Increasing Efforts of Governments to Introduce Automation in Industries to Fuel Demand for Human Machine Interface, Globally
With the surging trend of automation in manufacturing processes, the global market for human interface is likely to witness an upward movement in its size and valuation in the forthcoming years. Thanks to the benefits offered by this interface, such as the reduction in operational cost, a number of industries have begun its utilization across their supply chain, which is expected to boost its demand substantially over the next few years.
According to Transparency Market Research (TMR), the opportunity in the global market for human machine interface (HMI), which stood at US$3.9 bn in 2015, is estimated to experience an exponential rise at a CAGR of 12.50% over the period from 2016 to 2024 and reach a value of US$11 bn by 2024.
In this blog post, researchers at TMR have answered a few important questions about the worldwide human machine interface market:
What are most prominent factors that will shape the future of the global market for human machine interface?
The continued efforts by the governments, worldwide, to encourage automation in various industries, such as oil and gas, construction, manufacturing, and packaging, will have the most prominent impact on the growth of the global market for human machine interface in the coming years.
Apart from this, the substantial rise in the adoption of human machine interface technology in developing economies is also anticipated to boost this market to a great extent in the coming years. On the other hand, the high cost incurred in installation may slow down the pace of adoption; however, the market will gain remarkably from the intensifying requirement of bringing in operational efficacies.
How will this market perform geographically?
Geographically, the global market for human machine interface has been classified into Europe, North America, Asia Pacific, and the Rest of the World that includes Latin America and the Middle East and Africa. Among these, Asia Pacific is expected to witness tremendous growth in the coming years. The swift increase in the production activities in emerging nations, such as Japan, China, and India, is the key factor behind the phenomenal rise of the Asia Pacific market for human machine interface. The ongoing infrastructural developments in these economies are also expected to offer lucrative opportunities for the growth of this regional market.
With several end users vying to ensure operational efficacy in a wide array of work processes, North America and Europe will also experience significant growth in the demand for human machine interface over the next few years. The rising awareness among manufacturers regarding advantages offered by human machine interface, such as assistance in precise customization and persistent service, is likely to fuel its demand in these regions considerably in the near future.
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What are the most preferred development strategies among market players?
As the degree of competition within this market is immensely high, players are aggressively focusing on forward-backward integration for the development of improved infrastructure with advanced technology in order to enhance their profit margins. Mergers and acquisitions are also much favored among the leading participants, looking to minimize competition.