Global Machine Tool Touch Probe Market 2026: Growth In Various End-Use Industries Will Benefit The Adoption In The Long Run

A detailed analysis reveals that the global machine tool touch probe market is projected to exhibit a CAGR of 3.5% from 2018 to 2026. The market was worth US$ 522.6 Mn in 2017 and is estimated to rise to a valuation of US$ 711.3 Mn by 2026 end.

The global market for machine tool touch probe is highly consolidated with a small number of players active in the production and distribution of the product. It has been observed by the analysts that the market is highly organized with the presence of some of the leading market players in developed regions such as North America and Europe. Tier 1 and Tier 2 companies occupy almost 90% of the total market share as the manufacturing of such advanced equipment requires special skills as well as the availability of high-end equipment, thereby increasing the price of machine tool touch probes in the global market as compared to other machining tools.

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Machine tool touch probes are used to precisely measure the dimensions of a work piece and are connected with sensors that allow them to be safely operated within the industry space. Rise in safety leads to reduced cost and operational downtime, which is expected to increase the productivity of many operations. Thereby, this particular facet will significantly raise the demand for machine tool touch probes in the market during the forecast period. Machine tool touch probes can operate in conditions in which humans cannot sustain themselves or in conditions in which humans cannot operate optimally, such as when accuracy is the primary factor. As a result of this factor, machine tool touch probes have been in high demand in the manufacturing industry and will remain as such in the coming years.

Advancements in automation to boost the adoption of machine tool touch probes in the automotive industry

The global market for machine tool touch probe provides a healthy competitive platform for companies operating in the market as well as for the new entrants trying to venture into this sector. The burgeoning use of advanced technology at the time of the production of machine tools has further increased its attractiveness among end consumers and several other vertical industries. The verification of the quality of the parts of the machine is a challenge that comes up often during the manufacturing process. Machine tool touch probe is one such equipment that allows the easy verification of the quality of the machine parts and helps measure the dimension of work pieces more accurately. This can help players in the automotive industry overcome critical challenges pertaining to the quality and safety of the manufactured automotive parts.

A touch probe offers enhanced features such as robustness, reliability, size, and accuracy and also provides all the advantages of an automated job setup and the ability to measure 3D parts on all machining centers. This will help the automotive industry make sure that they adhere to the safety standards and ensure that the parts that are integrated in the cars are verified.

Players in the industrial automation and equipment industry continue to face an environment that remains hyper-competitive. Evolution in end-user demand is influencing players in the industrial automation and equipment landscape to optimize their manufacturing process. Sluggishness in the oil & gas industry, muted growth in automotive sales, and stagnancy in the agriculture sector have posed challenges to players in the recent past.

With the increase in oil rigs and natural gas projects being quoted, various companies are making reinvestments, to either cater requirement of preventative maintenance or for generating a better ROI. Investing in infrastructure development remains a top priority for the industrial automation and equipment companies, with improvements in energy- and operational-0efficiency gaining center stage.

The development of streamlined 2-3 layer automation systems helped the industry in lowering maintenance costs and enhancing performance. The trend towards simplification of 5 layer system model, which the automation industry has been focusing on over the years, is witnessing acceleration. Innovation in development of controllers, sensors and intelligent devices has meant that todays computing processes are more effective.

Continuous advances are witnessed in the progressive integration of information technology (IT) and operational technology (OT), along with the evolution of business systems for handling real-time transaction processing. Building blocks are being offered by innovators, designed specifically for accomplishing the aim of connected enterprise. New intelligent nodes, operating at the network edge for improving efficiency and performance of manufacturing processes, are offered by rapid propagation of technologies & concepts associated with Internet of Things (IoT).

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A major challenge encountered by the global industrial automation and equipment industry is absence of multi-vendor application portability. Innovation is stifled without open ecosystems offering portable applications to vendor platforms. On account of this, non-traditional suppliers have embarked on launching next-generation products that are embedded with IoT software.

List of factors tracked in the Industrial Automation Market Report

- Manufacturing and electrical machinery industry value add
- Penetration of semi-autonomous and autonomous technologies
- Industry spending on automation
- Infrastructure Spending
- Historical growth of top players
- Growth in associated markets
- Cumulative growth in installed base

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