Detroit, Michigan, Feb 03rd 2022. Stratview Research has launched a new report, titled Human Machine Interface Devices Market segmented by Offering (Hardware, Software, Services), By Product (Display Terminals, Interface Software, Industrial PCs, Others), By End-Use (Automotive, Healthcare, Food & Beverages, Oil & Gas, Packaging, Aerospace & Defense, Others) and Region.
Covid-19 Impact Analysis:
Covid-19 has highly impacted the market dynamics, competition, and supply chain of almost all industries. The revenues have gone down in 2020 and are expected to resume an uptrend gradually from 2021 and continue to grow further. The report covers all the segments that were affected by the pandemic.
Market Insight:
According to the report, The Human Machine Interface Devices Market is estimated to grow from USD 4.3 billion in 2020 to USD 5.8 billion by 2026 at a healthy CAGR of 5.1% during the forecast period.
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Market Segments' Analysis:
End-Use Trends
Based on end-use, the human-machine interface devices market is classified into automotive, healthcare, food & beverages, oil & gas, packaging, aerospace & defense, and others. The automotive segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. As the automotive industry witnesses rapid changes in manufacturing technology, the upgrade has become an unavoidable aspect of this sector. The automotive industry is anticipated to contribute significantly to the growth of the HMI market as these solutions are widely deployed in manufacturing units for almost all machines and other supporting functions, thereby bolstering the segment growth.
Regional Trends
By region, the Asia Pacific market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly attributed to rapid technological advancements in HMI solutions and extensive R&D activities by the regional industry participants are likely to offer opportunities for the HMI market in the region. With various industries shifting their manufacturing bases in the region to capitalize on the easy availability of skilled and relatively cheap labor, APAC has transformed into a major manufacturing hub, which further proliferates the regional market growth.
COVID-19 Impact on Human Machine Interface Devices Market
The COVID-19 outbreak has moderately affected the human-machine interface devices industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The pandemic affected the communication infrastructure and automotive, oil & gas, consumer electronic sectors, thus affecting every stakeholder in the supply chain.
Key Players:
The following are the key players in the Human Machine Interface Devices Market:
- ABB Ltd (Switzerland)
- Honeywell International Inc. (US)
- Rockwell Automation Inc. (US)
- Mitsubishi Electric Corporation (Japan)
- Schneider Electric SE (France)
- Emerson Electric Co. (US)
- General Electric Co. (US)
- Texas Instruments Inc. (US)
- Yokogawa Electric Corporation (Japan)
- Siemens AG (Germany).
Frequently Asked Questions –
This report provides vital information and valuable insights, enabling the users to identify the strategic growth opportunities in the market. The report aims at answering the following key questions:
- What is the current and future market size of Human Machine Interface Devices Market?
- How has the COVID-19 pandemic impacted the market? How fast is it expected to recover?
- What will be the short and long-term effects of the pandemic?
- How are other market factors affecting the market dynamics?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the Human Machine Interface Devices Market competition?
- What are the key emerging trends and unmet needs in the present market?
- What are the strategic growth opportunities and key success factors?
Custom Research:
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