Human Machine Interface Market Size Worth USD 11.88 Billion By 2026
The global Human Machine Interface Market is anticipated to reach USD 11.88 billion by 2026 according to a new study published by Polaris Market. Major factors for the human machine interface market growth includes the rising adoption of industrial automation equipment in manufacturing industry, growing smart automation demand, growth of industrial internet of things, and rising need for monitoring in the manufacturing facilities. Further, advancements in HMI programming software with the purpose to incorporate ability to manage multi-vendor environment is expected to intensify market growth during the forecast period. Advantages such as remote operation along with extensive adoption of HMIs by the Oil & Gas industry and water treatment plants to operate in harsh environments is expected to further propel the human machine interface market. Further, it has also stimulated manufacturers to develop devices with enhanced wear and tear property.
The rising trend towards protocol conversion for exchanging data between connected devices is further driving the human machine interface market growth. Furthermore, developments in technology for instance, open platform architecture ensuing enhancement of the mitigation process is fueling the market growth. However, factors such as change in business process and high capital requirement are the key challenges impacting to the market growth. Moreover, inadequate skilled professionals and lack of awareness regarding HMIs also acts as restraints to the market.
The North American region is anticipated to dominate the human machine interface market during the projected period. Growth in discrete industries, rising demand for advanced software, and significant adoption of innovative manufacturing process are the factors responsible for the market growth. The Asia Pacific region is anticipated to witness a very high growth. Technological advancements in several industries and rising infrastructure and economic developments in Japan, India, China, and other Southeast Asian economies are the key factors propelling market growth in the Asia Pacific region.
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Key strategies adopted by the players in the market includes new product launches, product developments, acquisitions, expansions, and collaborations for enhancement of product offerings and expanding reach. ABB Ltd., Eaton Corporation, Siemens AG, Emerson Electric Co., Honeywell International Inc., Yokogawa Electric Corporation, Rockwell Automation Inc., Mitsubishi Electric Corporation, American Industrial Systems Inc. and Schneider Electric SE among others.