Chicago, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Human Machine Interface Market by Product (Hardware (Basic HMI, Advanced PC Based HMI, Advanced Panel Based HMI) and Software(On Premise HMI and Cloud Based HMI), Configuration (Embedded HMI, Standalone HMI) and Region - Global Forecast to 2027", Growing adoption of Industry 4.0 across industries, increasing number of initiatives by governments across the world for promoting adoption of operational technologies, and rapidly growing necessity for real-time data analysis are the key factors driving the HMI market. North America is expected to lead the HMI market during the forecast period.
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Scope of Human Machine Interface Market Report
| Report Metric | Details |
| Estimated Market Size | USD 4.9 Billion |
| Projected Market Size | USD 7.3 Billion |
| Growth Rate | CAGR of 8.1% |
| Market size available for years | 2022–2027 |
| On Demand Data Available | 2030 |
| Report Coverage |
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| Segments covered |
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| Geographies covered | North America (NA), Asia Pacific (APAC), Europe (EU), Rest of World (ROW) |
| Companies covered |
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| Key Market Driver | Surging Adoption of Industrial Automation in Manufacturing Process |
| Largest Growing Region | North America (NA) |
| Largest Market Share Segment | Oil and Gas, Automotive Industry |
| Highest CAGR Segment | HMI Software |
“Browse in-depth TOC on "Human Machine Interface Market Growth"
148– Tables
53 – Figures
210 – Pages
ABB outlays massive amounts in R&D to thrive in the stiff competitive environment. In FY 2021, its R&D expenditure was USD 1.2 billion, which was 4.2% of its total revenue. A significant portion of ABB’s R&D investment is utilized for its industrial automation business, which develops HMI solutions. The company has focused on resolving industry challenges, such as improving access to resources, including power, water, and raw materials, while lowering the environmental impact. The company has launched the ABB Adaptive Executions, which will help leverage its expertise in advanced industrial technologies, agile methodologies, and digital intelligence and reduce capital expenditure.
Rockwell Automation has been focusing on growth through organic strategies, with product launches and product developments adopted by the company. The company has been investing a significant portion of its revenue in R&D, which not only allows it to launch new technologies related to industrial automation solutions but also improve the existing ones. As the demand for industrial automation solutions has risen exponentially in the past decade, Rockwell Automation is tapping into the growing HMI market in developing countries such as China and India.
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R&D in the application areas of HMI is growing owing to the adoption of IIoT and machine-to-machine (M2M) communication by various industries in the region. The rising demand for HMI solutions in industrial, automotive, power, oil & gas, pharmaceutical, and healthcare sectors to improve performance efficiency and reduce the overall operational cost is expected to boost the growth of the HMI market in this region.
Automotive held the largest share and is projected to grow at the highest CAGR during the review period.
Increasing demand for automotive in developing countries, technological innovations in the automotive industry, such as electric cars, fuel-efficient cars, connected cars, and growing competition in the market, are expected to drive the HMI market for the automotive industry. Technological progress, such as the development of new software solutions with advanced capabilities, brings more functionality, ease of use, and lower cost of automation products, which have further led to the evolution of HMI software offering, thereby increasing their adoption in the automotive sector.
Recent Developments
- In November 2020, Mitsubishi Electric launched two new Graphic Operation Terminals (GOTs), which come as the latest addition to its GOT2000 Series Wide Model lineup, that help meet customers’ needs for a wider screen to show more information about the factory, process, utility, and other automation applications.
- In October 2020, Emerson Electric Co. acquired the Progea Group, an industry-leading provider of HMI, SCADA, and PLC solutions. This acquisition is likely to bring new capabilities and resources and create opportunities to deliver end-to-end hardware and software solutions to Emerson’s customers.
- In July 2020, General Electric Company updated its Proficy Plant application to enhance order execution, non-conformance tracking, and in-process word order editor. The new version will drive continuous improvements with robust manufacturing execution system (MES), HMI/SCADA, analytics, and industrial data management solutions in different manufacturing and process industries.
What are the driving factors for the HMI market?
The increasing demand for industrial automation solutions in manufacturing processes and the increasing necessity for real-time data analysis and predictive maintenance are key driving factors.
Related Reports:
- The Manufacturing Execution Systems Market size is expected to grow from USD 13.0 billion in 2022 to USD 20.0 billion by 2027, at a CAGR of 9.0%.
- The SCADA Market size is foreseen to grow from USD 9.8 billion in 2022 to USD 14.2 billion by 2027, at a CAGR of 7.8% from 2022 to 2027.
