Wednesday 3 June 2020

Renishaw (UK) is a major player in the Touch Probe Market

According to the new market research report "Touch Probe Market by Type (3D, 2D, Tool-length Measuring, Tool Touch-off), Transmission (Optical, Radio, Hard-wired), Application (CNC Machining, CNC Turning, Others), Offering, Industry, and Region - Global Forecast to 2025", the touch probe market is estimated to reach USD 736 million by 2025 from USD 606 million in 2020 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, a rise in industry safety standards, and increasing automation in automotive manufacturing.

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.
Renishaw (UK) is a major player in the market. The company operates through 2 business segments—Metrology and Healthcare. Under the Metrology segment, Renishaw manufactures touch probes, used in various industries, such as aerospace, automotive, consumer electronics, and power generation. The Metrology segment offers touch probes, their controllers, and related software and accessories. 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.
“Touch probe market for automotive industry to grow at highest CAGR from 2020 to 2025”
Several innovations in products and processes have characterized the expansion of the automotive industry. 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 in manufacturing high-quality forged metal parts. The forged metal parts manufactured with the help of touch probes include forged wheels and car chassis. Thus, continuing automotive production across the world is driving the growth of the touch probe market.
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