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Global Hardware in the Loop Market to Grow at a CAGR of 6% During 2022-2027, Aided by the Rising Application in the Automotive Industry

According to a new report by EMR titled, ‘Global Hardware in the Loop Market Report and Forecast 2022-2027’, the global hardware in the loop industry attained about USD 721.5 million in 2020. The market is expected to grow at a CAGR of 6% in the forecast period of 2022-2027.

The hardware in the loop market is driven by the rising application of HIL (Hardware in the Loop) technology in the automotive industry, owing to the growing need to boost the efficiency of sensors, actuators, and various other mechanical components. The rising demand for power electronics in the automotive industry will further aid the market. Over the forecast period, the growing expansion of the major HIL technology providers in developing countries is likely to augment the market growth. The HIL technology is time and cost-effective and is likely to witness a significant increase in adoption by the aerospace industry.

In March 2019, NVIDIA Corporation (NASDAQ: NVDA) collaborated with Cognata Ltd. for large-scale hardware in the loop autonomous vehicle simulation. The NVIDIA DRIVE constellation-cloud-based validation platform will support Cognata’s scenario and traffic models. In November 2019, NATIONAL INSTRUMENTS CORP. (NASDAQ: NATI) announced the collaboration with ETAS GmbH, aimed towards advancing the Hardware in the loop validation.

In terms of region, North America is likely to account for a significant share in the market, owing to the rising investments towards the research and development activities in the aerospace and defense industry. Regions like the United States of America and Canada are anticipated to provide lucrative opportunities to the major automotive, aerospace and defense, and power electronics industries, which is likely to be an aiding factor of the market in the region.

Market Breakup by Product Types, Industry Verticals, and Region:

  • The market, based on product type, is segmented into open loop HIL and closed loop HIL.
  • The different industry verticals in the HIL market include defence, aerospace, automotive, power electronics, and research and education, among others.
  • The regional markets for hardware in the loop can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for hardware in the loop is being driven by the rising applications of HIL technology in aerospace and defense, power electronics, and the automotive industry.
  • The growing awareness about the time and cost-effectiveness of HIL is likely to augment the market growth.
  • The rising demand for actuators, sensors, and various mechanical components in the automotive industry is likely to bolster the market growth.
  • The market will further be aided by the growing expansion of the HIL technology providers in the emerging economies of the world.

Key Offerings of the Report:

  • The EMR report gives an overview of the global hardware in the loop market for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the product types, industry verticals, and regions of hardware in the loop.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global hardware in the loop industry are Robert Bosch Engineering and Business Solutions Private Limited, Seimens Aktiengesellschaft, IPG Automotive GmbH, dSPACE GmbH, Speedgoat GmbH, and NATIONAL INSTRUMENTS CORP., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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