Human Machine Interface (HMI) Market - Increasing Consolidation to Intensify Competition
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According to the research report, the global human machine interface market, which stood at US$3.9 bn in 2015, is expected expand at a CAGR of 12.50% over the period from 2016 to 2024 to offer an opportunity of US$11 bn by the end of the period of the forecast. Currently, the demand for human machine interface hardware is comparatively higher than other market products. Thanks to the rising uptake of automation in various industries, the hardware segment is projected to continue to dominate the global market during the forecast period, with an estimated market share of nearly 60%.
Geographically, Asia Pacific is expected to display the most promising opportunities for the growth of the worldwide market for human machine interface in the years to come. With an estimated share of 22.0% by 2024, this regional market is expected to remain dominant over the next few years. The high-paced industrialization and the significant rise in manufacturing activities in several emerging economies, such as China and India, are
Continual Need for Operational Efficiencies to Boost Demand for Human Machine Interface
“The augmenting pressure on enterprises, functioning in the manufacturing industry, to cut down the operating cost on production is the main factor that is propelling the global market for the global human machine interface market,” says the author of this study. As, the advent of human machine interface has simplified the controlling of machines to a great extent, the manufacturing processes have become relatively easier and less costly, which consequently, is aiding manufacturers across the world significantly. Apart from this, the increasing uptake of automation technologies for production procedures in a number of industries is also boosting this market substantially.
Over the coming years, with the continual need for operational efficiencies, the demand for human machine interface will remain high, reflecting positively on the growth of this market. The tremendous increase in industrialization in a number of developing countries, such as India, Indonesia, and China, giving rise to the adoption of smart technologies, such as data exchange, automation, and analytics, is also projected to boost this market in the years to come, reports the study.
High Cost of Installation and Maintenance to Limit HMI Uptake
Although the worldwide market for human machine interface looks thriving, it may face several hindrances in its growth trajectory over the next few years. The high cost associated with the installation and the maintenance of these interfaces is one of the most important factors, dissuading the global market from growing steadily and is expected to have an adverse effect on this market’s future. The lack of awareness regarding the benefit of human machine interface among consumers is another significant factor that is expected to slow down the growth rate of this market in the years to come, states the research report.
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The review is based on a report by Transparency Market Research (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
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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