Latin America Human Machine Interface Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Latin America Human Machine Interface Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Latin America human-machine interface Market is expected to grow at a CAGR of 7.6% during the forecast period. The increasing applications across end-user industries and a need for industrial automation are driving the Latin American human-machine interface market.

Key Highlights

• Latin America's Manufacturing Industry is performing at a flatter rate due to recessions in Brazil's and Argentina's manufacturing industries, and most of the contribution comes from the automotive sector in Mexico. However, there is a growth in the demand for automation to increase efficiency and reduce cost.
• The growth in dispensable income among the middle class has also helped the economy's development, and companies are investing in packaging automation technology to increase efficiency. This growth in industrial automation will drive the HMI market in Latin America.
• Further, technologies, such as Open Platform Communications Unified Architecture, integrated into PC-based machine controls have allowed the safe transmission of encrypted data from machine to cloud and enterprise-level systems. ​
• In June 2021, Varroc Engineering signed a Memorandum of Understanding with Candera, an HMI tool provider and development partner, to integrate the Human Machine Interface technology in Varroc's Thin Film Transistor (TFT) instrument cluster. According to the MoU, Varroc will develop the hardware and base software of the product, while Candera will provide a software solution for HMI. Such instances will drive the demand for Human Machine Interface Market in the region.
• The outbreak of COVID-19 has influenced global industrial spending significantly. It will continue to do so over the next couple of years, as the non-operational status of various industries deemed non-essential by governments worldwide faced huge losses, thereby influencing their tech spending. The adverse effects of COVID-19 also impact the energy sector. However, the pandemic highlighted the pressing need for automation across various industries, which is expected to boost the market demand over the coming years.

Key Market TrendsAutomotive Industry to Drive the Market Growth

• Human Machine Interface (HMI) solutions for automobiles are features and components of car hardware and software that enable drivers and passengers to interact with the vehicle and the outside environment. Automotive HMI solutions improve driving experiences by allowing interaction with multi-touch dashboards, voice-enabled vehicle infotainment, control panels, built-in screens, and other features.
• The automotive industry has been increasingly adopting automation owing to various factors, such as the demand for more production and better efficiency. Moreover, companies have been adopting philosophies such as Lean manufacturing and six sigma, which increase the emphasis on efficiency.
• According to International Trade Association (ITA), Mexico is the sixth-largest global passenger vehicle manufacturer, producing approximately three million vehicles annually. Eighty-nine percent of vehicles produced in Mexico are exported, with 80 percent destined for the United States. Whereas, according to ANFAVEA, Brazil, car production in brazil accounted for 205.9 thousand units in May 2022, the highest monthly manufacturing volume since last November and following a 0.4 percent rise in the previous month.
• Companies have been relying on automation and increasing the number of robots to increase production. For instance, Toyota has been setting up new plants for as long as three years and has been one of the world's largest automakers by sales, indicating the use of machines for production. This rise in automation increased the demand for HMI systems.

Automotive Segment to have a Significant Growth

• The electronics and automotive industries in Mexico are some of the industries utilizing and integrating automation through the introduction of robotics in the country. Additionally, increasing investments and rapidly rising sales of robots to be incorporated in diverse industries are driving the usage of human-machine interfaces (HMI), thereby propelling market growth over the forecast period.
• The Mexican government is focused on implementing industry 4.0 in the country, as it poses ample opportunity in the current market. Furthermore, the country comprises a skilled workforce and has strong economic relations with the United States, which creates new avenues for it to invest, which is expected to increase the utilization of the HMI system.
• Moreover, private companies are coming up with various investments which will further boost the growth of HMI in the country. For instance, in July 2022, Fanuc, a manufacturer of CNCs and robotics, opened a new robotic and automation headquarter in Aguascalientes, Mexico.
• As per IFR's World Robotic 2021 report, there are 3 million industrial robots operating in factories around the world, an increase of 10%. Moreover, annual shipments of industrial robots in Mexico are expected to reach 9,000 in 2021, which was 4,500 in 2018.

Competitive Landscape

The Latin America Human Machine Interface Market is highly competitive, with several local and international players active in the Latin America Market. With the market expected to broaden and yield more opportunities, more players are expected to enter the market soon. The key players in the market studied include ABB Ltd, Siemens AG, and Eaton Corporation, among others. These major players have adopted various growth strategies, such as mergers and acquisitions, new product launches, expansions, joint ventures, partnerships, and others, to strengthen their position in this market.

• May 2022 - ABB Ltd has launched ABB Ability NGX Hoist Control, an automated, digital hoist control system evolved from ABB's reliable and proven past generations of hoist control systems to enable mining companies to operate hoists with high levels of performance and safety using a standardized platform. It has intuitive operation via a human-machine interface system (HMI) and provides access to ABB expert technical support at all times.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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