NEWARK, Del, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The global machine tool touch probe market value is expected to rise from US$ 637.30 million in 2023 to US$ 659.61 million by 2033. This estimated growth will be driven by a steady CAGR of 3.5% in the machine tool touch probe market over the next decade.
The increasing popularity of wireless touch probes, owing to their flexibility and ease, is augmenting their deployment in tight spaces and complex machine tools. Apart from this, due to its speed, precision, and range, the increasing preference for infrared transmission technology for touch probes is augmenting the market scope of machine tool touch probes.
Rising traction for 3D touch probes, owing to their ability to measure the orientation and position of workpieces in all three axes, facilitates the market growth of machine tool touch probes. The heightened compatibility of infrared touch probes in different machine tools like lathes and large machining centers is boosting the sales of these touch probes. Besides, infrared touch probes are comparatively less expensive, easy to use, and easy to install, making their sales prospects higher than their counterparts.
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The market is predicted to progress parallel to the automotive sector, where metal cutting and machine removal operations are essential, thus catalyzing demand for machine tool touch probes.
“Increasing traction toward 3D touch probes, rising popularity of wireless touch probes, and surging preference for infrared transmission technology are expected to propel market growth. For future growth, key investors and stakeholders eye emerging economies like India, China, and Brazil as lucrative investment options,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Machine Tool Touch Probe Market Report
- In North America, the United States is expected to account for a growth rate of 4.1%, whereas Canada is predicted to expand at a CAGR of 2.6% through 2033.
- In Europe, Germany is expected to exhibit a significant growth potential of 5.3% through 2033. France follows the country, predicted to record a CAGR of 4.5% through 2033.
- China is projected to provide considerable business opportunities in the Asia Pacific by expanding at a CAGR of 3.6% through 2033.
- By probe type, 2D spindle probe is projected to acquire a market share of 53.5% in 2023.
- Based on transmission type, the infrared machine touch tool probe segment is expected to obtain a market share of 47% in 2023.
Market Ongoings on the Competitive Front
Key players are concentrating on research and development to manufacture and present new products. The participants also adopt various inorganic growth strategies like partnerships, acquisitions, and collaborations to elevate their market position. These activities are leading to business expansion and customer base expansion. Market competitors are further expanding their reach, especially in developing markets like India, China, and Brazil. This can be credited to the healthy growth in the manufacturing industry, thus propelling the demand for machine tool touch probes.
Top 10 Key Players in the Machine Tool Touch Probe Market
- 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.
Given below are the recent developments in the market that are augmenting the sales of machine tool touch probes:
- In December 2021, HEIDENHAIN launched a TS 760 touch probe for deployment with contouring TNC and other key CNC controls. The device features extraordinary 3D machining accuracy and speed, making it particularly useful throughout 5-axis machining and other processes.
- In June 2021, Hexagon’s Manufacturing Intelligence subsidiary introduced a wireless multi-sensor laser scanner with a precision level engineered to operate inside CNC machine tools.
- In July 2020, DP Technology included a suite of probing cycles to the CAM software of Esprit. Enhanced capabilities include dynamic tool offsets, on-machine inspection, and misload detection.
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Global Machine Tool Touch Probe Market by Category
By Probe Type:
- Tool-length Measuring Probes
- Tool Touch-off Probes
- 3D Touch Probe
- 2D Spindle Probes
By Transmission:
- Radio
- Hard Wired
- Infrared
By Machine Type:
- CNC Machining Center
- Vertical Machining Center
- Horizontal Machining Center
- CNC Turning Center
- Others
By End Use:
- Automotive
- Defense and Aerospace
- Electronics
- General Machining
- Medical
- Petrochemical
- Others
By Region:
- North America
- Western Europe
- Eastern Europe
- Latin America
- SEA and Pacific
- China
- The Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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