Human Machine Interface (HMI) Market Size, Share, Growth, Trends and Industry Analysis 2022-2031

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

The global human machine interface (HMI) market garnered an approximate revenue of USD 5 billion in the year 2021 by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. The growth of the market can primarily be attributed to the adoption of industrial automation in the manufacturing sector, and the evolution of industrial internet of things (IIoT). As sourced from IFR, 3 million industrial robots are estimated to be operational across the globe. Moreover, in 2021, the robot installations were estimated to grow by 13% to 435000 units.

HMI is a user interface that connects a person to a machine, system, or device. It is also known as computer-human interface, or man-machine interface (MMI). It is used in manufacturing plants, food industry, pharmaceuticals, and many other industries Simple screen displays installed on factory equipment, laptops, mobile devices, and tablets are few products that come under human machine interface. Moreover, high level of functionality in the interface along with smooth touch screens and superior quality of displays are some of the beneficial properties of HMI which are expected to boost the market growth in upcoming years.

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The human machine interface market is segmented by type, application, and end-users. On the basis of type, the market is further segmented into hardware, software, and services. Among these segments, the software segment is expected to hold the largest market share by the end of 2031, by growing at the highest CAGR during the forecast period owing to the ability of HMI software to offer flexibility and consistency in industrial operational performance. The hardware segment is also anticipated to show a significant market share by the end of the year 2031, since the development of technologies such as inbuilt assistance, touch screen LEDs, LCDs, and many others, are easy to handle and is widely used in every sector around the globe.

Global Human Machine Interface (HMI) Market Regional Synopsis

Regionally, the global human machine interface market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these, the market in North America region held the largest market share in the year 2021 on the back of advancement in technology and maximum use of interface in the region. Alternatively, the market in the Asia Pacific region is expected to grow at a higher CAGR over the forecast period on the back of increasing disposable income of people and growing population in this region which is increasing the demand for machine interfaces such as mobile phones, tablets, PCs and many more. In the Asia Pacific region, approximately 2.60 billion people use smartphones.

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Market Segmentation

Our in-depth analysis of the global human machine interface (HMI) market includes the following segments:

By Type

  • Hardware
  • Software
  • Services

By Application

  • Display Terminals
  • Industrial PCs
  • Interface Software

By End Users

  • Automotive
  • Healthcare
  • Food Industry
  • Oil & Gas
  • Metal & Mining
  • Others

Growth Drivers and Challenges Impacting the Growth of the Human Machine Interface (HMI) Market

Growth Drivers

  • Increasing demand for smart automation
  • Rising need of advanced interface in manufacturing units
  • Evolution of the Industrial Internet of Things (IIoT)

Challenges

  • Difficulty in adoption of latest technologies by vendors
  • High installation costs of machines

Key Companies Dominating the Human Machine Interface (HMI) Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global human machine interface (HMI) market that are included in our report are ABB, General Electric, Advantech Co., Ltd., Emerson Electric Co., Eaton, Honeywell International Inc., BARTEC, Beijer Electronics Group AB, Rockwell Automation, Inc., and Siemens among others.

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