The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 16, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Human Machine Interface Global Market Report 2023, the global human-machine interface market is set for substantial growth, with the market size expected to escalate from $4.81 billion in 2022 to $5.28 billion in 2023, showcasing a noteworthy compound annual growth rate (CAGR) of 9.7%. Projections indicate a continued upward trajectory, reaching $7.58 billion in 2027 at a CAGR of 9.5%.
Rising Industrial Automation Drives Human Machine Interface Market Growth
A key driver behind the anticipated growth is the escalating trend of industrial automation within the manufacturing industry. The human-machine interface (human machine interface) plays a pivotal role in automation by enabling real-time data collection and providing visual representation of control systems. With 43% of manufacturers already employing robotic process automation (RPA) in 2022, and an additional 43% planning RPA projects, the human machine interface market is positioned for substantial growth.
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Market Concentration and Key Players
The global human machine interface market exhibits concentration, with the top ten competitors comprising 30.19% of the total market in 2022. Siemens AG leads the pack with an 11.26% market share, followed by Emerson Electric Co (4.88%), Mitsubishi Electric Corporation (3.78%), and others. This competitive landscape underscores the influence of major players shaping the industry.
North America Dominates The Human Machine Interface Market
North America emerged as the largest region in the human-machine interface market, reaching a value of $1,553.2 million in 2022. This market accounted for 0.006% of the region’s GDP, with per capita consumption at $3.09—$2.47 higher than the global average. The strong performance in North America is attributed to high disposable income, significant demand from end-user industries, and a growing need for automation in manufacturing processes.
For instance, in March 2023, ABB, a Switzerland-based automation company, invested $20 million to create a highly automated facility, strengthening ABB’s US leadership.
Market Segmentation and Growth Strategies
The global human machine interface market is segmented based on product, configuration, and end-user. Key segments include:
- Product: Hardware, Software, Services
- Configuration: Embedded human machine interface, Standalone human machine interface
- End-User: Chemicals and Petrochemicals, Food and Beverages, Oil and Gas, Paper, Packaging, Printing
Market-trend-based strategies for the human-machine interface market encompass the development of upper trim humanized design for automotive overhead systems, integration of human machine interface with energy management software, focus on launching technologically advanced products, innovative product developments to meet consumer demands, and strategic partnerships and collaborations to improve financial strength, strengthen product portfolios, and expand geographical presence.
Get A Free Sample Of The Global Human Machine Interface Market Report
As the global human machine interface market continues to evolve, stakeholders across industries can leverage the insights provided by the Global Human-Machine Interface Market Report 2023. This comprehensive report equips businesses, investors, and decision-makers with valuable information to navigate the dynamic landscape, make informed strategic decisions, and capitalize on emerging opportunities.
Human Machine Interface Global Market Report 2023 by The Business Research Company provides insights on the human machine interface market size, human machine interface market segments, human machine interface market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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