New York, US, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Human Machine Interface Market information by Components, Configuration Type, End User and Region – forecast to 2027” the market was esteemed at USD 3.71 Billion every 2020. It relied upon arriving at an estimated USD 7.24 Billion by 2026, at a CAGR of 10.3%.
HMI Market Competitor Analysis:
The human machine interface market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers, including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Dominant Key Players on Human Machine Interface Market Covered Are:
- Schneider Electric SE
- Rockwell Automation Inc.
- ABB Ltd
- Honeywell International Inc.
- Siemens AG
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HMI Market Drivers
Introduction of HTML 5 and IIOT to Boost Market Growth
The introduction of HTML5 and IIOT (industrial internet of things) will boost the market over the forecast period. HTML5 and IIOT will help end users in conveniently using new software programs and allowing monitoring of equipment and machinery across industries.
HMI Market Opportunities
Expansion of Oil and Gas/Energy and Power Industries to offer Robust Opportunities
The expansion of oil and gas as well as energy and power industries will offer new growth opportunities to the market over the forecast period. The discovery of various new oil fields in the MEA regions coupled with increasing renewable energy and power projects are adding market growth.
HMI Market Restraints
Lack of Standardization to act as Market Restraint
Lack of standardization and lack of skilled professionals may act as market restraint over the forecast period.
HMI Market Challenges
High Price to act as Market Challenge
The high price of human interface machine interface coupled with the installation associated with the safety and security will act as market challenges over the forecast period.
Browse In-depth Market Research Report (100 Pages) on Human Machine Interface Market:
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Segmentation of Market Covered in the Research:
The human machine interface market is bifurcated based on components, configuration type, and end user.
By components, the hardware segment will lead the HMI market in the forecast period. It will develop at a 9% CAGR. The use of digital technology like touchscreen, LED, and LCD which offer simplicity and has applications across industries is adding to the growth of the segment.
By configuration type, the embedded segment will dominate the market over the forecast period at a 10% CAGR. The vendors are utilizing embedded software solutions for making product improvements via refining operator interface functionalities and communication options of components via leveraging advancements in electronics.
By end user, the human machine interface market is categorized into aerospace and defense, food and beverage, oil and gas, pharmaceutical, semiconductor, and automotive.
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HMI Market Regional Analysis
APAC to Head Human Machine Interface Market
The Asia Pacific region will head the HMI market over the forecast period. Huge financial improvement in the area that has prompted expanded discretionary cash flow of buyers in the arising economies like India and China, rapid technological advances in the HMI solutions, extensive R&D activities by regional industry participants, various industries shifting their manufacturing bases in the region to capitalize on the accessibility of skilled and relatively cheap labor, the region being a major manufacturing hub, swift technological advances in HMI solutions, expanded research and development activities by the regional industry key players, and the procedure & various production industries currently in the region are constantly approaching automated technologies that are adding to the global human machine interface market growth in the region.
North America to Have Admirable Growth in Human Machine Interface Market
North America will have admirable growth in the Human Machine Interface market over the forecast period. Increasing technological developments, the R&D activities in the areas of HMI, growing approval of IoT and machine to machine communication in different industries, the growing adoption of HMI systems in the food processing sector, early adoption of human machine interface technology, and the growing adoption of automation solutions in the US are adding to the global human machine interface market growth in this region. The United States will have the utmost market share.
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HMI Market: COVID-19 Analysis
Owing to the COVID-19 outbreak, most industries have seen a significant shift in their business. The electronics devices market has been hit hard by the pandemic as China is a major supplier of raw materials that are utilized in the manufacturing of electronics devices and finished products. The industry is experiencing huge loss owing to slowdown in the production, price fluctuations, and disruption in supply. The sales of leading electronic companies are predicted to be impacted in the days ahead. This will decrease the need for human machine interface market. The market in the long term is likely to increase at slower pace for the fall in automotive sales in the global market. To reduce this negative effect, different governments are taking preventive measures. Vietnam government, for instance decided in reducing the vehicle registration fees to 50% by 2020 end that will reduce the overall cost of automotive vehicle. This will help in increasing the automotive sales that will further boost the human machine interface market growth.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
