The overall touch probe market is expected to grow from USD 606 million in 2020 to USD 736 million by 2025 at a CAGR of 4.0%. The market growth is fueled by robust features of touch probe aiding in the measurement of 3D part geometries, rise in industry safety standards, and increasing automation in automotive manufacturing.
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Market for 3D touch probes to grow at highest CAGR from 2020 to 2025
3D touch probes are used to scan an object in three dimensions—length, breadth, and height. Used in CNC machining applications to verify the process of the workpiece accurately. The growing demand in the automotive industry for complex components and high-performance engines has fueled the demand for automated CNC machining. The application of touch probes for manufacturing automotive components in the automated CNC machining is expected to drive the demand of 3D touch probes market during the forecast period.
Touch probe market for automotive industry to exhibit high growth during forecast period
The market in the automotive industry is expected to register the highest CAGR during the forecast period. The growth of electric vehicles and autonomous vehicles is expected to fuel the demand for new automotive components and improved engine designs. The manufacturing of an automobile involves a large variety of automotive parts to be manufactured. The company’s manufacturing these parts make use of touch probe in CNC machines to assist the manufacturing quality of forged metal parts. The forged metal parts manufactured with the help of touch probes include forged wheels and car chassis. Thus, the growing automotive production across the world is driving the growth of the touch probe market.
Touch probe market in APAC to grow at highest CAGR during forecast period
The market in APAC is expected to grow at the highest CAGR during the forecast period. China is expected to continue to account for the largest share of the market in APAC during the forecast period, followed by Japan and South Korea. The growth of the market in APAC can be attributed to rapid industrialization and increasing automation. The touch probe is being majorly used in CNC machining centers for precise manufacturing of various metal parts used in industries such as automotive, aerospace & defense, medical devices, and electronics manufacturing. Owing to the high consumption of consumer products, there is a huge demand for manufacturing in the APAC region. These factors are fueling the adoption of CNC machining centers in APAC and along with the market of touch probes.
Key Market Players
As of 2019, Renishaw (UK), Hexagon (Sweden), DR. Johannes Heidenhain (Germany), Blum-Novotest (Germany), Tormach (Australia), Metrol (Japan), Marposs (Italy), Carl Zeiss (Germany), P-Tech Industries (India), and J&M Precision Products (US) were the major players in the touch probe market.
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