NEW YORK, Nov. 30, 2017 /PRNewswire/ —
Human Machine Interface market (HMI) expected to exhibit significant growth potential between 2016 and 2022
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The HMI market is expected to be valued at USD 5.86 billion by 2022, growing at a CAGR of 9.0% between 2016 and 2022. The key driving factors for the growth of the HMI market are increasing adoption of industrial automation equipment in the manufacturing sector, evolution of industrial internet of things (IIoT) and rising demand for smart automation solution, and growing need of efficiency and monitoring in the manufacturing plant. However, high installation cost and complex designing structure of HMI are some of the key factors restraining the growth of the HMI market.
The market for software segment expected to grow at the highest rate during the forecast period
The HMI market for software offering is expected to grow at a higher rate during the forecast period. HMI software systems offer flexibility and reliability and also enhance efficiency of the production process, which is expected to increase the demand of HMI software during the forecast period.
Oil and gas expected to account for the largest share of the HMI market during the forecast period
The oil and gas industry is expected to hold the largest size of the HMI market during the forecast period. Safety and reliability of the oil and gas plant is crucial for the management of entire plant. Thus, the industry needs HMI solutions for ensuring the safety and operational efficiency of the oil and gas plants.
APAC expected to be the fastest-growing market during the forecast period
The HMI market in APAC is expected to grow at the highest rate between 2016 and 2022. The major factors driving the HMI market in the APAC region are continuous advancements and technological innovations in different industries, economic development in China, Japan, and India, growing infrastructure developments, and increasing foreign investment in the region. Furthermore, the emergence of China as the major manufacturing hub is increasing the scope of HMI solutions in the region.
Breakup of the profiles of primary participants for the report:
• By Company Type: Tier 1 = 50%, Tier 2 = 30%, and Tier 3 = 20%
• By Designation: C-Level Executives = 70%, Directors = 20%, and Others = 10%
• By Region: North America = 40%, Europe = 35%, APAC = 15%, and RoW = 10%
The key players in the