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High Adoption of HMI Solutions in the Oil and Gas Industry are Driving Market Growth

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High Adoption of HMI Solutions in the Oil and Gas Industry are Driving Market Growth

February 17
11:00 2020
Human Machine Interface Market (HMI) by Offering (Hardware (Basic HMI, Advanced PC-Based HMI, Advanced Panel-Based HMI) and Software (On-Premise HMI and Cloud-Based HMI)), Configuration Type (Stand-Alone HMI and Embedded HMI) – Global Forecast to 2022

The human machine interface market (HMI) is expected to be worth USD 5.86 billion by 2022, growing at a CAGR of 9.0% between 2016 and 2022. The growth of this market is propelled by growing acceptance of industrial automation equipment in the manufacturing sector, evolution of industrial internet of things (IIoT) and increasing demand for smart automation solution, and growing need of efficiency and monitoring in the manufacturing plant.

The hardware segment lead the global human machine interface market in terms of market share in 2015. Hardware segment includes basic HMI, advanced panel-based HMI, and advanced PC-based HMI. The market for advanced panel-based HMI is expected to witness a highest CAGR during the forecast period. Increasing demand of mobile HMIs is driving the growth of the advanced panel-based market. In addition, the advanced panel-based HMIs have high demand in industries such as oil and gas, chemical, and energy and power, where critical operations are involved. The industries demand advanced solutions to enhance the visibility of production process.

 

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The market for embedded HMI solution is expected to hold a larger market size by 2022 owing to increasing adoption of the embedded HMI solutions in process industry. Embedded platforms enable easy communication between two machines and provide easy access to operators, and thus help operators in process industries to gain more process visibility.

The discrete industry dominated the human machine interface market in 2015. Growing need for the monitoring and controlling solutions in automotive, packaging, and aerospace and defense industry is expected to drive this market growth. The automotive industry is expected to hold the largest size of the global market for discrete industry between 2016 and 2022. Intensified operation of automotive manufacturing companies to cater the increasing demand for automobiles is expected to drive the demand of the HMI solutions in this industry.

North America is expected to lead the overall human machine interface market between 2016 and 2022. Factors such as growth in the discrete industries, high adoption of advanced manufacturing practices, and increasing demand for advanced software solutions in the manufacturing industries are propelling the growth of the market in this region. The market in APAC is expected to witness the highest growth rate during the forecast period. Technological innovations in different industries and increasing economic and infrastructure developments in China, Japan, India, and other Southeast Asian countries are the major factors driving the market growth in the APAC region.

The key restraining factors for the human machine interface market are high installation cost and complexity involved in the designing of HMI solutions. The key market players such as Rockwell Automation Inc. (U.S.), Schneider Electric SE (France), and Mitsubishi Electric Corporation (Japan) focusing on new product launches and developments, expansion, acquisitions, and collaborations to enhance their product offerings and expand their business.

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