HMI Software Market Size Expected To Reach USD 4,043
New York, United States, June 15, 2021 (GLOBE NEWSWIRE) – Market Snapshot
According to the latest Market Research Future (MRFR) report, the global human-machine interface software market size is expected to show a staggering 9.1% CAGR over the forecast period (2019-2025). Grid-connected photovoltaic (PV) systems contain solar panels that power household devices during the day. Solar PV systems can generate excess electricity during the summer months and are stored in grid-connected systems to be fed back into the electricity grid. Using hybrid systems to take advantage of solar power as well as sustainable approaches to power generation can boost the market.
the HMI software market is doomed to reap huge dividends due to low operating costs, low electricity bills and simple design. Eliminating the expensive back-up batteries of the latest and most innovative grid designs can lower utility bills. Growing demand for solar energy storage solutions, installation of solar panels, and new government programs to encourage renewable energy production may bode well for the market. The development of solar photovoltaic energy projects by governments by introducing incentives and subsidies is likely to favor the market. According to the Indian government, the New Solar Mission has opened auctions to bid on solar panel projects and aims to create self-sustaining business models that can support state government power distribution companies. But the complexities of maintaining grid balance can hamper market growth.
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The human-machine interface software market is very competitive and marked by alliances and joint ventures. New product development is expected every year due to government initiatives and programs.
Notable players operating in the global HMI software market include:
- General Electric
- Electronic brainchild
- AdroIT Technologies
- Schneider Electric
- Rockwell Automation
- National instruments
- Elipse software
- Beijing electronics
- Inductive automation
Impact of COVID-19:
The COVID-19 pandemic has negatively impacted the global HMI software market. Prioritization of health care and goals to control the spread of disease in countries have reduced budgets for renewable energy programs. The use of solar modules and panels imported from China has affected the industry as a whole. The pandemic’s effect on auction bids and facilities can derail future investments in renewable energy. Policy changes that usher in the flexibility of current models of power systems and calculate losses during cloud cover and wind gusts can push the industry to new horizons.
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By component, the global market has been segmented into on-premises and cloud.
By product type, the global market has been divided into proprietary software, hardware independent software, and open source software.
By type of configuration, the global market has been divided into proprietary stand-alone HMI and integrated HMI.
By type, the global market has been divided into proprietary HMI at supervisory level and HMI at machine level.
By technology, the global market has been divided into optics, acoustics, bionics, tactile, and movement.
By end user, the global market has been divided into Oil & Gas, Energy & Power, Food & Beverage, Aerospace & Defense, Chemicals, Metals & Mining, Pharmaceuticals, Automotive, Packaging, Semiconductors & Electronics.
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The human-machine interface software market covers the regions of North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
APAC holds the largest market share due to increased investment in solar projects and demand for solar power sources. Efforts to reduce reliance on fossil fuels may bode well for the human-machine interface software market. The growing number of photovoltaic installations in China and India testifies to the enormous potential of the market. But the lack of land resources can hamper market growth in the region. The ease of the installation process and access to services can attract domestic consumers. Online portals and mobile devices to respond to customer complaints can bode well for the market.
North America can be lucrative for the HMI software market due to energy conservation programs and the elimination of charges in commercial electricity tariffs. The United States will likely be the region’s biggest revenue generator with the installation of solar farms and the passing of legislation to introduce renewable energy programs. The deployment of connected GPV systems and regulatory changes can favor the market. Investment tax credits for solar boost the number of installations in the utility sector. Energy storage mandates and incentive programs can facilitate market penetration in the region.
Exide Industries and Leclanche collaborated in a joint venture, Nexcharge, with Tata Power and created the first grid-connected energy storage system in New Delhi, India. Battery storage systems can store solar resources and integrate them into the electricity grid. The move is likely to meet the growing demand for energy during peak hours for residents of the country.
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