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iCrowdNewswire Oct 21, 2020 11:34 AM ET

At 9.9% CAGR, Human Machine Interface Market is Surging with Rising Adoption of Industrial Automation Solution by 2027


iCrowd Newswire - Oct 21, 2020

HMIs are not limited to manufacturing companies. Various businesses operating in industry verticals such as energy, healthcare, and defense are increasingly using them. Additionally, the benefits provided, such as remote control, along with extensive use of HMIs in oil and gas treatment units and water treatment units for working in harsh climates, can also significantly increase product demand. This also instigated firms to improve better wear and tear properties of products. That trend of protocol conversion for data sharing between all connected devices is anticipated to catalyze further growth of the HMI industry

Technical developments such as open platform architecture or OPA, leading to improved migration processes, are also likely to spur demand in the coming years. Factors such as the growing need for change in the business process to integrate HMIs along with high upfront capital may adversely affect the development of the market. Also, knowledge of HMIs among management and lower-level workers, along with a lack of experienced professionals, may affect the growth of the industry. The HMI industry has witnessed several technological developments and advancements from the touchscreen.

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Impact of Covid-19 on Human Machine Interface Market

The human machine interface market is expected to witness a significant decline in sales owing to discontinuance of industrial activities and subsequently lowered demand for integration services and sales of new human machine interfaces products.  Moreover, the limited operation of various components manufacturers and equipment suppliers across different region is also expected to hinder the manufacturing of HMI panels and other components critical for the interface. Thus, the pandemic is likely to restrain the growth of the market for the next few months, at least.

 Strategic Insights

The global human machine interface market players adopt different strategies such as product development and expansion to broaden their footprint worldwide by meeting the growing demand. They adopt this strategy to mainly grow their business in North America and Europe. The players adopt the strategy of expansion and investment to enlarge customer base across the world, which also permits them to maintain their brand name globally. A few of the recent developments are listed below:

2020: Rockwell unveiled its plan to acquire Ohio-based Kaly by signing an agreement in the US. Kalypso is a software delivery and consulting firm specialized in the digital transformation of the companies in the industrial sector with its full suite of consulting, enterprise technology, digital innovation, and business process management services. Thus, this acquisition would help Rockwell Automation to strengthen its product and service portfolio of enterprise software consulting and information architecture.

2020: Rockwell Automation Inc., signed an agreement to acquire ASEM, S.p.A. Based in Italy, ASEM is involved in offering a full range of industrial PCs, HMI hardware and software, secure Industrial IoT (IIoT) gateway solutions, and remote access capabilities.

2018: Rockwell Automation updated its FactoryTalk View HMI software. The new features in this software version 10.0 comprise greater access to information, new mobile device support, and better cross-software integration to improve productivity.

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Keywords:    Human Machine Interface, Human Machine Interface Market, Human Machine Interface Market 2020, Human Machine Interface Market 2027, 2020 Human Machine Interface Market, 2027 Human Machine Interface Market

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