Due to rising demand from end-user applications, FMI expects North America to remain a key market for machine tool touch probes over the forecast period. The machine tool touch probe industry is expected to grow at a CAGR of 3.8 percent in the region. The global machine tool touch probe market is expected to represent approximately 1.3 percent of the global machine tool market.
The demand for machine tool touch probes is expected to increase shortly due to the rise of automation and the use of advanced equipment in manufacturing and healthcare. As a result of the increasing growth of related, the global machine tool touch probe market is expected to grow throughout the forecast period.
The demand outlook for machine tool touch probes between 2013 and 2021 remains 2.9% as the pandemic crisis has impacted the market. The high initial cost and lack of professional labor cause the decrement in the demand for probes in various end-use sectors has impacted the market growth.
The probes are used for machining settings and component inspection, creating a safe working environment while indirectly improving work speed and accuracy. In manufacturing industries such as metal fabrication, automotive, and healthcare, manufacturers are focusing on improving product features and providing longer operational life for machine tool touch probes. The need for safety has grown as CNC and lathe equipment has become more automated.
Hand-measuring the dimensions of work parts can be hazardous to workers. As a result, the demand for finished products with high accuracy is expected to propel the machine tool touch probe market forward in the coming years.
The higher initial cost of equipment is one of the major impediments to company expansion. The cost of products related to machine tool touch probes is high due to the material composition and manufacturing process, which is a major factor limiting customer acceptance of new and innovative equipment.
Furthermore, the high cost of training is projected to be a barrier for the machine tool touch probe market as well as monetary issues from small and medium industries or organizations to restrict the usage of probes. Hence, pricing plays a crucial significance in the machine tool touch probe market.
The emergence of SARS-COV-2 in 2020 had a significant impact on the global economy. A drop in demand in several end-use industries, as well as supply chain disruptions, had harmed the global market. Furthermore, economic activity had been halted as a result of widespread lockdowns and movement restrictions.
Industry closures affect the global growth rate of machine tool touch probes in 2020. The decline in CNC Machining Center and CNC Turning Center sales has had a significant impact on the global machine tool touch probe market.
- Renishaw plc.
- Hexagon AB
- DR. Johannes Heidenhain GmbH
- Blum-Novotest GmbH
- Tormach, Inc.
- METRO Co., Ltd.
- Marposs S.p.A.
- P-Tech Industries Pvt. Ltd.
- Centroid Corporation
- J & M Precision Products Inc.
- Quality Vision International, Inc.
- Mahr GmbH
- Magnescale Co. Ltd.
- Carl Zeiss AG
For any queries linked with the report, Ask an Analyst