Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Global Human Machine Interface (HMI) Market by Offering (Basic, Advanced Panel-based, Advanced PC-based HMI), Software (On-premises, Cloud-based), Screen Size (1"-9", 9"-17", More than 17"), Configuration (Standalone, Embedded), Industry, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global HMI market is estimated to be worth USD 5.2 billion in 2023 and is projected to reach USD 7.7 billion by 2028 at a CAGR of 8.2% during the forecast period.
The HMI market is experiencing robust growth, primarily driven by surging adoption of industry 4.0 in manufacturing industries and government initiatives that are promoting adoption of operational technologies. Industry 4.0 emphasizes smart factories and interconnected systems that rely on advanced HMI solutions to facilitate real-time monitoring, data analysis, and efficient control of machinery and production processes.
Additionally, government initiatives aimed at promoting the adoption of operational technologies in manufacturing sectors have further accelerated the HMI market's growth. These initiatives often include incentives and funding to encourage the implementation of advanced HMI systems, aligning with broader efforts to enhance productivity, product quality, and competitiveness in the global market.
The report segments the HMI market by offering, configuration, end-user industry, and region. The report also comprehensively reviews drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market. Major players in the HMI market are Rockwell Automation (US), Siemens (Germany), Schneider Electric (France), ABB (Switzerland), and Honeywell International Inc. (US).
Discrete industries to hold the largest share of HMI market in 2022
Discrete industries such as automobile, semiconductor & electronics, and aerospace require precise control, rapid changeovers, and advanced customization, making them particularly reliant on adaptable and user-friendly HMI solutions. The fast-paced nature of discrete manufacturing necessitates cutting-edge HMI technologies that offer real-time data visualization, intuitive interfaces, and seamless integration with other automation systems.
These features enhance operational efficiency, maintain product quality, and ensure that these industries can meet the dynamic consumer demands for innovative and high-quality products. As a result, the unique requirements and the competitive landscape of discrete manufacturing sectors make them the largest and essential consumers of HMI solutions, ultimately driving their prominence in the market.
Oil & Gas industry to hold the largest share of HMI market for process industries in 2022
The oil and gas industry involves complex, high-risk processes, such as drilling, refining, and distribution, where precise monitoring and control are imperative for safety, efficiency, and compliance. HMI systems are essential in facilitating real-time data visualization, control, and decision-making in this challenging environment.
Moreover, the sector is increasingly integrating automation and digitalization to optimize operations and reduce costs, driving the demand for advanced HMI solutions. With the adoption of IoT, data analytics, and remote monitoring, HMI technologies are crucial for achieving operational excellence in the oil and gas industry, making it a prominent player in the HMI market.
North America to hold the largest market share of HMI market in 2022
North America is a major hub for technological innovations, as well as an early adopter of new technologies. These sectors rely heavily on advanced HMI solutions to improve operational efficiency and maintain a competitive edge. Moreover, North America has a mature and well-established infrastructure that readily adopts emerging technologies, including HMI systems, which are integral to Industry 4.0 initiatives and smart manufacturing.
Additionally, the presence of leading HMI solution providers and a strong emphasis on research and development further drives the market's growth. The region has witnessed a marginal shift toward automated production and continuous R&D investments by manufacturers to drive innovation in their manufacturing processes. Moreover, the industrial, automotive, power, oil & gas, pharmaceutical, and healthcare sectors are integrating HMI with data analytics to improve performance and reduce overall operational costs, which is likely to further lead to the growth of the HMI market in North America.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 248 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $5.2 Billion |
| Forecasted Market Value (USD) by 2028 | $7.7 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Increasing Adoption of Automation Technologies to Enhance Productivity and Efficiency in Manufacturing
- Rising Focus on Real-Time Data Visualization and Predictive Maintenance of Industrial Machinery
- Escalating Investments in IIoT and 3D Printing Technologies to Transform Manufacturing Chains
- Surging Demand for Smart Machines and Rapid Industrial Revolution
- Restraints
- High Costs Associated with Installation and Maintenance of HMI Systems
- Need for Periodic Maintenance and Frequent HMI Software Updates
- Shortage of Skilled and Experienced Workforce
- Opportunities
- Heightened Focus on Workplace Safety and Regulatory Compliance of Automated Systems
- Increased Adoption of IoT and Cloud Computing Technologies
- Need for Advanced Solutions to Monitor Ever-Increasing Renewable Energy Assets
- Challenges
- Lack of Standardization of Industrial Communication Protocols
- Susceptibility of Cloud-based HMI Systems to Cyberattacks
Technology Analysis
- Spatial Computing
- Transparent Displays
- Bioacoustic Sensing
- Machine Learning
- Gesture Control Devices
- Flexible Displays
- Augmented Reality
- Sensor Fusion
- Virtual Reality
- Digitalization and Industrial Internet of Things (IIoT)
- Industry 4.0
- Artificial Intelligence (AI)
- Internet of Things (IoT)
Case Study Analysis
- Implementation of Emerson Electric Co.'s Scada Systems to Monitor and Control Shopping Malls and Hypermarkets in Italy
- Development of Lematic's Auto iNet SaaS Solutions to Improve Access to Critical Infrastructure
- Adoption of Scada Systems by ARB Midstream to Create Operation Control Center
Companies Profiled
- ABB
- Advantech Co. Ltd.
- American Industrial Systems Inc.
- Bartec Top Holding GmbH
- Beckhoff Automation
- EAO AG
- Emerson Electric Co.
- General Electric
- Honeywell International Inc.
- Inductive Automation, LLC
- Makersan
- Maple Systems Inc.
- Micon Automation Systems Pvt. Ltd.
- Mitsubishi Electric Corporation
- Novakon Co. Ltd.
- PCI Private Limited
- Red Lion
- Rittal GmbH & Co. KG
- Rockwell Automation
- Schneider Electric
- Seneca Srl
- Siemens
- Wecon
- Weintek Labs Inc.
- Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/6h22lz
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