Human Machine Interface Devices Market Analysis | 2023-2028

Market Insights

"The human machine interface devices market was estimated at USD 5.02 billion in 2022 and is likely to grow at a CAGR of 8.0% during 2023-2028 to reach USD 7.98 billion in 2028".

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Market Dynamics

Introduction

A human-machine interface (HMI) is a component in an electronic device that allows the user to communicate and interact with the system or machine effectively. It is also referred to as a computer-human interface, human-computer interface, or man-machine interface. HMI consists of various hardware and software devices which translate user inputs into signals for the machine to generate results.

COVID-19 Impact

The COVID-19 outbreak has moderately affected the human-machine interface devices industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The pandemic affected the communication infrastructure and automotive, oil & gas, consumer electronic sectors, thus affecting every stakeholder in the supply chain.

Market Drivers

The increasing adoption of industrial automation equipment in the manufacturing sector is a key driving factor of the global human machine interface devices market. Integration of analytics software with products is further expected to enhance quality and productivity thereby propelling demand.

Moreover, significant growth in factory automation, technological requirements, and smartphones, computer, and tablet users results in a strong demand for human-machine interfaces, which offers ample opportunities to the industry players. However, the high cost associated with HMI installation is likely to hamper the industry growth.

Trends

The human machine interface devices market is expected to grow due to improved security features, reduced operation costs, and enhanced machine monitoring. Newer HMIs replace traditional buttons, indicator lights, and selectors, reducing the need for additional display panels and cables. The IoT trend is dominating, with industrial and consumer products connected via the internet.

The growing trend of protocol conversion for data transmission among linked devices is also driving HMI market growth. Rapid industrial automation adoption, mechanical development tools, and demand for smart industrial solutions are major trends in the HMI market.

key Players

The following are the key players in the Human Machine Interface Devices Market (arranged alphabetically).

• ABB Ltd (Switzerland)
• Emerson Electric Co. (US)
• General Electric Co. (US)
• Honeywell International Inc. (US)
• Mitsubishi Electric Corporation (Japan)
• Rockwell Automation Inc. (US)
• Schneider Electric SE (France)
• Siemens AG (Germany)
• Texas Instruments Inc. (US)
• Yokogawa Electric Corporation (Japan)

Note: The above list does not necessarily include all the top players in the market.

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Segment's Analysis

Offering Trends

"Software segment is expected to be the fastest-growing in the human machine interface market during the forecast period".

• The market is segmented into hardware, software, and services.
• The hardware segment will be the highest revenue contributor in 2022 due to businesses' need to reduce capital and operational expenditure. However, the software segment is expected to be the fastest-growing in the human machine interface market forecast due to the high automation adoption of HMI software.

End-Use Trends

"The automotive segment held a significant market share in 2022 and is estimated to register a healthy CAGR during the forecast timeline".

• The human machine interface devices market is classified into automotive, healthcare, food & beverages, oil & gas, packaging, aerospace & defense, and others.
• As the automotive industry witnesses rapid changes in manufacturing technology, the upgrade has become an unavoidable aspect of this sector. The automotive industry is anticipated to contribute significantly to the growth of the HMI market as these solutions are widely deployed in manufacturing units for almost all machines and other supporting functions, thereby bolstering the segment growth.

Regional Analysis

"The Asia Pacific market accounted for a significant share in 2022 and is expected to grow at a substantial CAGR in the following years".

• This is mainly attributed to rapid technological advancements in HMI solutions and extensive R&D activities by the regional industry participants are likely to offer opportunities for the HMI market in the region. With various industries shifting their manufacturing bases in the region to capitalize on the easy availability of skilled and relatively cheap labor, APAC has transformed into a major manufacturing hub, which further proliferates the regional market growth.

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Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the global market.

What Deliverables Will You Get in this Report?

The Human Machine Interface Devices Market is segmented into the following categories:

By Offering Type

• Hardware
• Software
• Services

By Product Type

• Display Terminals
• Interface Software
• Industrial PCs
• Others

By End-Use Type

• Automotive
• Healthcare
• Food & Beverages
• Oil & Gas
• Packaging
• Aerospace & Defense
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.