The Global Human Machine Interface Market, By Product (Display terminals, Interface Software, Industrial PCs and Others), By Application (Automotive, Mining, Food, Healthcare, Packaging, Aerospace & Defense, Oil & gas and Others) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 12,717.9 million by 2027, exhibiting a CAGR of 10.8% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
The human-machine interface (HMI) is a component of certain devices that are capable of handling human-machine interactions. The interface is comprised of software and hardware that allow user inputs to be translated as signals for machines thereby providing the desired results to the users. HMI system solutions include various technologies and protocols such as processors, sensors, alarm switches, and communications that monitor and control the manufacturing process, devoid of human involvement.
The global human interface machine market is estimated to account for US$ 12,717.9 Mn in terms of value by the end of 2027.
Positive outlook of manufacturing industries is expected to propel the global human machine interface market growth over the forecast period
Improving financial position after recession in 2009 and economic slowdown during 2011-2012 is influencing global manufacturers to invest in this technology. Rising output of manufacturing and processing industries such as oil & gas, automotive manufacturers, pharmaceuticals, metal, and mining, etc. is expected to boost the regional market growth in Asia Pacific and South America. According to Organisation Internationale des Constructeursd’Automobiles (OICA), in 2013, the global vehicle production increased to 87.2 million units, with increase of 3.6% as compared to 2012. Countries across the world are planning to have more electric vehicles on the road, owing to rising fuel prices and the need to reduce CO2 emission. According to International Energy Agency, the global annual production of electric vehicles is expected to reach 7 million units by 2020 from the current 1 million units per year. As a result of this, the demand for HMI is increasing in automobile sector. Therefore, these factors are expected to propel the global human machine interface market growth over the forecast period.
Research and development activities among market players can present major business opportunities
Key players in the market are focused on research and development activities, in order to expand product portfolio and gain a competitive edge in the market. For instance, in March 2014, American Industrial Systems, Inc. launched HMI systems that comply with IEC 61850 Standards. In February 2014, American Industrial Systems, Inc. introduced sunlight readable HMI PCs and industrial displays.
Complex graphics design of HMI software is expected to hamper the global human machine interface market growth over the forecast period
Designing human machine interface software graphics is a complex process. It requires skilled personnel and robust infrastructure. Moreover, designing graphics for HMI software requires significant capital to invest, while the software needs to be upgraded on a timely basis. Therefore, these factors are expected to hamper the global human machine interface market growth over the forecast period.
Among regions, North America is expected to witness significant growth in the global human machine interface market during the forecast period. This is owing to rising focus of key players on R&D activities of HMI systems across the region. Furthermore, rising adoption of HMI systems in the food processing sector is expected to drive growth of the regional market growth over the forecast period.
Europe is expected to register a robust growth rate in the global human machine interface market during the forecast period. This is owing to rising automation in food and beverage sector in the U.K. Moreover, growing adoption of advanced technologies in automobile industry is expected to boost the regional market growth over the forecast period.
Global Human Machine Interface Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. The global electronics devices market is expected to be impacted by COVID-19, as China is one of the major suppliers for the raw materials that are used in the manufacturing of electronics devices as well as in the finished products. The industry is facing huge loss due to slowdown in the production, disruption in supply, and price fluctuations. The sales of prominent electronic companies is expected to be affected in the near future. This will decrease the demand for human machine interface market.
In long term global human machine interface market, is expected to increase at slower pace, this is owing to decrease in the automotive sales in the global market. To reduce this negative impact, various governments are taking preventive measures. For instance, in Vietnam government decided to reduce the vehicle registration fees to 50% till end of year 2020, which will reduce the overall price of automotive vehicle. This will going to help to increase the automotive sales, which will further help human machine interface market to grow.
Key players operating in the global human machine interface market are ABB Ltd., General Electric Company, Advantech Co., Ltd., Emerson Electric Corporation, Atmel Corporation, Eaton Corporation, American Industrial Systems, Inc., BARTEC Top Holding GmbH, and Beijer Electronics, Inc
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