The overall touch probe market is expected to grow from USD 606 million in 2020 to USD 736 million by 2025 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, rise in industry safety standards, and increasing automation in automotive manufacturing.
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“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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