COVID-19 Impact: Human machine interface (HMI) Market 2020 Growth But Future Outlook Remain Positive
Market Research Future (MRFR), highlights that the global Human machine interface (HMI) market 2020 is expected to grow exponentially, securing a significant market valuation at a decent CAGR of 9.1%
The Human machine interface (HMI) market 2020 can record a decent CAGR of 9.1% from 2019 and 2025 (review period), expected to grow at approximately USD 6 Billion by 2025 reveals the Market Research Future (MRFR).
Surge in the adoption of industrial automation in the manufacturing industry is deemed to be one o the chief factors boosting the growth of the Human Machine Interface market. Rising integration of analytics software with various products to enhance the productivity as well as quality can also lead to more business growth in the near future. With the increasing deployment of innovative technologies like artificial vision offers HMI devices the ability to automatically carry out control, classification and measure functions.
Over the years, the HMI industry has noted a surge in technological advancements such as Light Emitting Diode or LED indicators, touchscreen and graphic oriented terminals and others. The surging integration of Wi-Fi and Bluetooth in these products has led to a higher device mobility, which can boost the market demand in the ensuing period.
The Human Machine Interface market segmentation includes component, product type, configuration type, type, technology and end-user.
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Some of the prominent contenders in the Human Machine Interface market are National Instruments, Schneider Electric, Siemens, COPA-DATA, Beijer Electronics, B-Scada, Rockwell Automation, Inductive Automation, AdroIT Technologies, Brainchild Electronic, General Electric, Elipse Software, to name a few.
The global Human Machine Interface market is geographically categorized as Europe, North America, Middle East & Africa (MEA) and Asia Pacific (APAC).
North America achieved the leading position in 2018, capturing a share of 33.32% of the global market. The market in the region has mushroomed quite significantly over the years, backed by the rising adoption of robots in various industries combined with the mounting demand for better communication in several industrial processes.
The human machine interface market in APAC can attain the fastest growth rate during the evaluation period, on account of the rising industrialization and the easy availability of raw materials as well as low-cost labor. The market demand is also catalyzed by the expansive manufacturing hubs in Japan and China, which produce a number of equipment used in the human interface machine. Likewise, the Indian manufacturing sector has grown considerably in the past decade, with the surge in the number of programs like ‘Make in India’ aiding in the growth, which favors the Human Machine Interface market as well.
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