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.
Growth in various end-use industries will benefit the adoption of machine tool touch probe in the long run
Chemical processing, machining, electronics, construction, and automotive industries, among others are expected to provide lucrative growth opportunities for the manufacturers of machine tool touch probe. The market is expected to perform well in emerging economies as they are driving industrialization and construction globally. Machine tool touch probes find extensive application in the automotive industry as well as in the manufacturing industry as these tools are employed for measuring the dimensions of components accurately. The burgeoning automotive industry output is anticipated to be one of the most noteworthy drivers for the global machine tool touch probe market. The production of automobiles is expected to be comparatively high in developing regions as compared to developed economies. This can be primarily credited to the growing urbanization and steady economic conditions in these regions.
Overview of the Global Machine Tool Touch Probe Market with Reference to the Global Industrial Automation Market Outlook
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 today’s 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).
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
PMR utilizes robust methodology and approach to arrive at market size and related projections. The research methodology for this report is based on 3 dimensional model. We conduct about 45-60 min duration detailed interviews with product manufacturers; apart from this we also collect market feedback from industry experts. To validate this data, we interact with senior panel members having more than 10 years of experience in relevant field. The panel members help in validating the findings and fill the gaps if any. In addition, we leverage on our existing pool of information, paid database and other valid information sources available in public domain. Usually industry interactions extend to more than 50+ interviews from market participants across the value chain.
PMR collects data from secondary sources including company annual reports_bk_01_01_2020, association publications, industry presentations, white papers, and company press releases apart from these we leverage over paid database subscriptions and industry magazines to collect market information and developments in exhaustive manner. After being done with desk research, detailed questionnaire and discussion guide is formulated to initiate primary research with key industry personnel; the discussion aims at collecting key insights, growth perspectives, prevalent market trends and quantitative insights including market size and competition developments. Both of these research approaches help us in arriving at base year numbers and market hypothesis.
In this phase, PMR validates the data using macro and micro economic factors. For instance, growth in electricity consumption, industry value added, other industry factors, economic performance, growth of top players and sector performance is closely studied to arrive at precise estimates and refine anomalies if any.
Data Analysis and Projection
Data analysis and projections were made based on proprietary research frameworks and statistical analysis, which was further validated from industry participants. These frameworks include Y-o-Y growth projections, macro-economic factor performance, market attractiveness analysis, key financial ratios, and others.
For public companies we capture the data from company website, annual reports_bk_01_01_2020, investor presentations, paid databases. While for privately held companies, we try to gather information from the paid databases (like Factiva) and based on the information we gather from databases we estimate revenue for the companies. In addition, the team tries to establish primary contact with the companies in order to validate the assumptions or to gather quality inputs.
Standard Report Structure
The global machine tool touch probe market has been segmented into: