The ongoing trend towards the automation and continuous innovative improvements in industrial processes is generating a potential demand for the growth of industrial human-machine interface market.
Furthermore, the evolution of industrial IoT and the surge in demand of smart automation solution in the industrial sector is enabling plant operators to opt for industrial human-machine interface solutions to monitor and perform critical control actions in an operational context as well as facilitating advanced visualization into supervisory and enterprise-level solutions.
Also, the growing investments in industrial robots and the concepts of digital offices and smart factory are creating potential growth opportunities for the growth of industrial human-machine interface market.
With the manufacturing, electronics & electrical, and automotive industries are adopting smart and advanced industrial automation systems, the industrial human-machine is becoming a necessary component.
In the present scenario, the industrial human-machine interface is gaining remarkable momentum and the boom in technologies such as cognitive computing, cloud computing, and the Internet of Things (IoT) are all expected to play a role in the development of the next level of human-machine interface engagement and therefore, creating potential growth opportunities for the growth of industrial human-machine interface market in the near future.
The industrial sector is expected to be one of the hardest hit sector by the COVID-19. Various process and discrete industries are likely to experience the supply chain disruptions due to industry’s partial reliance on Asia Pacific region.
Along with that, the U.S., one of the biggest market of industrial human-machine interface, has the largest number of COVID-19 cases in world, due to which the industrial output and performance is expected to be hampered in the near future. Furthermore, due to corona virus pandemic the business development efforts by manufacturing industries could be hampered and therefore, the demand for industrial human-machine interface may go down for next 2-3 years.
In 2019, the total market value of industrial human-machine interface is estimated to be nearly US$ 4 Bn globally, and the market has witnessed a CAGR of around 10% during 2015-2019. However, due to COVID-19 outbreak, the industrial sector is expected to go through toughest phase since the 2008 global financial crises.
The plunging production and shutdown of manufacturing facilities across the globe is expected to impact the industrial human-machine interface market in 2020 and 2021. According to estimates, the industrial human-machine interface market is expected to grow by 4%-5% in 2020. However, the long-term outlook remains positive for the growth of industrial human-machine interface market.
Also, the demand for new technologies such as AI, Robotics, AR/VR, IoT, cognitive security etc., would see surge in the adoption owing to the increasing new use-cases and new market opportunities.
Due to growing industrial IoT and industry 4.0 technological needs, smart factory automation is increasingly in use in all the industries and hence the demand for smart industrial human machine interface (HMI) is also increasing continuously.
Moreover, the demand for industrial human-machine interface is increasing for both process and discrete industries to enhance efficiency and to optimize regulating production and process targets.
Furthermore, the increasing rate of adoption of industrial automation equipment in the manufacturing sector and growing need of efficiency and monitoring in the manufacturing plant are some of the major factors propelling the growth of industrial human-machine interface market.
Apart from this, the high installation cost and complex designing structure of industrial human-machine interface system are the key factors which are expected to hamper the growth of industrial human-machine interface market. Also, the increasing security risk associated with cloud industrial human-machine interface system is one of the key challenges for the growth of industrial human-machine interface market.
Most of the leading players in the industrial human-machine interface market are focusing on entering into partnerships and collaborations to offer cloud based solutions with advanced technologies such as machine learning, IoT, artificial intelligence. Some of the key players in the industrial human-machine interface market are -
On the basis of regions, North America is expected to be one of the key market for industrial human-machine interface market owing to the early adoption of advanced technologies and high adoption of advanced manufacturing practices by the companies in the region.
The increasing demand for advanced software solutions in the industrial sector is expected to drive the industrial human-machine interface market in the Europe region. Furthermore, Asia Pacific is expected to create significant growth opportunities, owing to the rising adoption of digital technologies and continuous development of industrial IoT sector in the countries of this region.
Furthermore, the growing demand for industrial automation solutions and increasing penetration of advanced technologies such as artificial intelligence and machine learning in the industrial sector of countries of Middle East & Africa and Latin American regions is expected to drive the industrial human-machine interface market in the region.
The Industrial Human-Machine Interface market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The industrial human-machine interface market has been segmented on the basis of component and vertical.
The Industrial Human-Machine Interface market is segmented on the basis of component:
The Industrial Human-Machine Interface market is segmented on the basis of vertical:
Explore Similar Insights
Industrial Human-Machine Interface Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
