According to the report, the global human machine interface market generated $4 billion in 2021, and is estimated to reach $10.8 billion by 2031, witnessing a CAGR of 10.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Covid-19 scenario
- The COVID-19 pandemic has accelerated the use of digital technology in the manufacturing industry, which played an important role in assisting individuals and businesses throughout the crisis. Moreover, the human machine interface market was positively affected due to COVID-19 situation, owing to the rise of adoption of human machine interface devices in automotive and manufacturing sectors.
- The COVID-19 pandemic caused a significant change in consumer preferences toward human machine interface solutions. The growth in demand for automation, centralized monitoring, and predictive maintenance led to adoption of HMI in manufacturing.
A human-machine interface (HMI) is a user interface or dashboard that connects a person to a machine, system, or device. HMI is most commonly used in the context of an industrial process, while the term can technically be applied to any screen that allows a user to interact with a device.
The expansion of industrial automation is boosting the growth of the human machine interface market. Industrial factories and control automation are implemented to reduce human interaction in the development of products and services. This reduces labor and production costs and helps increase production. In addition, increasing demand for manufacturing plant monitoring in various industries such as mining, automotive, oil and gas has greatly increased the demand for human-machine interfaces.
These factors are major forces for the growth of the human machine interface market. However, the high installation cost of human machine interface systems is restricting the growth of the human machine interface market. Conversely, the growing popularity of augmented reality and virtual reality technologies and multi-touch screens are expected to provide lucrative opportunities for the growth of the human machine interface industry.
In addition, the growing trend of protocol conversion for data transfer among all connected devices is expected to fuel the growth of the HMI market. Additionally, advancements in technologies such as Open Platform Architecture (OPA) that simplify the migration process are expected to boost demand. The growth of the market is due to the growing trend of digitization and introduction of HTML5 and Industrial Internet of Things (IIOT).
In addition, companies increasingly focus on creating compatible and convenient interfaces to create more profitable market prospects. Additionally, the industry is driven by a growing preference for multi-touch screens and augmented and virtual reality (AR/VR) devices. For instance, according to the World Bank, the number of IoT connected is expected to reach 51.11 billion by 2023.
Furthermore, market players are adopting collaboration strategies for enhancing their services in the market and improving customer satisfaction. For instance, on October 2020, Emerson Electric Co. acquired the Progea Group, an industry-leading provider of HMI, SCADA, and PLC solutions. This acquisition is anticipated to bring new capabilities and resources and create opportunities to deliver end-to-end hardware and software solutions to customers of Emerson.
In addition, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, In November 2020, Mitsubishi Electric launched two new Graphic Operation Terminals (GOTS), which come as the latest addition to its GOT2000 Series Wide Model lineup, that help meet needs of the customers for a wider screen to show more information about the factory, process, utility, and other automation applications. This provided a strategic advantage to the company and human machine interface market size.
Human Machine Interface Market Segmentation:
In 2021, the hardware segment emerged as the leading contributor to revenue within the human machine interface market. This dominance can be attributed to the growing demand for reliable and high-performance hardware components that enable efficient interaction between humans and machines across various industries.
Based on deployment mode, the on-premise segment held the largest share of the human machine interface market in 2021. The widespread preference for on-premise solutions is driven by the need for enhanced security, control over data, and better system integration, particularly in industries with strict regulatory requirements.
In terms of configuration, the standalone human machine interface (HMI) segment accounted for the largest market share in 2021. Standalone HMI systems are widely adopted due to their ease of installation, operational flexibility, and ability to function independently without requiring extensive network connections.
Looking ahead, the pharmaceuticals industry is projected to witness the highest growth rate in the human machine interface market during the forecast period. The increasing emphasis on automation, precision, and regulatory compliance in pharmaceutical manufacturing processes is expected to fuel the demand for advanced HMI solutions within this sector.
Leading Human Machine Interface Market Players:
- ABB
- Advantech Co., Ltd.
- Emerson Electric Co.
- Honeywell International Inc.
- General Electric
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Schneider Electric
- Siemens AG
- Yokogawa Electric Corporation
The report analyzes these key players in the global human machine interface market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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