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.
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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.
Several End Users to Augment Demand for HMI Services due to Obstacles in Operations
On the basis of types of human machine interface, the global market is segmented into hardware, software, and services. The hardware segment is further divided into display, processor/computer, and others such as joysticks and keypads. The report states that the hardware segment held a whopping share of 57% in the global market in 2015.
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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.
Some of the leading players making a difference to the trajectory of the global HMI 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.