Global Hardware-in-the-Loop Market Highlights over 2022 – 2031
The global hardware-in-the-loop market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. Hardware-in-the-loop or (HIL) is a simulation system used to test control systems, by mimicking the actual hardware interconnection. The growth of the market can be attributed to the increasing application of HIL in automotive and electronic sectors. HIL is used to test the vehicles, equipment, and electronic devices, to simulate every possible scenario, and check the controller and device performance. This can save a significant amount spent on real-time testing of these devices, which is estimated to boost the market growth. Moreover, introduction of advanced technologies, such as, ADAS systems and AI, for cars, unmanned aerial vehicles, and defense machineries, is expected to encourage the growth of the market. In addition to this, the increasing investment in research and development activities, is anticipated to boost the market growth. According to the data by the World Bank, 2.203% of the global gross domestic product (GDP) was spent on research and development activities, in 2018.
The global hardware-in-the-loop market is segmented by application into defense, automotive, electronics, research & education, and others. Out of these, the automotive segment is anticipated to hold the notable share over the forecast period on account of increasing sales of cars, combined with the growing demand for semi-autonomous vehicles. According to the data by the International Energy Agency, more than 88 million cars were sold in 2019, globally. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Hardware-in-the-Loop Market Regional Synopsis
On the basis of geographical analysis, the global hardware-in-the-loop market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness modest growth over the forecast period on the back of presence of major automobile manufacturers in the region. Moreover, the increasing demand for vehicles is expected to further promote the market growth. According to the data by the International Energy Agency (IEA), 25 million cars were sold in China, 4 million in India, 4 million sold in Japan.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the adoption of advanced technology, along with rising manufacturing of defense equipment and machines in the region. Furthermore, the high production of automobiles, and electronic devices, is also estimated to boost the market growth.
The global hardware-in-the-loop market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global hardware-in-the-loop market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing application of HIL in automotive and electronics sector is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Speedgoat GmbH, Typhoon HIL, Opal-RT Technologies INC., Airbus Group SE, Honda Aircraft Company, Embraer S.A., dSPACE GmbH, Aegis Technologies Group, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, application, and by region.
The automotive segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
Additional cost requirement for HIL testing, and absence of advanced technology in underdeveloped regions are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the adoption of advanced technology in the region.
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