Human Machine Interface Market revenue to exceed USD 20 Billion by 2035, says Research Nester
Leading Human Machine Interface Market players include Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., General Electric Company, Honeywell International Inc., ABB Ltd., Mitsubishi Electric Corporation, Advantech Co., Ltd., Emerson Electric Co. and Bosch Rexroth AG.
New York, Oct. 11, 2023 (GLOBE NEWSWIRE) —
The global human machine interface market size is expected to expand at ~8% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022. As the world becomes more connected, industries are experiencing an increasing demand for automation. According to a recognized report it has been found that more than 65% of manufacturing activities worldwide can be automated, making the manufacturing industry highly susceptible to the effects of automation.
HMI allows humans to interact with machines in a seamless and intuitive way. It enables to monitor and control complex systems, such as robots or production lines, with ease. For instance, in the automotive industry, HMI is used to control the assembly line and ensure that each component is installed correctly. In healthcare, HMI is used to monitor patients and provide real-time feedback to doctors and nurses.
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Human Machine Interface Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Automotive segment to garner the highest growth
- Market in North America to grow at a significant rate
Growing Need for Safety and Security and Rising Industrial Accidents to Boost Market Growth
As technology continues to advance, so does the need for safety and security measures. With the increasing use of automation and robotics in industries such as manufacturing and transportation, it is crucial to ensure that these machines operate safely and efficiently. This is where Human Machine Interface market comes into play. Based[R2] on the analysed data it was found that India’s manufacturing industries, such as chemical and pharmaceuticals, mining and steel sectors experienced more than 420 accidents in 2021. These unfortunate incidents resulted in the loss of over 350 lives left more than 600 workers injured.
HMI allows for seamless communication between humans and machines, enabling operators to monitor and control processes in real-time. For instance, in the automotive industry, HMI is used to provide drivers with alerts and warnings about potential hazards on the road. In the aviation industry, HMI is used to provide pilots with critical information about the aircraft’s systems and performance. By enhancing safety and security in these industries, HMI is helping to reduce accidents and improve overall efficiency.
Human Machine Interface Market: Regional Overview
The global human machine interface market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growth of The Automotive Industry to Drive the Growth in the Asia Pacific Region
The human machine interface market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is largely due to the increasing demand for connected, autonomous, and shared mobility solutions in the region, which require sophisticated HMIs. Additionally, the region’s large population and growing economies are driving the growth of the automotive industry, which further contributes to the growth of the HMI market. The automotive sector in India contributes 7.2% to the nations overall Gross Domestic[R3] Product (GDP). From April 2022 to March 2023 the Indian automotive industry manufactured a total of 259,31,867 vehicles encompassing Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycles. This number represents an increase, from the year’s production of 230,40,066 units during April 2021 to March 2022.
Increasing Adoption Of Autonomous And Semi-Autonomous Vehicles to Drive the Growth in the North America Region
The North American human machine interface market is estimated to garner the largest revenue by the end of 2035. This is largely due to the increasing adoption of autonomous and semi-autonomous vehicles in the region, which require HMI systems to be integrated into vehicles. By 2025, it is anticipated that there will be, around 3.5 million vehicles cruising on the roads of the United States. Furthermore, this number is expected to rise to 4.5 million by the year 2030. Additionally, the presence of leading automotive manufacturers in the region such as General Motors, Ford, and Toyota is driving the demand for HMI technologies, as they need to provide them with advanced infotainment systems to ensure customer satisfaction.
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Human Machine Interface Segmentation by Type
The touchscreen segment is anticipated to hold the largest revenue by the end of 2035 due to the growing demand for infotainment systems with features such as voice-activated controls, navigation, and audio streaming. Moreover, touchscreen technology is becoming increasingly popular in a variety of human-machine interface devices, such as smartphones, tablets, and laptops. The rise in popularity of smartphones and tablets has led to an increase in touchscreen interfaces, as they are easier and more intuitive to use than traditional interfaces[R4] . In 2021, it was reported that the worldwide shipments of smartphones surpassed 1.5 billion units.
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Human Machine Interface Segmentation by End User
- Consumer Electronics
The automotive segment is anticipated to hold the largest revenue by the end of 2035. Consumers want more advanced technologies in their vehicles, such as more intuitive interfaces, better safety features, and smoother driving performance. As ADAS and safety features become more and more sophisticated, drivers need to be able to quickly understand and respond to the information being displayed by the HMI. This need for greater visibility and clarity is driving the demand for better HMIs. Over 93% of newly manufactured vehicles[R5] in the United States are equipped with at least one Advanced Driver Assistance System (ADAS). Looking ahead to the year 2043 it is expected that 96% of all registered vehicles in the country will come equipped with a comprehensive suite of ADAS features, including rear parking sensors, a rear-view camera, Lane Departure Warning (LDW), and Blind Spot Warning (BSW).
A few of the well-known market leaders in the global human machine interface market that are profiled by Research Nester are Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., General Electric Company, Honeywell International Inc., ABB Ltd., Mitsubishi Electric Corporation, Advantech Co., Ltd., Emerson Electric Co., Bosch Rexroth AG, and other key market players.
Recent Development in the Market
- Siemens AG has recently made an announcement regarding its plan to reduce its workforce by 2,700 employees. This decision has been taken as part of the company’s efforts to manage costs in response to the challenges posed by the COVID 19 pandemic. The job cuts primarily target Siemens gas and power division, which has faced difficulties due to a decrease in demand for power generation equipment amidst the recession caused by the pandemic.
- General Electric Company (GE) has also declared its intention to exit the coal power sector. GE had previously played a role in this industry providing equipment and services to coal fired power plants. However, with a renewed focus on practices and reducing carbon emissions worldwide GE has decided to shift its attention, towards renewable energy sources and cleaner technologies.
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