Human Machine Interface (HMI) Market | Industry Outlook, Growth Prospects and Key Opportunities

Global Human Machine Interface Market: Snapshot

The increasing pressure to make manufacturing processes automated is the primary reason for the growth of the global human machine interface market. In addition, the application of human machine interface across industries is also projected to benefit the overall market in the coming few years. According to the research report, the global human machine interface (HMI) market is likely to progress at a CAGR of 12.5% during the forecast period from 2016 to 2024. The opportunity in the overall market is projected to reach US$11 bn by the end of 2024 from US$3.9 bn in 2015.

Efforts to Automate Favor Market Growth

Analysts anticipate that global market will witness a steady growth rate due to ongoing efforts by the governments across the globe to introduce automation in industries such as oil and gas, packaging, and manufacturing. These efforts are especially pronounced in regions such as North America and Europe. The growing adoption of human machine interface technology in emerging economies is expected to boost the overall market in the coming years. Despite the high cost of installing this technology, the market will respond to the intensifying need of bringing in operational efficiencies.

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Demand for Efficiencies Pursues Adoption of Human Machine Interfaces across Industries

The sudden rise in manufacturing activities and the need to cut down the related costs have become integral reasons for the high uptake of human machine interfaces. The introduction of human machine interfaces has simplified machine control to a large extent, thus making the process of manufacturing relatively easy. Growing adoption of automation technologies in several industries for production processes has key growth driver for the global market. The unstoppable pace of industrialization in developing countries of India, China, and Indonesia characterized by the emergence of factories that are welcoming smart technologies such as automation, data exchange, and analytics is also projected to bode well for the overall market.

The usage of human machine interfaces is on the upswing as the demand for operational efficiencies continues to remain high. The need for flexible data access, remote monitoring of machines, and real-time control by global manufacturers is also projected to have a positive impact on the overall market. Several emerging economies such as Brazil, India, and China are expected to offer lucrative opportunities to the global market in the coming years as using automation in manufacturing becomes the new trends. As several companies are opting for BYOD (Bring Your Own Device), they are likely to adopt human machine interface solutions thus boosting the overall market during the forecast period.

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Emerging Manufacturing Sector in Asia Pacific Boosts Regional Market

On the basis of geography, the global market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, Asia Pacific is projected to charge ahead of others during the forecast period. The phenomenal pace of Asia Pacific human machine interface market will be attributable to the sudden rise in the manufacturing activities of emerging economies such as China, Japan, and India. These developing countries are expected to offer lucrative growth opportunities to the market. The research report assesses that introduction of human machine interface technologies will also manufacturers to offer accurate customizations and prolong service. North America and Europe will also show a significant rise in the overall market as several end users are vying to ensure operational efficiency in a wide range of work processes.

The competitive landscape in the global human machine interface market is projected to get consolidated in the coming years. The market is likely to witness a high degree of competition as well. Some of the leading players making a difference to the trajectory of the global market are Atmel Corporation, Eaton Corporation, Siemens AG, ABB Ltd., Honeywell International Inc., EAO AG, Bartec GmbH, Gefran SPA, General Electric Co., Rockwell Automation, Inc., Elektrobit Corporation, Parker Hannifin Corporation, Advantech Co. Ltd., American Industrial Systems, Inc., Emerson Electric Corporation, Beijer Electronics Inc., Schneider Electric SE, Danaher Corporation, Yokogawa Electric Corporation, and Omron Corporation.

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