Human Machine Interface Market: Role of Human Machine Interface in bolstering Operational Efficiencies propels Growth
The global human machine interface (HMI) market features an increasingly competitive landscape, finds Transparency Market Research (TMR). The landscape is characterized by high level of rivalry among the top players, mainly on account of increasing trend of consolidation. The five top players, namely, Schneider Electric SE, ABB Ltd., Eaton Corp., Rockwell Automation Inc., and Siemens AG, accounted for a major share of 45.0% in the global human machine interface market.
Several prominent players are expected to increasingly focus on integration of infrastructure with technology advancements, with the key aim to bolster their positions in the global human machine interface market. Numerous players are also focusing on developing high-end technologies to consolidate their shares in the market.
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The global human machine interface market stood at US$3.9 bn in 2015 and is projected to clock a CAGR of 12.5% during 2016–2024. By the end of this forecast period, the opportunities in the global market is estimated to touch US$11 bn.
Presently, among the various product types, the demand for human machine interface equipment is expected to garner huge momentum. This is driven by the rapid automation in enterprises in various industries. The segment is expected to hold a share of over 60.0% by 2024 end.
Geographically, Asia Pacific is expected to rise at most attractive pace during the assessment period and expected to contribute a share of over 22.0% by 2024 end. The growth is fueled by the rapid pace of industrialization in several of its key economies.
Rising efforts in bringing down operational expenses and boosting efficiencies in various assembly businesses is a key factor driving the global human machine interface market. The increasing trend of industrial internet of things is a key factor propelling the expansion of the market. Rising efforts by governments to adopt automation in various industries such as the oil and gas, packaging, and manufacturing is fueling the rapid expansion of the human machine interface market.