DUBLIN, November 18, 2022 /PRNewswire/ — Added Human Machine Interface Market Research report ResearchAndMarkets.com Offer.
The size of the HMI market is expected to keep growing $4.9 billion 2022 to $7.3 billion until 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 the increasing adoption of Industry 4.0 in process and discrete industries and the growing need for predictive maintenance and real-time data analysis. In addition, the increasing adoption of new technologies such as IIoT and cloud computing in industrial environments is another important factor contributing to the growth of the HMI market.
HMI Software is expected to grow at the highest growth rate and HMI Hardware is expected to hold a significant market share in 2021
Manufacturing companies worldwide are adopting advanced technologies such as cloud-based and software solutions to improve manufacturing process efficiency and gain competitive advantage to meet changing consumer demands.
HMI software helps with data retention regulations and reduces security concerns while giving organizations the flexibility to incorporate changes into the process as needed. HMIs have high scalability as data centers are allocated to meet demand at any time. The selection of the HMI hardware depends primarily on the requirement and cost application for which the system is to be used.
The ongoing technological developments in interface technology, increasing demand for interface solutions from the end-user industry, 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 expected to grow at the highest growth rate and Standalone HMI will hold a significant market share in 2021
Rising needs for integrated systems and easy machine-to-machine communication are some of the major factors expected to boost the adoption of embedded HMI solutions over the forecast period.
Standalone HMI solutions provide early benefits to manufacturing companies by providing a good technique to achieve shop floor visibility and metrics. For small manufacturing companies or a single manufacturing facility, it is more feasible to use standalone HMIs due to the reduction in total cost of ownership.
The pharmaceutical industry will grow at the highest CAGR during the period and the automotive industry had a significant share in 2021
The rapidly growing population, especially in emerging markets, has led to a spread of diseases, which is also responsible for the growth of the industry. Therefore, the industry is expected to face an additional burden in the future. Because pharmaceutical manufacturing processes are very complex, proper monitoring of all processes in a manufacturing facility is required to achieve operational efficiency.
Equipment used in manufacturing needs to be continuously monitored, which can be done effectively with HMI solutions. Increasing competition in the automotive industry has paved the way for various innovations and advances in automotive manufacturing technology. As the automotive industry faces rapid changes in manufacturing technology, upgrading is an inevitable aspect of this industry, thereby fueling the growth of the HMI market.
North America held the largest share and Asia Pacific is expected to grow at the highest growth rate during the forecast period
The growth of the HMI market in 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. That North America was 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 return on the investments made.
Adopting HMI helps manufacturers increase productivity, improve industrial efficiency through better quality control, and mitigate all industrial risks. The HMI market in Asia Pacific is expected to grow at the fastest CAGR during the forecast period owing to the rapid industrial development in the region.
In addition, strong government support and increasing foreign investment further favor industrial development. In particular, the manufacturing sector is thriving in the region, which is expected to generate significant demand for HMI solutions.
Major players operating in HMI market include Rockwell Automation Inc. (US), ABB (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Honeywell International Inc. (USA), Advantech Co., Ltd. (Taiwan), Emerson Electric Co. (USA), General Electric Co. (USA), Mitsubishi Electric Corporation (Japan) and Yokogawa Electric Corporation (Japan), among other.
- Increasing introduction of industrial automation in the manufacturing process
- Increasing emphasis on real-time data analysis and predictive maintenance
- Strategic government initiatives to encourage adoption of operational technologies
- Growing adoption of Industry 4.0
- High installation and maintenance costs
- Maintenance needs and frequent software upgrades
- shortage of skilled workers
- Increased demand for automation solutions for safety compliance
- Introduction of new technologies such as IIoT and cloud computing in industrial environments
- Increasing investment in renewable energy projects
- Lack of standardization in industrial communication protocols and interfaces
- Increasing security risks related to the cloud HMI platform
- Spatial Computing
- Transparent displays
- Bioacoustic sensors
- machine learning
- gesture control devices
- Flexible display
- expanded reality
- sensor fusion
- Virtual reality
- Digitization and Industrial Internet of Things (IIoT)
- Industry 4.0
- Artificial Intelligence (AI)
- Internet of Things (IoT)
- Abb Ltd.
- Advantech Co.Ltd.
- Emerson Electric Co.
- General Electric Co.
- Honeywell International, Inc.
- Mitsubishi Electric Corp
- Rockwell Automation, Inc.
- Schneider Electric Se
- Siemens AG
- Yokogawa Electric Corporation
Other key players
- Beckhoff automation
- Beijer Electronics Group
- Exor International
- Kontron Ag
- Omron Corporation
- red lion
- Robert Bosch GMBH
- Texas Instruments Inc.
- Weintek Labs., Inc.
For more information about this report, visit https://www.researchandmarkets.com/r/hr94ov
research and markets
Laura WoodSenior managers
For EST office hours, call +1-917-300-0470
For US/CAN, call toll free +1-800-526-8630
For GMT office hours, call +353-1-416-8900
US Fax: 646-607-1907
Fax (outside the US): +353-1-481-1716
SOURCE Research and Markets