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Hardware-in-the-loop Market size was over USD 671.4 million in 2023 and is anticipated to reach USD 25.46 billion by 2036, growing at around 10.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hardware-in-the-loop is estimated at USD 729.41 million. 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
10.8% |
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Base Year Market Size (2023) |
USD 671.4 million |
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Forecast Year Market Size (2036) |
USD 25.46 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments
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By Component |
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By Application |
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APAC Market Statistics
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. Asia Pacific industry is likely to account for largest revenue share by 2036, driven by 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.
North America Market Analysis
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.
May 27, 2021: OPAL-RT Technologies announced the opening of its office in São Paulo, Brazil, to expand its reach in the Latin American region. Aerospace, defense, transportation, and energy sectors are the key focus for OPAL-RT.
May 18, 2020: Typhoon HIL launched the Virtual Here software to support remote use of HIL devices.
Author Credits: Abhishek Verma
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