The
global HMI market size is expected to grow from USD 4.9 billion in 2022
to USD 7.3 billion by 2027, at a CAGR of 8.1%. Growing adoption of
Industry 4.0 across industries, increasing number of initiatives by
governments across the world for promoting adoption of operational
technologies, and rapidly growing necessity for real-time data analysis
are the key factors driving the HMI market.
To know about the assumptions considered for the study download the pdf brochure
The key players operating in the HMI market include the major players which operates in different stages in the entire value chain of HMI; these players are Rockwell Automation Inc. (US), ABB (Switzerland), Honeywell International Inc. (US), Schneider Electric SE (France), and Siemens AG (Germany). For staying competitive in the market and to increase their footprint in the global market, these players have adopted various types of strategies including increasing investments in R&D (research & development) and new product launches, increasing number of acquisitions, mergers, partnerships, and strategic alliances, and planned geographic expansions etc.
ABB outlays massive amounts in R&D to thrive in the stiff competitive environment. In FY 2021, its R&D expenditure was USD 1.2 billion, which was 4.2% of its total revenue. A significant portion of ABB’s R&D investment is utilized for its industrial automation business, which develops HMI solutions. The company has focused on resolving industry challenges, such as improving access to resources, including power, water, and raw materials, while lowering the environmental impact. The company has launched the ABB Adaptive Executions, which will help leverage its expertise in advanced industrial technologies, agile methodologies, and digital intelligence and reduce capital expenditure.
Rockwell Automation has been focusing on growth through organic strategies, with product launches and product developments adopted by the company. The company has been investing a significant portion of its revenue in R&D, which not only allows it to launch new technologies related to industrial automation solutions but also improve the existing ones. As the demand for industrial automation solutions has risen exponentially in the past decade, Rockwell Automation is tapping into the growing HMI market in developing countries such as China and India.
The company focuses on strategic business expansions in emerging economies, especially Asia, to expand its customer base. In May 2018, Schneider Electric acquired the Electrical and Automation business of Larsen & Toubro to expand its automation footprint in India. Moreover, the collaboration with ENGIE in 2017 helped Schneider Electric leverage the expertise of ENGIE in remote monitoring and diagnostics solutions used in field instruments that use industrial sensors.
Siemens spends a significant portion of its revenue on R&D activities. For instance, it spent 8.0%, 8.3%, and 7.8% of its overall revenue on R&D activities in 2019, 2020, and 2021, respectively. It has been adopting organic and inorganic strategies to stay ahead in the HMI market. In 2020, Siemens partnered with Salesforce to develop a new workplace technology suite that will support businesses globally to safely reopen and deliver the future experience for physical workplaces.
Related Reports:
Human Machine Interface (HMI) Market by Product (Hardware (Basic HMI, Advanced PC Based HMI, Advanced Panel Based HMI) and Software(On Premise HMI and Cloud Based HMI), Configuration (Embedded HMI, Standalone HMI) and Region - Global Forecast to 2027
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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