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.
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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.
“APAC to be fastest-growing market for touch probes during forecast period”
The touch probe market in APAC is expected to grow at the highest CAGR during 2020—2025. China and South Korea are the major markets for touch probes. Countries in APAC such as China, Japan, and South Korea are home to major automotive manufacturers and suppliers. The demand for automated equipment such as CNC machining in the automotive industry is on the rise. Furthermore, the market of medical devices in the APAC region is in the growth stage. Established medical device providers, as well as new manufacturers in APAC, are constantly trying to innovate and reduce the cost of production. These factors are driving the demand for CNC machining centers in the APAC region and thus drive the market of touch probe in this region in the next few years.
Major players involved in the touch probe market include 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).
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