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Global Machine Tool Touch Probe Market to Reach USD 720 Million by 2026, Driven by the Rising Demand for Safety

According to a new report by EMR titled, 'Global Machine Tool Touch Probe Market Report and Forecast 2021-2026', the global market for machine tool touch probe reached a value of USD 585 million in 2020. The market is further expected to grow at a CAGR of 3.5% in the forecast period of 2021-2026 to reach USD 720 million by 2026.

The market for machine tool touch probe is expected to exhibit a healthy growth as chemical processing, electronics, construction, automotive industries, and machining, among others, will offer lucrative growth opportunities for the machine tool touch probe manufacturers. Further, the market is expected to showcase healthy performance in the emerging countries as they are pushing industrialisation and construction globally. The market is propelled further by the wide application in the automotive as well as in the manufacturing industry as these tools are required to accurately measure the dimensions of components. The growing automotive industry is anticipated to witness rapid growth in the forecast period, especially in the developing regions. This can be attributed to the rising per capita income and rapid urbanisation.

The market is further improving due to several innovations within the industry by the key players. DP Technology Corp. and Renishaw plc. (OTC US: RNSHF) are the leading key players. DP Technology Corp. announced in June 2021 of the launch of a new probing option that is compatible with any combination of CNC machine, touch probe manufacturer, and control. This new innovation will aid the market growth for machine tool touch probe as it offers offline inspection programming, hassle-free post-processing, and compatibility with increased CNC machines.

Market Analysis by Offering, Transmission, Probe Type, Measuring Technologies, Machine Type, Axes Measurement, End Use, and Region:

  • The machine tool touch probe industry, on the basis of offering, is bifurcated into hardware and software.
  • The market is further divided on the basis of transmission into infrared, radio, and hard wired.
  • Based on probe type, the market is segmented into 3D Touch Probes, 2D Spindle Probes, tool-length measuring probes, and tool touch-off probes, among others.
  • By measuring technologies, the market is categorised into optical, kinematic resistive, and strain gauge.
  • On the basis of machine type, the market is divided into CNC machining centre and CNC turning centre.
  • By axes measurement, the market is bifurcated into 3-axis touch probes and 5-axis touch probes.
  • On the basis of end-use, the market is categorised into automotive, defence and aerospace, electronic, general machining, medical, and petrochemical, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global machine tool touch probe industry is being driven by the rising demand for safety within the industry space.
  • The product is in high demand across several industries as it reduces cost and operational downtime, further enhancing the productivity level of many operations. Thereby aiding the market growth.
  • The market is growing and is expected to grow due to the rising demand for work, which is unsustainable for humans and requires accuracy.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for machine tool touch probe for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) for the offerings, transmissions, probe types, measuring technologies, machine types, axes measurements, end uses, and regional markets of machine tool touch probe. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Renishaw plc., Hexagon AB, DR. Johannes Heidenhain GmbH, Blum-Novotest GmbH, Marposs S.p.A., and DP Technology Corp., among others, are the key players in the global machine tool touch probe market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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