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Global Human Machine Interface (HMI) Market To Reach $6.947 Billion By 2028, Driven By Industrial Automation And Automotive Industry Growth - ResearchAndMarkets.com
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DUBLIN--(BUSINESS WIRE)--The "Human Machine Interface Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global human machine interface (HMI) market is poised for significant growth, with a projected compound annual growth rate (CAGR) of 6.27% from 2021 to 2028.
The market, valued at US$4.539 billion in 2021, is expected to reach a total market size of US$6.947 billion by 2028, driven by the increasing adoption of industrial automation and the surge in demand for fuel-efficient vehicles with advanced safety features.
HMI displays play a crucial role across various industry verticals, providing real-time data acquisition and control system representation through visual means.
The market is primarily propelled by the ongoing trend towards industrial automation, which offers long-term cost-effectiveness compared to conventional operating solutions. Organizations are increasingly opting for digitalized frameworks to monitor and control their equipment, creating a significant market opportunity for automation of complex legacy systems. However, concerns regarding unauthorized access to HMIs remain a challenge for market growth.
One of the key drivers for the HMI market is the rise in investments in factory automation. Industry 4.0, the fourth industrial revolution, aims to automate manufacturing activities and enhance data acquisition capabilities. Integration of technologies such as industrial IoT solutions, additive manufacturing, autonomous robots, big data, and analytics drives automation and data acquisition. HMI displays enable centralized control centers and machinery management, leading to improved productivity. The flexibility offered by technological advancements, allowing customizable visualization of system states, further fuels demand for these devices. Notably, large organizations are investing in factory automation to reduce inefficiencies and unplanned downtime.
Additionally, favorable government policies promote the establishment of small and medium-sized enterprises (SMEs) worldwide. The growing adoption of HMI displays among SMEs, coupled with the trend towards factory automation, is expected to drive market growth during the forecast period.
The global automotive industry's focus on producing fuel-efficient vehicles with advanced safety features has positively influenced production and sales, thus contributing to the growth of the HMI market. The emergence of intelligent cars incorporating technologies like adaptive cruise control (ACC) and lane departure warning system (LDW) has driven the demand for HMI displays. In 2022, global automotive production reached 85.02 million units, indicating a 10% increase over the previous year, according to the International Organization of Motor Vehicle Manufacturers. Automotive sales in 2022 reached 81.62 million units, reflecting a 3.6% growth compared to the previous year.
Geographically, North America and Europe hold a significant market share due to early technology adoption and a rising demand for improved in-vehicle infotainment. Moreover, increasing investments in renewable power projects to achieve sustainability goals and reduce carbon emissions are expected to drive the demand for HMI solutions. The Asia Pacific region is projected to witness substantial growth during the forecast period, primarily driven by the rising number of SMEs and increased expenditure on factory automation across industry verticals. Several companies in the APAC region are developing smart AI-integrated systems, further contributing to market growth.
Market Segmentation:
-
By Component:
- Hardware
- Software
-
By Screen Size:
- Between 1" and 5"
- Between 5" and 9"
- Between 9.1" and 13"
- Between 13.1" and 17"
- More than 17"
-
By End-User Industry:
- Manufacturing
- Energy and Power
- Transportation
- Water and Wastewater
- Automotive
- Oil and Gas
- Utilities
- Healthcare
- Consumer Electronics
- Others
Prominent Companies Mentioned:
- Mitsubishi Electric Corporation
- Omron Corporation
- Rockwell Automation
- Schneider Electric
- ABB
- Siemens
- Honeywell International Inc.
- General Electric
- Yokogawa India Ltd.
- Kontron S&T Group
For more information about this report visit https://www.researchandmarkets.com/r/33vi6s
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First published on Mon, Jul 17, 2023
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