Human Machine Interface (HMI) Market to Clock a CAGR of 12.5% during 2016–2024
Posted: Apr 06, 2019
The global human machine interface (HMI) market features an increasingly competitive landscape, finds Transparency Market Research (TMR). The landscape is characterized by high level of rivalry among the top players, mainly on account of increasing trend of consolidation. The five top players, namely, Schneider Electric SE, ABB Ltd., Eaton Corp., Rockwell Automation Inc., and Siemens AG, accounted for a major share of 45.0% in the global human machine interface market.
Several prominent players are expected to increasingly focus on integration of infrastructure with technology advancements, with the key aim to bolster their positions in the global human machine interface market. Numerous players are also focusing on developing high-end technologies to consolidate their shares in the market. The global human machine interface market stood at US$3.9 bn in 2015 and is projected to clock a CAGR of 12.5% during 2016–2024. By the end of this forecast period, the opportunities in the global market is estimated to touch US$11 bn.
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Presently, among the various product types, the demand for human machine interface equipment is expected to garner huge momentum. This is driven by the rapid automation in enterprises in various industries. The segment is expected to hold a share of over 60.0% by 2024 end.
Geographically, Asia Pacific is expected to rise at most attractive pace during the assessment period and expected to contribute a share of over 22.0% by 2024 end. The growth is fueled by the rapid pace of industrialization in several of its key economies.
Rising efforts in bringing down operational expenses and boosting efficiencies in various assembly businesses is a key factor driving the global human machine interface market. The increasing trend of industrial internet of things is a key factor propelling the expansion of the market. Rising efforts by governments to adopt automation in various industries such as the oil and gas, packaging, and manufacturing is fueling the rapid expansion of the human machine interface market.
The global human machine interface market is driven by substantial pace of industrialization. This has been imparting marked momentum to information trade, automation, and research, emerging economies, such as Indonesia, India, and China. Growing adoption of automation in various end-use industries to bolster operational efficiencies is a crucial trend catalyzing the expansion of the human machine interface market.
However, the high cost of installation and cost of repairs are expected to dampen the prospects of the human machine interface market. In addition, the high cost of maintenance has also hampered the uptake in various parts of the world.
Nevertheless, rising awareness among retailers and end users about the benefits of automation on operational workflows is expected to create new avenues in the market. Moreover, growing appetite of end-user industries for advanced automation technology based on human machine interface in emerging economies is expected to offer new, lucrative streams of revenue during the assessment period. Furthermore, the growing trend of customized human interface technologies is boosting the market prospects.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia