The global machine tool touch probe market is set to grow with a CAGR of 3.8% during the forecast period, starting from $550.3 Mn in 2018.
Market Insights
Globally, the manufacturing industry is experiencing a transmission based on the technological advancements and development of improved machinery. This is primarily driving the demand for machine tool touch probe in this sector. Additionally, the manufacturers are continuously seeking for ways to increase the workplace safety by reducing the operational downtime and reduce cost. Use of machine tool touch probe can result in enhanced productivity and increased safety. Hence, is resulting in increasing market size of machine tool touch probe across the globe.
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With emergence of digitization and automation, various industries such as construction, automotive, and manufacturing are using advanced technologies to verify the quality to the equipment and machinery used. This is increasing the adoption of machine tool touch probe in the end use sectors. Furthermore, continuous product innovation, and advantages of touch probes such as robustness, size, reliability, and accuracy, and its capacity to quantify the complex 3D part geometries are also fueling the growth of this market.
Based on machine type, the CNC machining center held a dominant position in the global machine with a market share of over 50% in 2018. Increasing development in the end use industry, increasing demand to maintain safety standards, and growing adoption of advanced machinery some factors driving the growth of this markets segment. Based on geography, in 2018 Europe led the global machine tool touch probe market with a market share of more than 35% of the overall revenue generated. Countries such as Germany and France are undergoing several developments that are fueling this market growth.
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. Countries such as China, India, and South Korea are estimated to grow at a faster pace as they are considered to be a hub of manufacturing industry based on low manufacturing cost and presence of huge low cost labor.
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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 2018. 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.
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