DUBLIN--(BUSINESS WIRE)--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.
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
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.
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:
1. Introduction
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
5.1. Introduction
5.2. Hardware
5.3. Software
6. Human Machine Interface Market, by Screen Size
6.1. Introduction
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
7.1. Introduction
7.2. Manufacturing
7.3. Energy and Power
7.4. Transportation
7.5. Water and wastewater
7.6. Automotive
7.7. Oil and Gas
7.8. Utilities
7.9. Healthcare
7.10. Consumer Electronics
7.11. Others
8. Human Machine Interface Market, by Geography
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
For more information about this report visit https://www.researchandmarkets.com/r/a0ji9q
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June 30, 2021 at 10:32PM
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The Human Machine Interface Global Market Is Estimated to Reach $6+ Billion by 2026 - ResearchAndMarkets.com - Business Wire
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