The human-machine interface market is was valued at US$4.125 billion in 2019 and will increase to US$6.286 billion by 2026. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 6.20%.
The Human Machine Interface (HMI) is a progressive dashboard or interface that allows users to engage with machines, systems, or devices. For smooth functioning, the technology aids the conversion of human instructions into machine language. HMI technology also enables operation from remote locations, ensuring worker safety. The demand for the human-machine interface is increasing as factory automation, technology needs, smartphones, tablet, and computer users expand. Analysts estimate that the global human machine interface market is likely to rise at a promising rate over the forecast period.
The numerous advantages of HMI technology in industrial applications will be the driving force behind the market's robust growth over the forecasted timeframe.
During the anticipated period, the market would experience strong growth due to the growing implementation of HMI technology in daily industrial operations. The technology permits the visual presentation of data, production tracking, monitoring machine inputs and outputs, and operation from a remote place, among other activities, in an equipped industrial setup. In addition, HMI visual screens enable the display of real-time graphic data via sophisticated software, allowing for greater analysis and decision-making. The system connects PLCs via HMI screens for real-time communication, removing the necessity for operators to commute and maintain manual records on paper or boards. As a result, the technology is being adopted by a variety of industries. Manufacturing, energy and electricity, transportation, water and wastewater, oil and gas, utilities, automotive, healthcare, consumer electronics, and others are the end-user industries in which the HMI market is categorized. In the manufacturing, energy and power, oil and gas, pharmaceuticals, and food and beverage industries, the use of HMI has resulted in increased productivity, fewer accidents and hazards, and the potential to cut costs and take advantage of economies of scale. Increased market prospects for HMI technology are aided by strong growth in these industries.
Analysts strongly anticipate that the advent of HTML5 and IIOT (industrial internet of things) is expected to enhance the market over the projection period. End users will benefit from HTML5 and IIOT, which will make it easier for them to use new software packages and enable the monitoring of equipment and machinery across industries. Alarm alerts, safe messaging, and improved internal communications are expected to give a facility a competitive advantage in terms of operations, security, and productivity. Moreover, HMI is expected to cut operating costs by replacing different push buttons, indicator lights, and selectors, as well as reducing the need for additional display panels and wires. Furthermore, the expansion of the oil and gas, as well as the energy and power industries, will create new prospects for growth. New oil fields being discovered in the Middle East and Africa, as well as an increase in renewable energy and power projects, will open up new possibilities.
Increased demand for HMI technology will be fueled by soaring growth in the consumer electronics and automotive industries as a result of rising global average disposable income. The introduction of more user-friendly interface devices will bring market stability to the HMI business as a result of innovation and technological advancement. In addition, rising investment in the healthcare and water and wastewater treatment industries would expand the market's opportunities.
HMI technology's market expansion could be hindered by security concerns and personnel shortages.
Factors like the growing requirement to adapt business processes to incorporate HMIs, as well as significant upfront capital, may have a negative impact on market growth. In addition, a lack of familiarity with HMIs among management and lower-level employees, as well as a scarcity of qualified professionals, may limit the industry's growth. For successful functioning, the technology necessitates a skilled team. The organization's activities are hampered by a lack of skilled workers or the insufficiency of existing employees. The HMI technology's scope also includes data processing, transfer, and maintenance. Effective systems are required to retain and analyze a massive amount of data, which raises the organization's costs.
While the technology allows people to access data from anywhere on the globe, it also gives the user access to critical information. In a company setting, the loss of key data can hinder operations and result in significant losses. Furthermore, viruses and hackers might attack HMI technology, causing the organization's operations to be disrupted. While the burgeoning Internet of Things (IoT) offers promising growth opportunities, it also poses a number of industry problems.
During the projected period, the automotive industry is expected to grow rapidly in the HMI market.
By End-User Industry, the human-machine interface market can be segmented into automotive, food and beverage, packaging, pharmaceutical, oil and gas, metal and mining, and others. Among several end-user industries, the automobile sector is likely to occupy a substantial share. The presence of some significant producers, as well as increased consumption, drives the global market value. In the European Union, for example, registrations of alternatively powered vehicles have gradually climbed by 46.2%. By July 2019, 110,630 electric vehicles (EVs) had been registered, up 51.8 percent from the previous year. Vehicles nowadays are equipped with several HMI systems, which necessitate the coordination of several device-specific operating systems.
In January 2020, the DENSO Corporation and Qualcomm Technologies, Inc. announced a collaboration to develop next-generation cockpit technologies. Due to enhanced driver aid capabilities using cameras and sensors, as well as different entertainment functions, the amount of information delivered by a car to the driver has expanded in recent years. Human-machine interfaces play a critical role in giving updates to drivers quickly, productively, and safely while avoiding distractions, thanks to these changes for vehicle-driver communication. This technique is made feasible by the collaboration of multiple HMI components, including the instrument cluster, in-vehicle multimedia, and the Head-Up Display.
During the forecast period, the HMI markets in North America are predicted to have a dominating share, followed by Asia-pacific and the Middle East.
The human-machine interface market is classified into five regions based on geography: North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific. Because of the region's superior infrastructure and rapid adoption of advanced technology, the North American HMI market is expected to hold a major share over the estimated period. In addition, the Asia Pacific is expected to grow rapidly over the next few years. This may be due to the relocation of industrial operations to developing nations in order to take advantage of lower labor costs and greater raw material availability. In this region, China and Japan are regarded to be the equipment production centers for the human interface machine. Manufacturing has also emerged as one of India's fastest-growing industries. The 'Make in India' plan establishes India as a worldwide manufacturing base and gives the Indian economy major respect. India's manufacturing sector is predicted to reach USD 1 trillion by 2025, according to the Indian Brand Equity Foundation.
The market's expansion is aided by the Middle East region's expanding oil and gas sectors. The development of new oil and gas fields in the area will present various prospects for expansion. Furthermore, the industry will benefit from infrastructural development and the construction of water and wastewater treatment plants. Surging demand for consumer electronics and the automotive industries, on the other hand, will drive market expansion in the Asia Pacific area. Manufacturing industry operations are booming, and technological advancements are advancing at a rapid pace, ensuring steady growth. Increased investment in healthcare and infrastructure broadens the market's scope.
The coronavirus outbreak has a moderate influence on the HMI market. While increasing investment in the healthcare and pharmaceutical sectors raised market demand for the HMI industry, a stop in economic activity as a result of containment efforts taken to disrupt the virus's cycle reduced demand for various other businesses.