Dublin, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The "Human Machine Interface Market Research" report has been added to ResearchAndMarkets.com's offering.
The 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 growing adoption of Industry 4.0 across process and discrete industries and growing necessity for predictive maintenance and real-time data analysis. Moreover, growing 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 projected to grow at the highest growth rate and HMI hardware held significant share of the market in 2021
Manufacturing companies worldwide are adopting advanced technologies such as cloud-based and software solutions for improving the efficiency of manufacturing process to achieve competitive advantage for tackling changing consumer demands.
HMI software helps with data storage regulations and reduces security concerns while offering the flexibility to organizations to incorporate changes in the process when required. HMIs have high scalability as data centers are allocated to meet the demand at any moment. The selection of HMI hardware is primarily dependent on the requirement and cost application for which the system is to be deployed.
Ongoing technological developments in the interface technology, increasing demand for the interface solutions from end-user industries, and increasing investments in R&D processes by key market players are expected to create significant growth opportunities for the development of technically advanced HMI solutions.
Embedded HMI is projected to grow at the highest growth rate and standalone HMI held significant share of the market in 2021
The increasing need for integrated systems, and ease in machine-to-machine communication are some of the prominent factors expected to encourage the adoption of embedded HMI solutions during the forecast period.
Standalone HMI solutions offer initial benefits to manufacturing firms by offering a good technique to attain visibility and metrics on the shop floor. For small manufacturing firms or a single manufacturing plant, it is more feasible to adopt standalone HMIs owing to the reduction in the total cost of ownership.
Pharmaceuticals industry to grow at the highest CAGR during the review period and automotive industry held significant share in 2021
The rapidly increasing population, especially in the emerging economies, has given rise to the spread of diseases, which is also responsible for the industry's growth. Hence, it is expected that the industry will face an extra load in the future. Since pharmaceutical manufacturing processes are highly complex, proper monitoring of all processes in a manufacturing plant to achieve operational efficiency.
Assets used in manufacturing need to be monitored continuously, which can be effectively done using HMI solutions. Intensifying competition in the automotive industry has paved the way for various innovations and advancements in automobile manufacturing technologies. As the automotive industry experiences rapid changes in manufacturing technology, an upgrade is an unavoidable aspect of this industry, thereby promoting the growth of the HMI market.
North America held the largest share and Asia Pacific is projected to grow at the highest growth rate during the forecast period
The growth of the HMI market in the 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. The North America has been one of the early adopters of HMI. The manufacturers in the country have invested in new technologies and disruptive tools and are already seeing the returns on the investments made.
The adoption of HMI is helping manufacturers to increase productivity, improve industrial efficiency with better-quality control, and mitigate any industrial risks. The HMI market in Asia Pacific is expected to grow at the fastest CAGR during the forecast period owing to fast-track industrial development in the region.
In addition, strong government support and increasing foreign investments are further favoring industrial development. The manufacturing sector, in particular, is flourishing in the region, which is anticipated to induce substantial demand for HMI solutions.
Competitive Landscape
Major players operating in the HMI market include Rockwell Automation Inc. (US), ABB (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Honeywell International Inc. (US), Advantech Co., Ltd. (Taiwan), Emerson Electric Co. (US), General Electric Co. (US), Mitsubishi Electric Corporation (Japan), and Yokogawa Electric Corporation (Japan), among others.
Market Dynamics
Drivers
- Surging Adoption of Industrial Automation in Manufacturing Process
- Increasing Emphasis on Real-Time Data Analysis and Predictive Maintenance
- Strategic Initiatives by Governments to Promote Adoption of Operational Technologies
- Growing Adoption of Industry 4.0
Restraints
- High Installation and Maintenance Costs
- Requirement of Maintenance and Frequent Software Upgrades
- Lack of Skilled Professionals
Opportunities
- Increased Demand for Safety Compliance Automation Solutions
- Adoption of Emerging Technologies Such as IIoT and Cloud Computing in Industrial Environments
- Increasing Investments in Renewable Power Projects
Challenges
- Lack of Standardization in Industrial Communication Protocols and Interfaces
- Increasing Security Risks Associated with Cloud-HMI Platform
Technology Trends
- Spatial Computing
- Transparent Displays
- Bioacoustic Sensing
- Machine Learning
- Gesture Control Devices
- Flexible Display
- Augmented Reality
- Sensor Fusion
- Virtual Reality
- Digitalization 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 Electric Co.
- Honeywell International, Inc.
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Schneider Electric Se
- Siemens Ag
- Yokogawa Electric Corporation
Other Key Players
- Beckhoff Automation
- Beijer Electronics Group
- Eaton
- Exor International
- Kontron Ag
- Omron Corporation
- Red Lion
- Robert Bosch Gmbh
- Texas Instruments Incorp.
- Weintek Labs., Inc.
For more information about this report visit https://www.researchandmarkets.com/r/snb57
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