Market Size of Latin America HMI Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.60 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Human Machine Interface Market Analysis
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.
- 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.
