The Global Human Machine Interface (HMI) Market, 2019 to 2024: Growth, Trends and Forecasts - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 24, 2019--
The “The Global Human Machine Interface (HMI) Market, 2019 to 2024: Growth, Trends and Forecasts” report has been added to ResearchAndMarkets.com’s offering.
The global human machine interface market was valued at USD 3.36 billion in 2018, and it is expected to reach a value of USD 6.56 billion by 2024, at a CAGR of 10.3% over the forecast period (2019-2024). The human interface machine is supported by the growth of the Industry 4.0. This rise of new digital industrial technology is having an affirmative impact on this industry.
- The manufacturing industry remains a key driver for economic growth, societal wealth, and improved standard of living. On the same time, the manufacturing industry is focusing on increasing efforts for lowering their expenses in the numerous businesses and this effort is propelling the growth of the global human machine interface (HMI) market.
- The presence of a considerable number of solution providers and increasing high-end production activities, like chatbots and digital assistants, driving the HMI market. Nowadays, chatbots are combined with BigData to provide more assistance to the end user. The demand for these chatbots in the service industry is acting as a positive outlook for the human machine interface market.
- On the contrary side, the automated equipment requires higher capital expenditure, when compared to a manual system. Moreover, skilled labors are required for the proper functioning and operating those machines, which result in an increase in total cost.
- In September 2018, Siemens AG introduced assistant systems that visualize the dynamic processes that bring the energy transition to the power grid and provide targeted recommendations for actions to optimize the grids and prevent blackouts.
Key Market Trends
Pharmaceutical Sector Expected to Witness Significant Growth Rate Over the Forecast Period
- The pharmaceutical industry has been increasingly adopting automation, owing to various factors, such as demand for more production and better efficiency. Moreover, companies have been adopting philosophies, such as lean manufacturing and six sigma, which increase the emphasis on efficiency.
- Technology combined with automation can drive for better output and efficiency of the manufacturing process. The impact of automation can be seen in the current trend of the pharmaceutical industry of using high-precision contamination-free minimal human-interaction machines. This augments the need for automated solutions, particularly with respect to remote monitoring processes, thereby, increasing the demand for HMI solutions.
- According to a report by Torreya Partners and Organization for Economic Cooperation and Development, the pharmaceutical industry is expected to witness a CAGR of around 150-200% in different countries. Such huge growth may catalyze the human machine interface industry.
- In addition to that, defect identification’ is one of the major inspections in the pharmaceutical and chemical industry and it is implemented for ensuring the quality of products, avoiding a mix-up of medicines during packaging, labeling print verification, barcoding, color recognition, etc. which are being automated to increase efficiency, owing to which HMI systems are expected to grow.
Asia-Pacific Expected to Register the Highest CAGR
- Asia-Pacific is expected to grow at a higher growth rate, compared to other regions, because of the increase in disposable income and an increase in population. In this region, China and Japan are the manufacturing hubs of the pieces of equipment required for the human interface machine. On the same side, in India manufacturing has emerged as one of the high-growth sectors. Make in India’ program places India on the world map as a manufacturing hub and gives global recognition to the Indian economy.
- According to the Indian Brand Equity Foundation, the manufacturing sector of India has the potential to reach USD 1 trillion by 2025 and India is expected to rank among the top three growth economies and manufacturing destination of the world by the year 2020.
The intensity of competitive rivalry in this market is high, due to the presence of large-scale companies, such as ABB Group, Siemens AG, Emerson Electric Co., Yokogawa Electric Corporation, Honeywell International Inc., and Schneider Electric Co. Changing operational and business needs have actuated supported advancements with regards to HMI innovation. Evolved forms of HMI, such as high-performance HMIs, touch screens, and mobile devices, along with more traditional models are available in the market.
The players in this industry are constantly working on developing new product portfolio to gain competitive advantages with mergers and acquisitions, partnership, and constant innovations.
March 2019 - GE Healthcare and Rockwell Automation collaborated to drive the next generation of bioprocessing automation. This collaboration may help drug manufacturers improve efficiencies, get to market faster, and deliver personalized medicines with innovative solutions, and this is expected to help biopharmaceutical manufacturers to meet the needs of the biopharma 4.0 era.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Move Toward Industry 4.0 and Adoption of IoT
4.3.2 Increased Focus on Developing Manufacturing Processes
4.4 Market Restraints
4.4.1 High Initial Set-up Costs and Lack of Skilled Operators
4.5 Industry Attractiveness - Porter’s Five Forces Analysis
4.6 Value Chain / Supply Chain Analysis
5 MARKET SEGMENTATION
5.1 By Type of Offering
5.2 By End User
5.2.2 Food and Beverage
5.2.5 Oil and Gas
5.2.6 Metal and Mining
5.2.7 Other End Users
5.3.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.3.4 Latin America
22.214.171.124 Rest of Latin America
5.3.5 Middle East & Africa
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.2 ABB Ltd.
6.3 Honeywell International Inc.
6.4 Rockwell Automation Inc.
6.5 Mitsubishi Corporation
6.6 Schneider Electric SE
6.7 Emerson Electric Co.
6.8 General Electric Co.
6.9 Texas Instruments Inc.
6.10 Yokogawa Electric Corporation
6.11 Siemens AG
6.12 Robert Bosch GmbH
6.13 Eaton Corporation
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ua1hf0
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Related Topics:Industrial Automation
INDUSTRY KEYWORD: MANUFACTURING OTHER MANUFACTURING
SOURCE: Research and Markets
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PUB: 05/24/2019 02:49 PM/DISC: 05/24/2019 02:49 PM