The global Human Machine Interface (HMI)
market is expected to reach USD 6.31 billion by 2022, according to a new
report by Grand View Research, Inc. Advancement in HMI programming software in
order to incorporate ability for managing multi-vendor environment is
anticipated to escalate industry growth over the next few years. Benefits
offered such as remote operation coupled with the widespread usage of HMIs
across oil & gas and water treatment plant for operating in harsh
conditions may also elevate product demand significantly. This has also instigated
vendors to manufacture devices with better wear and tear property.
Growing
trend towards protocol conversion to exchange data between all connected
devices is estimated to further catalyze human machine interface industry
growth. Technological development such as open platform architecture resulting
in improvement of the migration process is also anticipated to fuel demand
considerably over the forecast period.
High upfront
capital and need for change in business process to integrate HMIs are key
challenges anticipated to impact the industry. In addition, lack of skilled
professionals and awareness on HMIs among management and lower level executives
may also pose a challenge to market growth over the coming years.
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Further key findings from the study suggest:
- Interface software market accounted for substantial revenue share in 2014. The segment is also anticipated to exhibit high growth with an estimated CAGR exceeding 10% over the next few years. This may be attributed to the increasing adoption of PC- based open source monitoring and controlling system worldwide.
- Development of new and innovative displays along with emergence of industrial internet of things may contribute towards further growth in the display terminal segment.
- Oil & gas emerged as the dominant application and accounted for over 20% of the overall revenue in 2014. This may be attributed to increasing demand from the oil & gas sector owing to the benefits offered by HMI regarding the flow of information inside a pipeline without updated monitoring capabilities for overcoming a particular problem.
- HMI offers several benefits regarding driver safety and security by integrating solutions such as ADAS, ACC and LDW, which are expected to drive demand in the automotive industry.
- North America HMI market is estimated to hold majority share and accounted for more than 30% of the consumption in 2014. Additionally, Asia Pacific is anticipated to exhibit high growth over the next few years. This may be attributed to the migration of manufacturing processes to developing regions in order to capitalize on labor cost and high availability of raw materials in this region.
- Companies operating in the industry include GE, Eaton, ABB, Honeywell, Siemens, Omron, Rockwell Automation, Emerson Electric, etc.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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