A novel research report by Transparency Market Research (TMR) states that the global human machine interface (HMI) market is experiencing a high degree of competition between the key players, namely, Eaton Corp., Siemens AG, ABB Ltd., Rockwell Automation Inc., and Schneider Electric SE, due to the increasing market consolidation. These players held nearly 45% of the overall market in 2015.Over the forthcoming years, they are anticipated to focus aggressively on forward-backward integration for the development ofinfrastructure, which is well-equipped of latest technologies, in order to improve their profit margins, notes the research study.
According to the research report, the global human machine interface market, which stood at US$3.9 bn in 2015, is expected expand at a CAGR of 12.50% over the period from 2016 to 2024 to offer an opportunity of US$11 bn by the end of the period of the forecast. Currently, the demand for human machine interface hardware is comparatively higher than other market products. Thanks to the rising uptake of automation in various industries, the hardware segment is projected to continue to dominate the global market during the forecast period, with an estimated market share of nearly 60%.
Geographically, Asia Pacific is expected to display the most promising opportunities for the growth of the worldwide market for human machine interface in the years to come. With an estimated share of 22.0% by 2024, this regional market is expected to remain dominant over the next few years. The high-paced industrialization and the significant rise in manufacturing activities in several emerging economies, such as China and India, are anticipated to propel the Asia Pacific market in the coming years, reports the study.
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Continual Need for Operational Efficiencies to Boost Demand for Human Machine Interface
“The augmenting pressure on enterprises, functioning in the manufacturing industry, to cut down the operating cost on production is the main factor that is propelling the global market for the global human machine interface market,” says the author of this study. As, the advent of human machine interface has simplified the controlling of machines to a great extent, the manufacturing processes have become relatively easier and less costly, which consequently, is aiding manufacturers across the world significantly. Apart from this, the increasing uptake of automation technologies for production procedures in a number of industries is also boosting this market substantially.
Over the coming years, with the continual need for operational efficiencies, the demand for human machine interface will remain high, reflecting positively on the growth of this market. The tremendous increase in industrialization in a number of developing countries, such as India, Indonesia, and China, giving rise to the adoption of smart technologies, such as data exchange, automation, and analytics, is also projected to boost this market in the years to come, reports the study.
High Cost of Installation and Maintenance to Limit HMI Uptake
Although the worldwide market for human machine interface looks thriving, it may face several hindrances in its growth trajectory over the next few years. The high cost associated with the installation and the maintenance of these interfaces is one of the most important factors, dissuading the global market from growing steadily and is expected to have an adverse effect on this market’s future. The lack of awareness regarding the benefit of human machine interface among consumers is another significant factor that is expected to slow down the growth rate of this market in the years to come, states the research report.
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