CHICAGO, Aug. 19, 2022 /PRNewswire/ -- Hardware in the loop market is estimated to be valued at USD 817 million in 2022 and is projected to reach USD 1,291 million by 2027, growing at a CAGR of 9.6% from 2022 to 2027, according to a new report by MarketsandMarkets™. The growth of this market can be attributed to the adoption in new application areas such as power electronics and industrial robotics, and technological advancements in electric and autonomous vehicles.
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The hardware in the loop market includes major Tier I and II players like dSPACE GmbH (Germany), NATIONAL INSTRUMENTS CORP. (US), Vector Informatic GmbH (Germany), Elektrobit (Germany), OPAL-RT Technologies (Canada) and others. These players have a strong market presence for hardware in the loop across various countries in North America, Europe, APAC, and RoW.
Growing demand in developing countries.
Hardware in the loop testing has increased significantly in developing countries such as India, Brazil, Mexico, and China. Automobile OEM and component manufacturers are utilizing hardware in the loop testing due to its advantage in reducing cost, testing period, and improvement in product quality. Compared to traditional testing methods using prototype vehicles in the testing phase, hardware in the loop enables testing ECUs and software at an early stage without the need to utilize a prototype model. Thus, automobile manufacturers can swiftly design a model and simultaneously conduct a test to implement the design on the prototype model. Hence, designing and testing are performed in parallel to improve product development and reduce costs.
Closed loop system are expected to hold the highest market share during the forecast period.
Hardware in the loop testing ADAS system is an example of closed-loop hardware in the loop. It simulates an environment in that the input signal is generated for the ADAS system. Here, the input variables are set, such as desired speed and front vehicle distance are set. The control output generated by the vehicle is utilized to simulate the operation of the vehicle.
Power electronics vertical to hold the highest CAGR during the forecast period.
The power electronics sector is expected to witness the highest growth from 2022 to 2027 as a result of the increasing use of hardware in the loop technique. Companies in this sector are using the hardware in the loop technique in developing and testing electronic grids, wind turbine generators, photovoltaic inverters, nuclear power plant control systems, and others. Many key players in the hardware in the loop market, such as Typhoon hardware in the loop (US), OPAL-RT Technologies (Canada), and National Instruments (US) offer hardware in the loop solutions to the power electronics segment.
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Hardware in the loop market in APAC to hold the highest CAGR during the forecast period.
APAC is expected to lead the global hardware in the loop market in terms of growth rate. China held the largest size of the hardware in the loop market in APAC in 2021. The transition of EVs is helping set up new EV manufacturing plants in China. In March 2022, BAIC Motor and Hyundai formed a joint venture and invested USD 942 million in setting up a new EV manufacturing plant in China. This will help with the growth of hardware in the loop implementation for ECU testing in EVs.
dSPACE GmbH (Germany), NATIONAL INSTRUMENTS CORP. (US), Vector Informatic GmbH (Germany), Elektrobit (Germany), OPAL-RT Technologies (Canada), Speedgoat GmbH (Switzerland), Robert Bosch GmbH (Germany), IPG Automotive GmbH (Germany), Acutronic Holding AG (Switzerland), Plexim GmbH (Switzerland), Konrad GmbH (Germany), MicroNova (Germany), LHP, Inc (US), Genuen (US), Typhoon HIL (US), ModelingTech (China), Bloomy Controls (US), Controllab (Netherlands), Pickering Interfaces (UK), Applus+ (Spain), Add2 Limited (UK), BlueHalo (US), Siemens (Germany), Spirent Communication (US), and UAV Navigation (Spain) are among the many players in the hardware in the loop market.
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Simulation Software Market by Component (Software (FEA, CFD), Services), Deployment (Cloud, On-premises), Application (Product Engineering, R&D, and Gamification), Vertical (Automobile, Healthcare and Pharmaceuticals), and Region (2022 - 2026)
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