Key Market Insights
The World Human Machine Interface Market size is expected to be worth around USD 10.7 Billion by 2032 from USD 4.8 Billion in 2022, growing at a CAGR of 8.6% during the forecast period from 2023 to 2032.The human machine interface industry is being propelled forward by increasing adoption of industrial automation into manufacturing processes as well as greater emphasis on real-time data analysis and real time safety compliance automation solutions. Furthermore, demand is rising rapidly for safety compliance automation solutions which is also driving market expansion in this space.
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The HMI market can be broadly broken down into categories based on type, component, technology, application and industry. By type it is divided into fixed HMIs, mobile HMIs and embedded HMIs while by component hardware software services can all play their parts. By technology touchscreen pushbutton keyboard technology (TPKT) dominates among others as this area. By application it includes machine control process control supervisory data acquisition (SCADA). By industry it includes manufacturing automotive oil gas utilities energy food beverage.
Asia Pacific region is expected to experience the fastest-growing HMIs market during this forecast period due to increasing adoption of industrial automation by manufacturing companies there, along with its expanding automotive industry driving demand for HMIs.
Latest HMI Market Trends
Some of the latest HMI market trends include:
- HMI manufacturers are increasingly adopting emerging technologies like artificial intelligence (AI), machine learning (ML), and augmented reality (AR) into their products, helping create intelligent yet user-friendly HMIs.
- Mobile HMIs have quickly gained in popularity over time due to their flexibility and convenience for users. Mobile HMIs allow them to control industrial equipment, building automation systems and other devices from virtually any location around them.
- Cloud-Based HMIs Are Gaining Popularity: Cloud-based HMIs have also seen increasing adoption as they offer many advantages such as scalability, remote access and reduced maintenance costs.
Impact of COVID-19 Regulation on HMI Market
COVID-19 caused short-term harm to the HMI market, including decreased demand from various industries such as manufacturing, oil & gas and automotive. But its recovery will likely occur over time as global economies return from pandemic.
Driving Factors of the HMI Market
Below are a few key drivers behind the HMI market:
- Increased adoption of industrial automation: Industrial automation adoption has become one of the major drivers for HMI market. HMIs play an essential role in controlling and monitoring equipment used for industrial processes.
- Rising Demand for Real-time Data Analysis: HMI market growth can also be driven by an increasing need for real-time data analysis. HMIs allow businesses to collect and evaluate industrial equipment data in real time in real-time for use to increase efficiency and productivity.
- Growing Safety Compliance Demand: Rising safety compliance needs are driving growth of the Human Machine Interface market. HMIs can be used to implement safety features and alarms on industrial equipment and processes - helping prevent accidents or injuries from occurring.
Restraining Factors in the HMI Market
Following are several key restraints on the HMI market:
- High Cost of HMIs: HMIs may be costly and prohibit some businesses from adopting HMIs for complex applications, which may deter some businesses from doing so.
- Limited HMI professionals: Employers considering HMI implementation face difficulty due to a shortage of HMI experts capable of installing and operating these monitors, creating another barrier.
- HMIs may be vulnerable to cyberattacks, creating major security concerns for businesses that rely on them for critical systems control and monitoring.
Opportunity Factors
Below are factors which present potential growth opportunities within the HMI market:
- An increasing demand for HMI solutions in emerging economies: Due to rapid industrial development in these emerging nations, such as China and India, HMI solutions are experiencing increased popularity within their manufacturing and automotive sectors.
- HMI solutions have seen widespread uptake across numerous industries, from healthcare and energy to automotive and aviation, due to a rising need for automation and data analysis in these sectors.
- HMI vendors are continually creating innovative HMI technologies such as AI, ML and AR that open up opportunities for market expansion.
Challenging Factors
There are various challenges faced by HMI markets which pose obstacles:
- Security risks: HMI solutions can be vulnerable to cyberattacks that pose a severe threat to businesses.
- Lack of skilled laborers: Unfortunately, skilled workforce with expertise to implement and maintain HMI solutions are in short supply.
- Regulatory Challenges: HMI solutions require compliance with various industry regulations that can be complex and time consuming to navigate
Key Market Segments
Based On Product
- Hardware
- Software
By Configuration
- Embedded HMI
- Standalone HMI
By Deployment Mode
On-Premise
Cloud
End-User Industry
- Automotive
- Food & Beverage
- Packaging
- Pharmaceutical
- Oil & Gas
- Metal & Mining
- Other End-User Industries
The following are some of the major players in the Global Human Machine Interface Market industry:
- Rockwell Automation Inc.
- ABB
- General Electric
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Jabil Inc.
- Siemens AG
- Honeywell International Inc.
- Advantech Co. Ltd
- Emerson Electric Co.
- Omron Corporation
- Eaton Corporation PLC
- Beckhoff Automation
- Other Key Players
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