ALBANY, New York, March 15, 2019 /PRNewswire/ -- Transparency Market Research (TMR) estimates that the global human machine interface (HMI) market has a competitive vendor landscape. Key players such as Schneider Electric SE, Eaton Corp., ABB Ltd., Rockwell Automation Inc., and Siemens AG are some of the players dominated the global human machine interface (HMI) market in 2015 by accounting share of 45%. Rivalry among these players is expected to increase the consolidation of the global human machine interface (HMI) market. Thus, these key players are focusing toward widening their global presence and enhancing product portfolio, through mergers and acquisitions. Additionally, numerous other players are focusing on developing advanced technologies for attracting consumers, which is helping them remain dominant in the global human machine interface (HMI) market.
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According to TMR, the global human machine interface (HMI) market collected the revenue of US$3.9 bn in 2015 and is expected to expand with a CAGR of 12.5% over the forecast period from 2016 to 2024. Expanding with this lucrative CAGR, the global human machine interface (HMI) market is estimated to collect the revenue of US$11 bn by the end of 2024.
Based on the type, the hardware segment dominated the global human machine (HMI) market in 2015 by accounting 57% shares and is expected to remain dominant over the forecast period. Based on the region, the Asia Pacific dominated the global human machine interface (HMI) market in 2015 and is expected to dominate the market over the forecast period. The region is expected to account for 24% share in the overall market. This growth is attributable to the growing manufacturing activities in the region and ever-growing opportunities for automation across these countries.
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Growing Government Encouragement to Bolsters Market Growth
Rising efforts for lowering the expenses in the numerous businesses is propelling growth of the global human machine interface (HMI) market. Additionally, growing demand for the automation and advanced business assembly is boosting the human machine interface (HMI) market.
Trend of adopting of Internet of Things (IoT) systems at an industrial level is propelling growth of the global human machine interface (HMI) market. In addition, rising efforts by governments to encourage numerous industries through numerous subsidies and recompense including oil & gas, manufacturing, and packaging is boosting its adoption. This factor is likely to propel growth of the global human machine interface (HMI) market over the forecast period.
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Growing pace of industrialization across developing countries such as India, China, and Indonesia is boosting the human machine interface (HMI) market. Widespread automation in these countries is improving the operational efficiencies, thus, the trend is catalyzing an expansion of the human machine interface (HMI) market. Additionally, a growing trend of using customized human interface technologies to bolster the growth prospects of the market over the forecast period.
High Cost of Installation Impels Market Growth
Despite these growth-driving factors, the high installation and maintenance cost is impelling growth of the global human machine interface (HMI) market to some extent. Nonetheless, rising attentiveness among retailers and end users to maximize the benefits of automation is expected to create several opportunities in the market for growth. Furthermore, growing craving for adopting advanced automation technologies on human machine interface (HMI) and mainly in the emerging economies is expected to widen the opportunities for growth of the market over the predicted years.
This information is encompassed in the report by TMR, titled, "Human Machine Interface (HMI) Market (Type - Hardware (Display, Processor/Computer, Indicator, Joystick and Keypad), Software, Services; End-use Industry - Healthcare and Pharmaceutical, Automotive, Manufacturing, Oil and Gas, Packaging, Food & Beverage, Defense and Aerospace, Metal and Mining, Retail and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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For the study, the human machine interface (HMI) market has been segmented as follows:
- Healthcare and Pharmaceutical
- Oil & Gas
- Food & Beverage
- Defense & Aerospace
- Metal and Mining
- North America
> Rest of Europe
- Asia Pacific > China > Japan > Australia > India > Rest of Asia Pacific
- Latin America
> Rest of Latin America
- Middle East & Africa
> South Africa
> Saudi Arabia
> Rest of Middle East &Africa
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