Human Machine Interface (HMI) Market is Set for a Rapid Growth and is Expected to Reach around USD 5.70 Billion by 2022

Zion Market Research has published a new report titled “Human Machine Interface Market by Component (Hardware and Software) for Energy and Power, Oil and Gas, Healthcare, Automobiles, Aerospace and Defense and Other Application: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”. According to the report, global human machine interface market was valued at around USD 3.43 billion in 2016 and is expected to reach approximately USD 5.70 billion by 2022, growing at a CAGR of slightly above 8.80% between 2017 and 2022.

 

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Human Machine Interface (HMI) comprises of hardware and software solutions that can range from input buttons of a phone to control panels used in complex industrial machinery. HMI represents a platform for communication and information exchange between electromagnetic systems and users. The modern human machine interfaces solutions capture, convey and control information flow from factory to operate in the client’s enterprise ecosystem. Technological advancement in HMI solution resulted in significant customization, scalability, portability across multiple platforms.

 

Rising need for data security and reliable hardware along with robust demand for reliable and efficient system and software are enforcing to fuel the demand of HMI market. Rising demand from different industries such as manufacturing, oil & gas, aerospace & defense, healthcare is giving traction to the HMI market. However, high installation cost and complex designing structure of HMI is restraining the growth of global human machine interface market growth. Nonetheless, technological development in HMI will be expected to impel the demand of HMI market. For instance, improvements gesture recognition, voice recognition, touchless sensing, touch screen modules, wearable technology and augmented reality are increasing safety, productivity in several industries which is expected to spur the demand of HMI market. In addition, traditional HMI solution was stand-alone, isolated terminals that were deployed by an OEM as part of a machine. New HMI solutions are either pre-configured to send data to the cloud or an on-premise solution. Thus the introduction of IoT is changing manufacturing plants. More customers are expecting industrial HMIs to work like their cell phones in the way they interact with them. This is driving a big change in HMI market.

 

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The global human machine interface segmented into the component, configuration type, application, and region. By component, the market is segmented into hardware and software. Hardware segment will be expected to hold the largest share in next five years due to increase usage of different devices for discrete applications.

 

By configuration type, the HMI market is bifurcated into stand-alone HMI and embedded HMI. On the basis of application, the market is divided into energy and power, oil and gas, healthcare, automobiles, aerospace and defense and others. Manufacturing industries are impelling the growth of this market due to growing need to increase efficiency and monitoring manufacturing plants.

 

North America is expected to hold the largest share in HMI market due to the growth of automotive, aerospace & defense and healthcare industries. Europe HMI market is expected considerable growth over the forecast period due to technological innovations in different industries. Rising economic and infrastructure developments in China, Japan, India, and other countries are the major factors driving the market growth in the in Asia Pacific region. Thus, Asia Pacific will be expected highest CAGR in coming years.

 

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The major players operating in HMI market are Emerson Electric Corp., Honeywell International Inc., Rockwell Automation Inc., ABB Ltd., General Electric Co., Rittal GmbH & Co, WECON Technology Co. Ltd, Interlink Electronics, Inc., Panasonic Corp., EAO AG, Omron Corp., Siemens AG, and Eaton Corp.

 

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