The Global Human Machine Interface Market is expected to be valued at US$ 12,717.9 million by 2027, exhibiting a CAGR of 10.8% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
The positive outlook of manufacturing industries is expected to propel the global human machine interface market growth over the forecast period
Improving financial position after the recession in 2009 and economic slowdown during 2011-2012 is influencing global manufacturers to invest in this technology. The rising output of manufacturing and processing industries such as oil & gas, automotive manufacturers, pharmaceuticals, metal, and mining, etc. is expected to boost the regional market growth in the Asia Pacific and South America. According to Organisation Internationale des Constructeursd’Automobiles (OICA), in 2013, the global vehicle production increased to 87.2 million units, with an increase of 3.6% as compared to 2012. Countries across the world are planning to have more electric vehicles on the road, owing to rising fuel prices and the need to reduce CO2 emissions. According to International Energy Agency, the global annual production of electric vehicles is expected to reach 7 million units by 2020 from the current 1 million units per year. As a result of this, the demand for HMI is increasing in the automobile sector. Therefore, these factors are expected to propel the global human machine interface market growth over the forecast period.
The complex graphics design of HMI software is expected to hamper the global human machine interface market growth over the forecast period
Designing human-machine interface software graphics is a complex process. It requires skilled personnel and robust infrastructure. Moreover, designing graphics for HMI software requires significant capital to invest, while the software needs to be upgraded on a timely basis. Therefore, these factors are expected to hamper the global human machine interface market growth over the forecast period.
Market Trends
North America Trends
Among regions, North America is expected to witness significant growth in the global human machine interface market during the forecast period. This is owing to the rising focus of key players on R&D activities of HMI systems across the region. Furthermore, the rising adoption of HMI systems in the food processing sector is expected to drive the growth of regional market growth over the forecast period.
Europe Trends
Europe is expected to register a robust growth rate in the global human machine interface market during the forecast period. This is owing to rising automation in the food and beverage sector in the U.K. Moreover, the growing adoption of advanced technologies in the automobile industry is expected to boost the regional market growth over the forecast period.
Global Human Machine Interface Market – Impact of Coronavirus (Covid-19) Pandemic
Due to the Covid-19 pandemic, many industries witnessed a significant shift in their business. The global electronics devices market is expected to be impacted by COVID-19, as China is one of the major suppliers for the raw materials that are used in the manufacturing of electronic devices as well as in the finished products. The industry is facing huge losses due to slowdown in production, disruption in supply, and price fluctuations. The sales of prominent electronic companies are expected to be affected in the near future. This will decrease the demand for the human-machine interface market.
In the long term global human-machine interface market is expected to increase at a slower pace, this is owing to a decrease in automotive sales in the global market. To reduce this negative impact, various governments are taking preventive measures. For instance, in Vietnam government decided to reduce the vehicle registration fees to 50% till the end of the year 2020, which will reduce the overall price of an automotive vehicle. This will be going to help to increase automotive sales, which will further help the human-machine interface market to grow.
Competitive Section
Key players operating in the global human machine interface market are ABB Ltd., General Electric Company, Advantech Co., Ltd., Emerson Electric Corporation, Atmel Corporation, Eaton Corporation, American Industrial Systems, Inc., BARTEC Top Holding GmbH, and Beijer Electronics, Inc.
