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%.
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A touch probe is a sensing device, which is used in automated machines for forming an image of a workpiece to be processed, which cannot be done visually. It is used in machine tools to carry out the workpiece setup, origin, alignment automatically, and to inspect the part after it is being cut. It is used in CNC machining centers, CNC turning centers, and CMM machines, among others across various industries, including automotive, aerospace & defense, electronics manufacturing, medical devices, and oil & gas.
The market growth is mainly attributed to robust features of touch probe aiding in the measurement of 3D part geometries, rise in industry safety standards, and increasing automation in automotive manufacturing. The touch probe market is expected to reach USD 736 million by 2025 from USD 606 million in 2020 at a CAGR of 4.0%.
Renishaw (UK), Hexagon (Sweden), and DR. Johannes Heidenhain (Germany) are the leading players of the touch probe market.
Renishaw (UK) is a leading manufacturer of touch probe used across various industries. To maintain its leadership in the touch probe market, the company could consider focusing on providing process control and part inspection solutions to meet stringent safety standards. Renishaw has a strong presence in APAC, with ~42% revenue generated from this region. For better revenue avenues, the company could focus on other geographies such as Europe and the Americas. Additionally, in line with the company’s strong financial performance and R&D investments, it could continue developing innovative products.
Hexagon (Sweden) is focusing on organic growth through product launches and expansions of its touch probe portfolio. It expanded its software portfolio to protect new features and ease the CMM applications. To gain a competitive edge, Hexagon could focus on rapidly growing its touch probe offerings in application areas such as automotive and aerospace & defense. The company can also emphasize on inorganic growth strategies, such as acquisitions, to target emerging and rapidly growing markets in APAC, such as India, China, and South Korea.
DR. JOHANNES HEIDENHAIN (Germany), aka HEIDENHAIN, is one of the leading manufacturers of linear and angle encoders, rotary encoders, digital readouts, and numerical controls for demanding positioning tasks. The applications of products offered by HEIDENHAIN include high-precision machine tools as well as plants for the production and processing of electronic components. The company also delivers related software along with its products. The service department of HEIDENHAIN offers professional, individualized support for machine manufacturers and users throughout the entire lifecycle of a machine.
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