Siemens AG announced that it would be cutting 2,700 jobs as part of its cost-cutting measures in response to the economic impact of the COVID-19 pandemic. The job cuts were primarily focused on Siemens' gas and power division, which faced challenges due to declining demand for power generation equipment during the global recession caused by the pandemic.
General Electric Company announced its decision to exit the coal power business. GE had been a major player in the coal power industry, providing equipment and services to coal-fired power plants. However, the company decided to shift its focus towards renewable energy and cleaner technologies, aligning with the global push for sustainability and reducing carbon emissions.
Author Credits: Abhishek Verma, Hetal Singh
Report ID: 5122
Published Date: Jul 31, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing demand for automotive sector is the major factor driving the market growth.
The market size of human machine interface is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2023 Ã¢â‚¬â€œ 2035.
The major players in the market are Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., General Electric Company, Honeywell International Inc., ABB Ltd., and others.
The automotive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.