Human Machine Interface Market is expected to grow from $5.9 billion to $7.10 billion, at a CAGR of 9.1% in terms of revenue during the forecast period.
A human machine interface (HMI) is a part of an electronic equipment that makes it simple for a user to engage and communicate with a machine or system. The many hardware and software components that make up an HMI transform human inputs into signals that a computer may utilize to generate results. Moreover, information can be transmitted through sound, sight, heat, touch, and other senses using motion sensors, peripheral devices, speech-recognition interfaces, and other devices. Along with enhancing client pleasure, effectiveness, and comfort, it also helps to lower errors.
Growth in the human machine interface market is fueled by an increase in industrial automation. The execution of industrial factories and control automation tools is done to minimize human engagement in the creation of goods and services. This helps to boost production output by lowering labour expenses and production costs. The significant demand for human machine interaction is also driven by the rise in demand for monitoring production facilities across a variety of industries, including mining, the automobile, and oil and gas. These elements fuel the market for human-machine interfaces.
Market Dynamics:
Drivers:
The benefits of automation include better quality, uniformity, increased production, increased safety, increased accuracy, and reduced operational expenses. As a result, it has emerged as the most crucial component of the contemporary industrial sector. Because of the seamless integration of cutting-edge HMI solutions and networking technology with various industrial automation systems, plant assets' quality, productivity, and mobility have considerably increased. Manufacturers in a number of sectors, including the food and beverage, oil and gas, metal & mining, automotive, semiconductor, and electronics industries, have embraced industrial automation equipment, such as field devices, smart equipment, and human machine interface, at a significant rate.
Restraints:
A significant barrier to industry expansion in price-sensitive regions like APAC and South America is the high installation cost of a human machine interface system. The inclusion of several stages, including consultation, acquisition, implementation, and running costs, that further raise the expense of the installing firm, is the cause of the high installation cost of the HMI system.
The adoption of cutting-edge industrial automation machinery, such as smart field devices and industrial robots, is a result of the advent of smart manufacturing. The cost of the system is further increased by the necessity for more sophisticated human machine interface market equipped with the most recent functional technologies, including as speech recognition, gesture recognition, and multi-touch screens, to connect with this kind of machinery.
Opportunities:
Manufacturing activities, among others, have changed as a result of IoT. By integrating a vast network of intelligent devices with the aid of SCADA systems, it is modernizing manufacturing facilities. The result is the establishment of a totally digital plant. The architecture of the IoT offers real-time information about operational and business systems, enhancing the efficiency, productivity, and innovation of industrial operations. By utilizing connectivity, automation, and analytics, manufacturers who invest in IoT reap rewards like enhanced and effective productivity. Plant managers can see every asset, resource, process, and product.
Moreover, cloud technologies have given businesses new business capabilities and prospects. IoT adoption in manufacturing processes produces a lot of data that needs a location to be stored. Cloud computing is crucial in this situation. In order to avoid having to buy, set up, and operate separate data centers and networks, cloud computing makes use of the Internet's power.
Key Players:
-
Rockwell Automation, Inc.
-
ABB
-
General Electric
-
Mitsubishi Electric Corporation
-
Schneider Electric SE
-
Jabil Inc.
-
Siemens AG
-
Honeywell International Inc.
-
Advantech Co., Ltd
-
Emerson Electric Co.
-
Omron Corporation
-
Eaton Corporation PLC
-
Beckhoff Automation
-
Exor International
Market Segmentation:
Human Machine Interface Market, By Components
-
Hardware
-
Basic HMI
-
Advanced Panel-Based HMI
-
Advanced PC-Based HMI
-
Software
Human Machine Interface Market, By Configuration Type
-
Standalone
-
Embedded
Human Machine Interface Market, By End User Industry
-
Process Industry
-
Oil & Gas
-
Food & Beverages
-
Pharmaceuticals
-
Chemicals
-
Energy & Power
-
Metals & Mining
Human Machine Interface Market, By Technology Type
-
Motion HMI
-
Bionic HMI
-
Tactile HMI
-
Acoustic HMI
Human Machine Interface Market, By Region
-
North America
-
Europe
-
Asia-Pacific
-
Latin America
-
Middle East & Africa (MEA)
Regional Analysis:
Due to the rising high-end production activities and the presence of several solution providers all across the United States, North America is predicted to drive considerable market expansion.
A higher growth rate is anticipated for Asia-Pacific because of the region's growing population and disposable income. China and Japan are regarded as the two countries that produce the most equipment for human-machine interfaces in this region. India is projected to become a significant hub for the growth of the manufacturing sector, which will expand market potential in the coming years. In addition, the demand for sophisticated solutions would increase as more public and private infrastructure investors entered the Asia-Pacific market.
Scope of the report:
|
Report Coverage |
Details |
|
Base year |
2021 |
|
Forecast period |
2030 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 9.1% |
|
YoY growth (%) |
XX% |
|
Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
|
Current Market size |
USD 5.09 Billion |
|
Forecast market growth |
USD 7.10 Billion |
User
Tab Content
Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
Avail 25% Discount
Report Benefits
-
Free Customization Available
-
30% discount on your next purchase
-
Dedicated account manager
-
Query resolution within 24 hours
-
Permission to print the report