The global human machine interface software market is set to expand owing to awareness of sustainability and concerted efforts by countries to lower carbon emissions. The COVID-19 pandemic has highlighted the dependence on fossil fuels and can act as a catalyst for rapid installations. Regulatory changes that welcome renewable energy resources and integrate it into current grids can bode well for the market. Moreover, incentive schemes and subsidies may propel the market growth and attract new investors.
New York, US, June 15, 2021 (GLOBE NEWSWIRE) -- Market Overview
The global human machine interface software market size is bound to display a stupendous CAGR of 9.1% over the forecast period (2019-2025), according to the latest report by Market Research Future (MRFR). Grid connected photovoltaic (PV) systems contain solar panels that power the appliances of households during the day. Solar PV systems can produce surplus of electricity during summer months and are stored in grid connected systems to be fed back to the electrical network. Use of hybrid systems for leveraging on solar energy as well as sustainable approaches of generating power can drive the market.
The HMI software market is bound to reap huge dividends owing to low operating costs, low electricity bills, and simple design. Elimination of expensive back-up batteries from latest and novel grid designs can lower electricity bills. Rising demand for solar powered energy storage solutions, installation of solar panels, and new government schemes for encouraging renewable energy production can bode well for the market. Development of solar photovoltaic power projects by governments by introducing incentives and subsidies is likely to favor the market. According to the Government of India, the New Solar Mission has opened up auctions for bidding on solar panel projects and aims to create self-sufficient business models that can support energy distribution companies of state governments. But complexities of maintaining grid balance can hamper market growth.
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The human machine interface software market is very competitive and marked with alliances and joint ventures. New product developments are expected annually owing to government initiatives and schemes.
Notable Players Operating In The Global HMI Software Market Include:
The COVID-19 pandemic has negatively affected the global HMI software market. The prioritization of healthcare and goals of curbing the disease from spreading in countries has slashed the budgets of renewable energy schemes. Reliance on solar modules and panels imported from China has affected the industry at large. The effect of the pandemic on auction bids and installations can derail future renewable energy investments. Policy changes that usher in flexibility in current models of electricity systems and calculate for losses during cloud cover and wind gusts can push the industry towards new horizons.
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By component, the global market has been segmented into on-premise and cloud-based.
By product type, the global market has been divided into proprietary software, hardware-independent, and open-source software.
By configuration type, the global market has been divided into proprietary stand-alone HMI and embedded HMI.
By type, the global market has been divided into proprietary supervisory level HMI and machine-level HMI.
By technology, the global market has been divided into optical, acoustic, bionic, tactile, and motion.
By end-user, the global market has been divided into oil and gas, energy and power, food and beverages, aerospace and defense, chemical, metals and mining, pharmaceutical, automotive, packaging, and semiconductor and electronics.
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The human machine interface software market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC holds the largest market share owing to increasing investments in solar projects and demand for solar energy sources. Efforts to reduce the reliance on fossil fuels can bode well for the human machine interface software market. Rising number of photovoltaic installations in China and India are evident of the huge potential of the market. But lack of land resources can hamper the market growth in the region. Ease in installation process and access to services can attract domestic consumers. Online portals and mobile appliances to address customer grievances can bode well for the market.
North America may be lucrative for the HMI software market owing to energy saving schemes and eliminating charges in commercial electricity tariffs. The U.S. is likely to be the biggest revenue generator of the region with installation of solar farms and passing of law for introduction of renewable energy schemes. Deployment of GPV connected systems and regulatory changes can favor the market. Investment tax credits for solar is driving the number of installations in the utility sector. Energy storage mandates and incentive schemes can facilitate the market’s penetration in the region.
Exide Industries and Leclanche have collaborated on a joint venture, Nexcharge, with Tata Power and created the first grid-connected energy storage system in New Delhi, India. Battery-based storage systems can store solar resources and integrate it into the electric grid. This move is likely to cater to increasing demand of energy during peak hours for residents of the country.
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