Touch probe market for automotive industry to exhibit high growth during forecast period
Northrook, IL -- (SBWIRE) -- 01/15/2020 -- 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", published by MarketsandMarkets™, 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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"3D touch probe to hold largest size of touch probe market from 2020 to 2025."
A 3D touch probe is used to scan an object in three dimensions—length, breadth, and height. The 3D touch probe scans the object systematically at many points to create a mesh of 3D points. It is majorly used in CNC machining applications for verifying the accuracy of the workpiece. The growing demand in the aerospace & defense industry for the manufacturing of components of an aircraft is fueling the demand for automated CNC machining and CMM machines. The application of touch probes in CNC machining is thus expected to be driven by the growing demand for the aerospace & defense industry.
"Optical touch probe market to grow at highest CAGR during forecast period"
Touch probes with optical transmission aid in the operations of the machining center more efficiently, thereby reducing cycle times and the percentage of rejects. The compact design of optical transmission touch probe with robust build and resistance to ambient conditions aids its use in rugged manufacturing conditions in the automotive and aerospace industries. The optical transmission touch probe also aids in managing multiple touch probes with the use of single receiver, thus simplifying the machining design system. These factors influence end-users from manufacturing industries to adopt optical touch probes in their machining centers.
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"Touch probe market for CNC machining center application to grow at highest CAGR during forecast period"
The growth of the CNC machining center is driven by the increasing demand for mass production plants in industries such as automotive, electronics manufacturing, and medical devices. The use of touch probes in CNC machining centers aids in precision, timely performance delivery, and significant cost saving. Thus, the market of touch probe in CNC machining is expected to grow at the highest rate.
"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.
"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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