Human Machine Interface Market to Reach $10.8 billion, Globally, by 2031 at 10.8% CAGR: Allied Market Research

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Feb 21, 2023, 04:55 ET

The growing trend of protocol conversion for data transmission amongst all linked devices is expected to fuel the demand for the HMI market globally during the analyzed time frame.

PORTLAND, Ore., Feb. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Human Machine Interface Market by Offering (Hardware and Software), Deployment Mode (On-Premise and Cloud), Configuration (Embedded HMI and Standalone HMI) and End User (Oil and Gas, Food and Beverages, Chemicals, Pharmaceutical, Metal and Mining, Automotive, Aerospace and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031" According to the report, the global human machine interface industry generated $4 billion in 2021, and is estimated to reach $10.8 billion by 2031, witnessing a CAGR of 10.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities

The surge in industrial automation and increase in demand for monitoring the production plants are major growth factors for the market. However, high costs and investment and inadequate HMI design are the major factors hampering the growth of the market. On the contrary, rise in deployment of advanced technologies and increase in adoption of mobile HMIs will provide lucrative opportunities for the growth of the market in the upcoming years.

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Covid-19 scenario

The COVID-19 pandemic has accelerated the use of digital technology in the manufacturing industry, which played an important role in assisting individuals and businesses throughout the crisis. Moreover, the human machine interface market was positively affected due to COVID-19 situation, owing to the rise of adoption of human machine interface devices in automotive and manufacturing sectors.

The COVID-19 pandemic caused a significant change in consumer preferences toward human machine interface solutions. The growth in demand for automation, centralized monitoring, and predictive maintenance led to adoption of HMI in manufacturing.

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The hardware segment to rule the roost

On the basis of offering, the hardware segment is the highest revenue contributor in 2021. This is attributed to the increasing need of businesses to reduce capital expenditure (CAPEX) and operational expenditure (OPEX).

Asia-Pacific garnered the highest growth rate

Region-wise, Asia-Pacific is expected to register the highest growth rate during the forecast period due to rise in digital infrastructure and the presence of a number of SMEs.

Leading Market Players

ABB
Advantech Co., Ltd.
Emerson Electric Co.
Honeywell International Inc.
General Electric
Mitsubishi Electric Corporation
Rockwell Automation, Inc.
Schneider Electric
Siemens AG
Yokogawa Electric Corporation

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The report analyzes these key players in the global human machine interface market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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