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[PDF] Human Machine Interface Market Is Expected To Exhibit A CAGR Of 10.8% (2020-2021) | openpr.com
Human Machine Interface Market
Manufacturing opportunities in emerging economies
There is huge scope for HMI devices in the emerging nations such as China, Brazil and India among others as the economy of these countries are improving at a rapid pace. At present, china is the fastest growing economy across the globe. Industrialization is growing rapidly in these countries which represent a positive outlook for human machine interface market. In India, economy saw a huge expansion in 2006 to 2011, reaching a compound annual growth rate (CAGR) of 7.93% and is expected to reach to USD 1.2 trillion, by 2025.
Research and development activities among market players can provide major business opportunities
Key players in the market are focused on research and development activities, in order to expand the product portfolio. For instance, in December 2013, ABB Ltd. launched Relion REF615R feeder IED. It is designed to upgrade its DPU2000R relay in the distribution automation segment. Furthermore, in February 2014, Advantech Co., Ltd. introduced new Fanless Embedded PC series ARK-3500 and ARK-3510. In January 2014, Atmel Corporation launched high performance and ultra-high power sensors in its SAM G family.
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1. What is the current market size and Compound Annual Growth Rate (CAGR) of the market during the forecast period (2020-2027)?
- The global human machine interface market size was valued at US$ 5,579.2 million in 2019 and is estimated to exhibit a CAGR of 10.8 % between 2020 and 2027.
2. Which are the key factors driving the growth of the Human Machine Interface market?
- Major factor driving the growth of global human machine interface market during the forecast period is growing demand for mobility and efficiency .
3. Which region held the largest market share in the Human Machine Interface market?
- APAC human machine interface market is expected to generate the highest revenue during the forecast period.
4. Who are the key players operating in this market?
- Some of the key players operating in the 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.
Key Developments
Major companies in the market are focused on product launches, in order to enhance the product portfolio. For instance, in September 2018, ABB Ltd. introduced new version of its automation software Minerals Process Control Library with new visual control graphic interference.
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