Global Hardware in the Loop Market Report and Forecast 2024-2032

Global Hardware in the Loop Market Outlook

The global hardware in the loop market attained about USD 859.32 million in 2023. The market is expected to grow at a CAGR of 6% in the forecast period of 2024-2032, to attain nearly USD 1448.88 million by 2032.

The Significant Growth of the Open Loop HIL Segment to Bolster the Growth of the Hardware in the Loop Industry

Based on product type, the open loop HIL segment accounts for a significant share in the market and is anticipated to witness healthy growth in the forecast period. The open loop HIL is less complex in terms of use and provides stable operation. It is significantly cheaper than the closed loop HIL. Apart from being easy to construct and convenient to use, this segment is easy to maintain too.

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Over the forecast period, the growing demand for the open-loop HIL in the household equipment, such as washing machine, electric bulb, electric hand drier, and bread toaster, among others, is likely to augment the market growth.

The North America Accounts for a Significant Share in the Market

The hardware in the loop industry in North America is driven by the growing investments towards the expansion of the real-time embedded systems in the United States of America and Canada. The market in the region is anticipated to be augmented by the rising demand for heavy machinery and large-sized equipment, owing to the rapid urbanisation and technological advancements in the infrastructure. The market in the region is further expected to be aided by the rising government expenditure towards research and education.

Hardware in the Loop: Market Segmentation

Hardware in the loop is defined as the technique which is used in the testing of real-time embedded systems. The hardware in the loop provides a way of simulating sensors, actuators and various mechanical components.

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Based on product type, the market is segmented into:

• Open Loop HIL
• Closed Loop HIL

The major industry verticals of the hardware in the loop market include:

• Defence
• Aerospace
• Automotive
• Power Electronics
• Research and Education
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The Rising Application of HIL Technology in Various Sectors to Boost the Growth of the Hardware in the Loop Industry

The global hardware in the loop industry is driven by the thriving automotive and aerospace and defence industry. Hardware in the loop is a crucial component for the development of ECUs in the automotive industry. Hence, the growing adoption of ECU by the automotive industry, in order to meet various industry standards is likely to propel the demand for hardware in the loop. Over the forecast period, the growing demand for HIL technology from the electronic companies, for various applications, such as nuclear power plants, chassis systems, wind turbine generators, developing and testing of electronic grids, and photovoltaic inverters, among others, is likely to augment the growth of the market. The market is further expected to be aided by the growing expansion of the major market players in the developing economies of the world.

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Key Industry Players in the Global Hardware in the Loop Market

The report gives a detailed analysis of the following key players in the global hardware in the loop market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Robert Bosch Engineering and Business Solutions Private Limited
• Seimens Aktiengesellschaft
• IPG Automotive GmbH
• dSPACE GmbH
• Speedgoat GmbH 
• NATIONAL INSTRUMENTS CORP.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report