probe market is expected to generate a total incremental $ opportunity worth US$ 218.0 Mn.
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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$ 756.2 Mn between 2022 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 2022, 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 3.5% over the forecast period.
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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