Market Research Future (MRFR) in its new research study, asserts that the global market is booming and expected to grow exponentially over the review period, recording a substantial market valuation of USD 6 billion and a healthy 9% CAGR in the forecast period of 2017 to 2023.
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The leading market players operating in the global market as identified by MRFR are Advantech Co., Ltd. (Taiwan), ABB Ltd. (Switzerland), Emersion Electric Co. (U.S.), Honeywell International Inc. (U.S.), General Electric Co. (U.S.), Kontron AG (Germany), Rockwell Automation, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France), Yokogawa Electric Corporation (Japan), Siemens AG (Germany), among others.
Drivers and Restraints
The manufacturing sector remains a key driving factor for societal wealth, economic growth, and improved standard of living. At the same time, the manufacturing industry is focusing on increasing efforts for lowering their expenses in numerous businesses, and this effort is driving the growth of the global human machine interface (HMI) market over the review period.
The presence of a substantial number of solution providers and the growing high-end production activities, like chatbots and digital assistants, are also driving the HMI market. chatbots are coupled with BigData softwares to provide more assistance to the end user. The demand for these advanced chatbots in the service industry may act as a positive outlook for the human machine interface market over the review period.
On the contrary, automated equipment needs higher capital spending, when compared to a manual system. Furthermore, skilled labors are required for the proper functioning and operational efficiency of those machines, which results in an increase in total cost.
The global human machine interface market is segmented on the basis of components, configuration type, and end-user. Based on the components segment, the market is bifurcated into hardware and software. The hardware segment comprises of basic HMI, advanced PC-based HMI, advanced panel-based HMI,and others. Based on the configuration type, the market is bifurcated into standalone HMI and embedded HMI. The market for embedded HMI solutions is expected to grow at a higher. Owing to rapid technological developments, increasing need for integrated systems, and the emergence of machine-to-machine (M2M) communication technology that eases the operational work are some of the significant factors expected to promote the adoption of embedded HMI solutions. By the software segment, the cloud-based HMIs are gaining popularity owing to the growing industrial internet of things market and increasing demand for new technology by end-user industries. Furthermore, the cloud-based HMIs are increasingly adopted as it provides better visibility and competitive edge as compared to others. By the end-user segment, the market is segmented into automotive, semiconductor, pharmaceutical, oil & gas, food & beverages and others.
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The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa). The North American region holds the largest market share of the market across the globe, followed by Europe and the Asia Pacific regions. U.S. and Canada are dominating the North America market is due to rising technological enhancements, the R&D activities in the areas of HMI is increasing owing to the increased adoption of IoT and machine-to-machine communication (M2M) in numerous industries in this region. Asia-Pacific is poised to expand at a higher growth rate, compared to other regions, because of the rise in the disposable income pf consumers and in population growth. In this region, developing countries such as China and Japan are the manufacturing hubs of the pieces of equipment needed for the human interface machine. Similarly, in India manufacturing has emerged as one of the highest-grossing sectors. ‘Make in India’ program places India on the world map as a manufacturing hub and gives global recognition to the Indian economy. These factors are contributing towards the growth of the Asia Pacific human machine interface market over the review period.
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