Human Machine Interface (HMI) Market: Advanced technologies & growth opportunities in global Industry by 2024

A human machine interface (HMI) is the connection point between a human (typically the machine operator) and a machine (typically an automated equipment). It is through an HMI device that a machine operator controls an automated machine. It typically comprises of a display device, keypad and a processor which together comprise the hardware, and a software system based on SCADA for process control, remote access to the equipment, and gathering real-time data.

Increased level of adoption of automation technologies in manufacturing and production processes is one of the major factor driving the growth of the global HMI market. Additionally, rapid industrialization in emerging economies such as China, India, and Indonesia and rising number of factories incorporating smart technologies such as automation, data exchange and analytics are fuelling the growth of the global HMI market.

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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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.

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. During the forecast period, the services segment is projected to display a steady growth rate due to a monumental demand for technical expertise to address a wide range of difficulties faced by end users while using human machine interface systems.

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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. The research report assesses that introduction of human machine interface technologies will also manufacturers to offer accurate customizations and prolong service. North America and Europe will also show a significant rise in the overall market as several end users are vying to ensure operational efficiency in a wide range of work processes.

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