Albany, NY -- (SBWIRE) -- 12/19/2018 -- A fresh report has been added to the wide database of Tapping Sleeves Market  (MRRSE). The research study is titled "Machine Tool Touch Probe Market" which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview.

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A machine tool touch probe is a high precision device used for determining the size of tool, work piece and location of job located within HMC, CNC and VMC machines. These devices are used for accurate and precise dimensioning purposes.

The global machine tool touch probe market is estimated to be valued at US$ 538.3 Mn by 2018. The market is estimated to grow by a value CAGR of 3.5% over the forecast period. Moreover, the machine tool touch probe market is expected to create a total incremental $ opportunity of US$ 218.0 Mn between 2018 and 2028.

Factors Influencing the Global Machine Tool Touch Probe Market Growth

Manual measurement of work pieces is being replaced by machine tool touch probes as they reduce any chances of inaccuracy and also increase the potential for accurate workflows. This particular factor will accelerate the growth of the machine tool touch probe market over the forecast period. Moreover, human personnel can work only for a number of limited hours whereas machines and their components are capable of working continuously.

The market is becoming healthy for competition and this is a positive factor for the overall machine tool touch probe market. Growing automation and use of advanced technology during the manufacturing and construction of machine tool touch probes have further increased market attractiveness among consumers and various industries.

As the machine tool touch probe market is consolidated with the presence of a few players across the globe, key manufacturers are focusing on technological innovation to meet consumer needs.

Global Machine Tool Touch Probe Market Segmentation and Forecast

The global machine tool touch probe market has been segmented on the basis of transmission, probe type, machine type, end use and region. Based on transmission, the market has been segmented into infrared, radio and hard wired. On the basis of probe type, the global machine tool touch probe market has been segmented into 3D touch probes, 2D spindle probes, tool-length measuring probes and tool touch-off probes. On the basis of machine type, the market has been segmented into CNC machining center, CNC turning center and others. Based on end use, the market has been segmented into automotive, defense & aerospace, electronic, general machining, medical, petrochemical and others. Significant regions covered in the report include North America, Latin America, Western Europe, Eastern Europe, SEA & Pacific, China and Middle East & Africa.

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By machine type, the CNC machining center segment is expected to dominate the machine tool touch probe market throughout the forecast period. Further, CNC turning centers and others segments nearly account for more than 49% of the overall market share in the global market. The CNC machining center segment has been further segmented into vertical machine center and horizontal machine center. Among which, the horizontal machine center segment is expected to dominate the machine tool touch probe market throughout the forecast period. Furthermore, the vertical machine center segment is expected to create a total incremental $ opportunity of nearly US$ 35.6 Mn over the forecast period.

Global Machine Tool Touch Probe Market Analysis by Region

From a region perspective, Western and Eastern European regions collectively dominate the machine tool touch probe market over the forecast period, which can be attributed to the developed market characteristics in developed economies such as Germany and Italy. Germany has several manufacturers of machine tool touch probes and the country is the largest machine tool touch probe producer across the globe. Germany, followed by Italy, comes under the top 10 machine tool touch probe producing countries. Furthermore, China is also estimated to grow at a significant rate over the forecast period. China ranks first in terms of production and consumption in the global machine tool touch probe market. The country is the largest consumer of machine tool touch probes in the global market.

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