Dublin, July 01, 2021 (GLOBE NEWSWIRE) -- The "Human Machine Interface (HMI) Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The human-machine interface market is expected to grow at a compound annual growth rate of 6.20% over the analyzed period to reach a market size of US$6.286 billion in 2026 from US$4.125 billion in 2019.
Human Machine Interface (HMI) is an advanced dashboard or interface that enables connection between the user and machine, system, or device. The technology assists the conversion of human instruction into machine language for smooth operation. HMI technology also facilitates operation from remote areas, providing safety to the worker. Rising modernization and industrial adoption of HMI facilitate market growth during the forecasted period. The advancement of technology has enabled the adoption of varied modern equipment across several industry verticals which provide market stability to the HMI technology. Further, various advantages of HMI have resulted in innovation and wider application. R&D and innovation in the industry are expected to tap new opportunities during the study period. However, security and staffing issues along with data analysis, transfer, and maintenance limit the market prospects by constraining the market.
Numerous advantages of HMI technology in the industrial application will be the reason leading to robust growth in the market during the forecasted period.
The burgeoning adoption of HMI technology in daily industrial operations will provide robust growth to the market during the forecasted period. In an equipped industrial setup, the technology facilitates the visual display of data, tracing of production, monitoring machine inputs and output, and operation through a remote area, along with other functions. Furthermore, HMI visual screens enable the display of real-time graphic information with the help of sophisticated software helps in better analyses and decision making. The technology links PLCs for real-time communication, through display on the HMI screens, reducing the requirement for operators to commute and keep a manual record on papers or boards. Hence, the technology is embraced across several industry verticals. Based on the end-user industry, the HMI market is segmented as manufacturing, energy and power, transportation, water and wastewater, automotive, oil and gas, utilities, healthcare, consumer electronics, and others. HMI application in manufacturing, energy and power, oil and gas, pharmaceuticals, and food and beverage industries have resulted in a surge in production, reduction of accidents and hazards eases managerial task, helps lower costs, and derive benefits of economics of scale. Bullish growth in these industries helps to increase the market prospects of HMI technology. Moreover, the expansion of oil and gas and energy and power industries will open new growth opportunities. The Discovery of new oil fields in the Middle East and African regions and increasing renewable energy and power projects will tap into new opportunities.
Skyrocketing growth in the consumer electronics and automotive industries owing to a rise in global average disposable income will increase the demand for HMI technology as well. The rising demand for wearable and automotive smart devices creates the demand for HMI in these industries. With innovation and technological enhancement, the invention of more user-friendly interface devices will provide market stability to the HMI industry. Furthermore, growing investment in healthcare and water and wastewater treatment sectors will open new prospects for the market.
Security concerns and staffing issues have the potential to constrain the market growth of HMI technology.
Like any other technology, HMI to have several cons constraining its market growth. The first and foremost is the security threats faced by the technology. While the technology enables personnel access from any corner of the world, it also provides the user access to crucial data. In an industry setup, the leak of certain data may hamper the business operations and result in huge losses. Furthermore, HMI technology is at a risk of attack by viruses and hackers which hampers the organization working. Further, staffing issues also occur when HMI technology is adopted. The technology requires a skilled workforce for smooth operations. Lack of skilled workers or inadequacy of existing employees hampers the organization's operations. Data analysis, transfer, and maintenance also challenge the HMI technology scope. To maintain and analyze a humongous amount of data, efficient systems are required, which increases the cost for the organization. While the growing Internet of Things (IoT) provides robust growth prospects, it also raises several challenges for market growth.
North America's human-machine interface market will have a significant share during the forecasted period. However, the Middle East and the Asia Pacific regions are projected to grow at favorable rates
Based on geography, the human-machine interface market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific region. The North American HMI market is anticipated to hold a significant share during the forecasted period owing to the region's state-of-art infrastructure and expeditious adoption of advanced technology. However, the Middle East and the Asia Pacific regions are projected to grow at the fastest rate during the forecasted period. The rising operation of oil and gas industries in the Middle East region supports the market growth. Further of new oil and gas fields in the area will provide several growth opportunities. Rumaila Oil Field in Iraq, Nambire Refinery complex, Angola, Etan & Zabazaba Oil Fields in Nigeria, Yanbu, Saudi Arabia, and others are a potential market for the industry. Moreover, infrastructure development and construction of water and wastewater plants will provide stable growth for the industry. On the other hand, in the Asia Pacific region, surging demand for consumer electronics, and automotive industries will support the market growth. Booming manufacturing industry operations and technological advancement will provide stable growth. increasing investment in healthcare and infrastructure also increases the scope of the market.
COVID-19 Pandemic Insights.
The coronavirus pandemic moderately impacts the HMI market. While an increase in investment in healthcare and pharmaceutical sectors increased the market demand for the HMI industry, halt in economic operation due to the containment measures adopted to break the cycle of the virus, contracted the demand by several other industries.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Human Machine Interface Market, by Component
6. Human Machine Interface Market, by Screen Size
6.2. Between 1" and 5"
6.3. Between 5.1" and 9"
6.4. Between 9.1" and 13"
6.5. Between 13.1" and 17"
6.6. More than 17"
7. Human Machine Interface Market, by End-Users Industry
7.3. Energy and Power
7.5. Water and wastewater
7.7. Oil and Gas
7.10. Consumer Electronics
8. Human Machine Interface Market, by Geography
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. The Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Mitsubishi Electric Corporation
10.2. Omron Corporation
10.3. Rockwell Automation
10.4. Schneider Electric
10.7. Honeywell International Inc.
10.8. General Electric
10.9. Yokogawa India Ltd.
10.10. Kontron S&T Group
For more information about this report visit https://www.researchandmarkets.com/r/u5u3ls
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