Increasing Developments in the Manufacturing Sector Is Driving the Machine Tool Touch Probe Market

Globally, the machine tool touch probe market is expected to grow with a CAGR of 3.8% during the forecast period from 2023 to 2030, starting from $613.03 Mn in 2021. The touch probes are used to measure the dimensions of work piece in a machine tool, and are connected to the sensors that enables safe operations of the machines in industrial setting. This increases the safety of the machines, thus, drives the usage of machine tool touch probe for numerous operations, and thus, increases its market size. Additionally, increasing penetration of automation in industrial sector is also fueling the growth of machine tool touch probe market.

In various industrial applications, many operations can be affected by human errors where machine tool touch probe can act as a great alternative. In operations where accuracy has to be a primary concerns, the machine tool touch probe can sustain well compared to any human. Furthermore, machine tool touch probe helps in easy verification of the quality of machine parts hence, are being largely adopted in various industries. Moreover, machine tool touch probes are in increasing demand in the manufacturing sector based on the advantages associated with it, such as robustness, size, reliability, and accuracy.

CNC Machining Center Segment Dominated the Global Market

Based on machine type, the CNC machining center dominated the global machine tool touch probe market by holding a market share of over 50% in 2020. This segment is further divided into vertical and horizontal machine center. Rapid development in the industrial sectors, growing adoption of advanced machinery in oil and gas, and automotive industry, and increasing demand to maintain safety standards are some factors driving the growth of this market. The horizontal machine center is projected to witness a significant growth during the forecast period.

Europe Dominated the Market by Region

Europe held the dominant position in the global machine tool touch probe market. This region held a market share of more than 35% of the global market. In Europe, Germany held a largest market share and is also projected to witness a fastest growth during the forecast period. As Germany has large number of automotive manufacturers, and developing manufacturing industry, the machine tool touch probe market in this region is expected to grow at a significant pace. However, emerging nations in Asia-Pacific are projected to witness a fastest growth during the forecast period.

Some of the prominent players operating in the machine tool touch probe market include Renishaw, Hexagon AB, Heidenhain, Marposs, ZEISS, Haff-Schneider, Blum-Novotest GmbH, Harbin Pioneer M&E Technical, OGP, Mahr GmbH, Metrol, Tormach Inc., Centroid CNC, Micro-Vu.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Machine Tool Touch Probe market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Machine Tool Touch Probe market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Machine Tool Touch Probe market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Machine Tool Touch Probe market?
• Which is the largest regional market for Machine Tool Touch Probe market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Machine Tool Touch Probe market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Machine Tool Touch Probe market worldwide?