$4.9 Billion in Human Machine Interface Markets – Global Forecast to 2027 – ResearchAndMarkets.com

DUBLIN–()–The “Human Machine Interface Market Research” report has been added to from ResearchAndMarkets.com offer.

HMI market size is expected to grow from USD 4.9 billion in 2022 to USD 7.3 billion by 2027; it is expected to grow at a CAGR of 8.1% from 2022 to 2027.

The key factors driving the growth of the HMI market are the increasing adoption of Industry 4.0 in process and discrete industries and the increasing need for predictive maintenance and real-time data analytics. Moreover, increasing adoption of emerging technologies such as IIoT and cloud computing in industrial environments is another major factor contributing to the growth of the HMI market.

HMI software is expected to grow at the highest growth rate and HMI hardware held major market share in 2021

Manufacturing companies around the world are adopting advanced technologies such as cloud-based solutions and software to improve the efficiency of the manufacturing process to gain competitive advantage to meet changing consumer demands.

HMI software helps meet data storage regulations and reduces security concerns while providing organizations the flexibility to incorporate changes into the process as needed. HMIs have great scalability as data centers are allocated to meet demand at all times. The selection of HMI hardware mainly depends on the requirements and cost of the application for which the system is to be deployed.

Ongoing technological developments in interface technology, growing demand for interface solutions from end-user industries, and increasing investment in R&D processes by major market players are expected to create significant growth opportunities for the development of technically advanced HMI solutions.

Embedded HMI is expected to grow at the highest growth rate and standalone HMI held a major market share in 2021

Growing need for embedded systems and ease of machine-to-machine communication are some of the major factors that are expected to drive the adoption of embedded HMI solutions over the forecast period.

Standalone HMI solutions provide initial benefits to manufacturing companies by providing a good technique to achieve visibility and metrics on the shop floor. For small manufacturing companies or a single manufacturing plant, it is more feasible to adopt standalone HMIs due to lower total cost of ownership.

The pharmaceutical industry is expected to grow at the highest CAGR during the forecast period and the automotive industry held a large share in 2021

The rapid increase in population, especially in emerging economies, has resulted in the spread of diseases, which is also responsible for the growth of the industry. Therefore, the industry is expected to face an additional burden in the future. Since pharmaceutical manufacturing processes are very complex, proper monitoring of all processes in a manufacturing plant to achieve operational efficiency.

Assets used in manufacturing need to be constantly monitored, which can be done effectively with the help of HMI solutions. The intensification of competition in the automotive industry has paved the way for various innovations and advancements in automotive manufacturing technologies. As the automotive industry is witnessing rapid changes in manufacturing technology, an upgrade is an inevitable aspect of this industry, thus promoting the growth of the HMI market.

North America held the largest share and Asia-Pacific is expected to witness the highest growth rate during the forecast period

The growth of the HMI market in North America can be mainly attributed to the presence of a large industrial base in the country and the high production capacities of these industries. North America was an early adopter of HMI. The country’s manufacturers have invested in new technologies and disruptive tools and are already seeing the returns on the investments made.

Adopting HMI helps manufacturers increase productivity, improve industrial efficiency through better quality control, and mitigate industrial risks. The Asia-Pacific HMI market is expected to grow at the fastest CAGR over the forecast period owing to accelerated industrial development in the region.

In addition, strong government support and increased foreign investment further promote industrial development. The manufacturing sector, in particular, is thriving in the region, which is expected to drive substantial demand for HMI solutions.

Competitive landscape

Major players operating in the HMI market are Rockwell Automation Inc. (US), ABB (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Honeywell International Inc. (US), Advantech Co ., ltd. (Taiwan), Emerson Electric Co. (USA), General Electric Co. (USA), Mitsubishi Electric Corporation (Japan), and Yokogawa Electric Corporation (Japan), among others.

Market dynamics

Drivers

  • Growing adoption of industrial automation in the manufacturing process

  • Increased focus on real-time data analysis and predictive maintenance

  • Strategic initiatives by governments to promote the adoption of operational technologies

  • Growing adoption of Industry 4.0

Constraints

  • High installation and maintenance costs

  • Maintenance requirement and frequent software updates

  • Lack of qualified professionals

Opportunities

  • Increased demand for security compliance automation solutions

  • Adoption of emerging technologies such as IIoT and cloud computing in industrial environments

  • Increase investment in renewable energy projects

Challenges

  • Lack of standardization in industrial communication protocols and interfaces

  • Increased Security Risks Associated with the Cloud-HMI Platform

Technology Trends

  • Spatial calculation

  • Transparent displays

  • Bioacoustic detection

  • machine learning

  • Gesture control devices

  • flexible display

  • Augmented reality

  • Sensor Fusion

  • Virtual reality

  • Digitization and Industrial Internet of Things (IIoT)

  • Industry 4.0

  • Artificial Intelligence (AI)

  • Internet of Things (IoT)

Company Profiles

Key players

  • Abb Ltd.

  • Advantech Co. Ltd.

  • Emerson Electric Co.

  • General Electricity Company.

  • Honeywell International, Inc.

  • Mitsubishi Electric Corporation

  • Rockwell Automation, Inc.

  • Schneider Electric SE

  • Siemens AG

  • Yokogawa Electric Corporation

Other key players

  • Beckhoff Automation

  • Beijer Electronic Group

  • eaton

  • International exor

  • Kontron AG

  • Omron Company

  • red lion

  • Robert Bosch GmbH

  • Texas Instruments Inc.

  • Weintek Labs., Inc.

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