Chicago, Sept. 08, 2022 (GLOBE NEWSWIRE) — The Human Machine Interface (HMI) Market Size is estimated to be USD 4.9 Billion in 2022 and is projected to reach USD 7.3 Billion by 2027, growing at a CAGR of 8.1% according to a new report from MarketsandMarkets™. The growing number of government initiatives to promote the adoption of operational technologies and the increasing adoption of industrial automation in manufacturing processes are major factors driving the growth of the HMI market. Additionally, growing demand for security compliance automation solutions is another key market driver.
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HMI software is expected to grow at the highest CAGR over the review period.
Offline deployment provides a high degree of safety and security for data because all the infrastructure required for HMI solutions is deployed at the user’s premises. It also provides a stable production environment as it gives full control over software updates and other technical complications. Small businesses prefer cloud-based HMIs over on-premises solutions because they require low upfront cost compared to on-premises HMI solutions. Increasing the efficiency of production processes and improving reliability are the main benefits of HMI software.
Embedded HMI held the largest share and is expected to grow at the highest CAGR over the review period.
Embedded HMIs are combined with more powerful hardware and software platforms to make maximum use of device capabilities. Moreover, a connected embedded platform is part of an intelligent system; it is connected to a network which allows easy communication between 2 machines and allows easy access to an operator. Embedded HMIs improve energy efficiency and can be easily deployed as they take up much less space than traditional HMIs.
Oil and gas held the largest share of the process industry segment in 2021.
The oil and gas industry supply chain from exploration to delivery is adapting to various automated technologies including HMI solutions. Additionally, stringent government regulations relating to safety in oil and gas, along with the need to reduce costs, are fueling the adoption of HMIs in industry. Environmental conditions in oil and gas plants are very harsh, making rugged HMIs well suited for oil and gas industry applications.
Automotive held the largest share and is expected to grow at the highest CAGR over the forecast period.
Growing demand for automobile in developing countries, technological innovations in automotive industry such as electric cars, fuel efficient cars, connected cars and increasing market competition are expected to drive the HMI market for the automotive industry. Advances in technology, such as the development of new software solutions with advanced capabilities, bring more functionality, ease of use and lower cost to automation products, which has further led to the evolution of the offering. of HMI software, increasing their adoption in the automotive sector.
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North America held the largest share in 2021 and Asia-Pacific is expected to see the highest growth rate during the forecast period.
Industrial, automotive, energy, oil and gas, pharmaceutical and healthcare sectors are integrating HMI with data analytics to improve performance and reduce overall operational costs , which is driving the growth of the HMI market in North America. Moreover, the presence of major players in the region constitutes an unprecedented lever for the growth of the HMI market. Major factors driving the Asia-Pacific HMI market growth include continuous advancements and technological innovations in various industries; economic development in China, Japan and India; the escalation of infrastructural developments in India and other Southeast Asian countries; and increased foreign investment in the region.
Major companies operating in the HMI market include Rockwell Automation Inc. (USA), ABB (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Honeywell International Inc. (USA), Advantech Co ., ltd. (Taiwan), Emerson Electric Co. (USA), General Electric Co. (USA), Mitsubishi Electric Corporation (Japan), and Yokogawa Electric Corporation (Japan).
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