Hardware in the Loop Market

Hardware in the Loop Market by Type (Open Loop, Closed Loop), Vertical (Automobile, Aerospace, Defense, Power Electronics, Research & Education) and Region (North America, APAC, Europe, Rest of the World) - Global Forecast to 2027

Report Code: SE 3883 Aug, 2022, by marketsandmarkets.com

[192 Pages Report] The hardware in the loop market is projected to grow from USD 817 million in 2022 to USD 1,291 million by 2027, at a CAGR of 9.6%.

The major factors driving the growth of the market include technological advancements in electric and autonomous vehicles, faster product development with early stages of testing using hardware in the loop, and growing demand in developing countries.

Hardware in the Loop Market

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Hardware in the loop market

The hardware in the loop market includes major Tier I and II players like dSPACE GmbH (Germany), NATIONAL INSTRUMENTS CORP. (US), Vector Informatic GmbH (Germany), Elektrobit (Germany), OPAL-RT Technologies (Canada), and others.

Hardware in the loop market dynamics

Driver: Technological advancements in electric and autonomous vehicles

Technologies such as advanced driver assistance systems, autonomous driving, and collision avoidance systems are being adopted in automobiles to improve safety and ride comfort. Hardware in the loop testing is done for ECUs, algorithms, and software used in autonomous technology. Camera, radar, LiDAR, Image Signal Processing units, GPS, and other sensors are also tested to validate the sensor data using hardware in the loop test benches. Continental has invested USD 76.5 million for developing ADAS and autonomous driving technologies in its Memmingen facility and a new facility, Neu-Ulm, in Germany. In the US, Hyundai has formed a JV with Aptiv to develop self-driving systems for commercialization automobile applications to be used in robotaxi. Minus Zero, a startup based in Bangalore, India, has raised USD 1.7 million for setting up R&D infrastructure to develop affordable self-driving cars. Thus, the demand for hardware in the loop testing in autonomous vehicle technology will increase as more automobile manufacturers adopt the features in their vehicles.

Restraint: High cost of ownership and technical complexity in implementation

Hardware in the loop is a complex technique to be implemented as designing the mathematical model can be complex based on the variables and the function block added to the system. Complex systems such as microgrids, aircraft models, and automobile environment generation require hardware with the capability to handle heavy data processing. This requires investing in an initial setup of expensive real-time simulators and rack computers to run the simulation model. Therefore, when a manufacturer is looking to set up hardware in the loop test system, it is expensive to buy a new system, and complex programs are required to set up the simulation model. With the increasing complexity in the design of embedded controllers, the demand for compatible hardware in the loop system has increased to fulfill the test requirements.

Opportunity: Adoption in new application areas such as power electronics and industrial robotics

The hardware in the loop technique for testing is used mainly in the automotive and aerospace sectors. The growing functionalities in modern vehicles have led to an increase in the demand for hardware in the loop testing solutions which can meet these new benchmarks. In the aviation sector, hardware in the loop systems are used mainly for the verification and validation of aerospace control systems. Since physical testing in this sector can be very risky for the real plant as well as human life, the hardware in the loop technique is preferred for most of the testing needs.

In recent years, the demand for the hardware in the loop testing technique in the power electronics sector has increased, especially for testing the operation, stability, and fault tolerance of electrical grids. It is also being used in the robotics sector for the testing of complex controllers used for robots. The need to meet the industry safety standards among manufacturers is also creating growth opportunities for the hardware in the loop market.

Challenge: Complexity in creating real-time simulation

The hardware in the loop system needs to be designed and programmed as per the requirements of a user. With the change in goal and the device being tested, the specifications of the hardware in the loop system need to be changed so that it is able to simulate an environment that is very close to the real conditions; therefore, it is not possible to create a standard program for all applications. For instance, the programming of the hardware in the loop system for an automobile manufacturer to ensure the products are as per the controller area network (CAN) conformance will be quite different from that of an aerospace manufacturer for testing its aerospace control systems. For this task, extensive knowledge and training are required.  

Market for closed loop system to hold the highest CAGR during the forecast period

The closed loop market is expected to grow at the highest CAGR during the forecast period. Protective relays, controllers, and other hardware equipment are connected to real-time simulation equipment for hardware in the loop simulation. These simulations have been used in the aerospace, defense, space, and utility industries. The rising implementation of autonomous driving and ADAS is expected to boost the demand for closed-loop hardware in the loop systems across the automotive industry.

Hardware in the loop market for automobile vertical to hold the highest market share from 2022 to 2027

The automobile vertical is expected to lead the hardware in the loop market. The growth is precedential due to the increasing use of hardware in the loop technique in automobiles for developing enhanced ECUs, reducing time to market, and complying with various industry standards. New technology developments in electric vehicles and autonomous driving require advancement in the testing of Battery Management Systems, LiDAR and computer vision, and other critical components. In January 2022, LeddarTech, a manufacturer of ADAS and AD sensing technology, developed LeddarEcho, a LiDAR simulation software for simulating LiDAR sensor model on dSPACE AURELION for hardware in the loop applications. This has replaced the requirement of using actual LiDAR sensors for the development of sensing platforms and perception systems.

Hardware in the loop market in Asia Pacific to hold the highest CAGR during the forecast period

Asia Pacific is expected to account for the highest share of the hardware in the loop market by 2027 and register the highest growth rate from 2022 to 2027. China, Japan, and India are significant drivers of the market. The rapid growth of the automotive, aerospace, and power electronics sectors has contributed to the growth of the hardware in the loop market. Some automobile manufacturers in Asia Pacific using the hardware in the loop technique are Subaru (Japan) and TATA Motors (India).

Hardware in the Loop Market by Region

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Key Market Players

The hardware in the loop market is dominated by players such as dSPACE GmbH (Germany), NATIONAL INSTRUMENTS CORP. (US), Vector Informatic GmbH (Germany), Elektrobit (Germany), and OPAL-RT Technologies (Canada).

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Scope of the Report

Report Metric

Details

Market size available for years

2018-2027

Base year considered

2021

Forecast period

2022-2027

Forecast units

Value (USD Million)

Segments covered

By Type, Vertical

Geographies covered

North America, Europe, APAC, and RoW

Companies covered

The major market players include dSPACE GmbH (Germany), NATIONAL INSTRUMENTS CORP. (US), Vector Informatic GmbH (Germany), Elektrobit (Germany), OPAL-RT Technologies (Canada), Speedgoat GmbH (Switzerland), Robert Bosch GmbH (Germany), IPG Automotive GmbH (Germany), Acutronic Holding AG (Switzerland), Plexim GmbH (Switzerland), Konrad GmbH (Germany), MicroNova (Germany), LHP, Inc (US), Genuen (US), and Typhoon HIL (US) (Total 25 players are profiled)

The study categorizes the hardware in the loop market based on type, and vertical at the regional and global levels.

Hardware in the loop market, by type

  • Open loop
  • Closed loop

Hardware in the loop market, by vertical

  • Automobile
  • Aerospace
  • Defense
  • Power electronics
  • Research & education
  • Others

Hardware in the loop market, By Region

  • North America
  • Europe
  • APAC
  • RoW

Recent Developments

  • In April 2022, IPG Automotive announced SensInject to expand the hardware range with a new product to inject data from the camera, radar, and lidar sources for advanced automobile test systems.
  • In March 2022, dSPACE and Avionics Interface Technologies jointly offer rapid control prototyping (RCP) and hardware in the loop (HIL) solutions for aerospace applications. By combining these products and their capabilities in dSPACE’s SCALEXIO Interface Solutions, both companies will support a broad range of avionics system development and test activities, including embedded system prototyping, avionics system integration, and avionics system verification.
  • In March 2022, Vector Informatik acquired Gimpel Software. This acquisition extends that testing portfolio of embedded system testing by adding PC-lint Plus, a solution for comprehensive static code checking analysis of C and C++ coding language.
  • In February 2022, Typhoon HIL released the latest version of hardware in the loop control center with the addition of a new communication protocol support for both distribution automation and e-mobility applications and new pre-built components for designing.
  • In February 2022, OPAL-RT Technologies announced a collaborative agreement with Coordinador Electrico Nacional (CEN) of Chile to start using OPAL-RT's real-time simulation expertise and experience in the modeling of a digital twin of their electrical network. CEN is a technical, autonomous, and independent organization responsible for the Chilean power grid's secure, reliable, and economic operation.
  • In December 2021, Speedgoat launched IO324, a configurable I/O module and versatile Simulink-programmable FPGA combining accurate analog and digital input and output channels with a large selection of standard interfaces.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 26)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
                    FIGURE 1 HARDWARE IN THE LOOP MARKET SEGMENTATION
           1.3.2 GEOGRAPHIC SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED
    1.5 STAKEHOLDERS
    1.6 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 30)
    2.1 INTRODUCTION
           FIGURE 2 HARDWARE IN THE LOOP MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY AND PRIMARY RESEARCH
           2.1.2 SECONDARY DATA
                    2.1.2.1 List of major secondary sources
                    2.1.2.2 Key data from secondary sources
           2.1.3 PRIMARY DATA
                    2.1.3.1 List of key primary interview participants
                    2.1.3.2 Breakdown of primary Interviews
    2.2 MARKET SIZE ESTIMATION
           FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS
           FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 (SUPPLY SIDE)—IDENTIFICATION OF REVENUE GENERATED BY COMPANIES FROM HARDWARE IN THE LOOP OFFERINGS
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for arriving at market size using bottom-up analysis
                               FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for arriving at market size using top-down analysis
                               FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.3 DATA TRIANGULATION
           FIGURE 7 DATA TRIANGULATION: HARDWARE IN THE LOOP MARKET
    2.4 RESEARCH ASSUMPTIONS
           TABLE 1 RESEARCH ASSUMPTIONS: HARDWARE IN THE LOOP MARKET
    2.5 LIMITATIONS
    2.6 RISK ASSESSMENT
           TABLE 2 LIMITATIONS AND ASSOCIATED RISKS

3 EXECUTIVE SUMMARY (Page No. - 42)
    3.1 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST
           FIGURE 8 OPEN LOOP SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
           FIGURE 9 AUTOMOBILE TO BE LARGEST VERTICAL SEGMENT OF HARDWARE IN THE LOOP MARKET DURING FORECAST PERIOD
           FIGURE 10 ASIA PACIFIC HARDWARE IN THE LOOP MARKET TO GROW AT HIGHEST CAGR FROM 2022 TO 2027

4 PREMIUM INSIGHTS (Page No. - 46)
    4.1 ATTRACTIVE OPPORTUNITIES IN HARDWARE IN THE LOOP MARKET
           FIGURE 11 GROWING DEMAND FOR HARDWARE IN THE LOOP TECHNIQUES ACROSS ELECTRIC VEHICLE TESTING AND AUTONOMOUS DRIVING
    4.2 HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY AND BY VERTICAL
           FIGURE 12 US AND AUTOMOBILE VERTICAL TO BE LARGEST SHAREHOLDERS OF NORTH AMERICAN HARDWARE IN THE LOOP MARKET IN 2022
    4.3 HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY VERTICAL
           FIGURE 13 POWER ELECTRONICS VERTICAL TO ACCOUNT FOR HIGHEST CAGR DURING FORECAST PERIOD
    4.4 HARDWARE IN THE LOOP MARKET, BY COUNTRY
           FIGURE 14 HARDWARE IN THE LOOP MARKET IN CHINA TO GROW AT HIGHEST CAGR FROM 2022 TO 2027

5 MARKET OVERVIEW (Page No. - 49)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 15 HARDWARE IN THE LOOP MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Technological advancements in electric and autonomous vehicles
                    5.2.1.2 Faster product development with early stages of testing using hardware in the loop
                    5.2.1.3 Growing demand in developing countries
                               FIGURE 16 HARDWARE IN THE LOOP MARKET: IMPACT ANALYSIS OF DRIVERS
           5.2.2 RESTRAINTS
                    5.2.2.1 High cost of ownership and technical complexity in implementation
                               FIGURE 17 HARDWARE IN THE LOOP MARKET: IMPACT ANALYSIS OF RESTRAINTS
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Adoption in new application areas such as power electronics and industrial robotics
                               FIGURE 18 HARDWARE IN THE LOOP MARKET: IMPACT ANALYSIS OF OPPORTUNITIES
           5.2.4 CHALLENGES
                    5.2.4.1 Complexity in creating real-time simulation
                    5.2.4.2 Reluctance to invest
                               FIGURE 19 HARDWARE IN THE LOOP MARKET: IMPACT ANALYSIS OF CHALLENGES
    5.3 VALUE CHAIN ANALYSIS
           FIGURE 20 HARDWARE IN THE LOOP MARKET: VALUE CHAIN ANALYSIS
    5.4 PORTER’S FIVE FORCES ANALYSIS
           TABLE 3 IMPACT OF PORTER’S FIVE FORCES ON HARDWARE IN THE LOOP MARKET, 2022–2027
    5.5 KEY STAKEHOLDERS AND BUYING CRITERIA
           5.5.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 21 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE VERTICALS
                    TABLE 4 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE VERTICALS (%)
           5.5.2 BUYING CRITERIA
                    FIGURE 22 KEY BUYING CRITERIA FOR TOP THREE VERTICALS
                    TABLE 5 KEY BUYING CRITERIA FOR TOP THREE VERTICALS
    5.6 ECOSYSTEM ANALYSIS
           FIGURE 23 HARDWARE IN THE LOOP MARKET: ECOSYSTEM
           TABLE 6 HARDWARE IN TH LOOP MARKET: SUPPLY CHAIN
    5.7 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS
           FIGURE 24 REVENUE SHIFT FOR HARDWARE IN THE LOOP MARKET
    5.8 CASE STUDIES
           5.8.1 MODULAR HARDWARE IN THE LOOP TEST SYSTEM FOR AUTOMOBILE ECU TESTING
           5.8.2 ELECTRIC PARKING BRAKE HARDWARE IN THE LOOP AND DURABILITY TEST
           5.8.3 HARDWARE IN THE LOOP-POWERED DIGITAL TWIN MODEL FOR SMART ELECTRIC GRID RESEARCH
           5.8.4 AUTOMATED VALIDATION OF RADAR SENSORS IN AUTOMOBILES
           5.8.5 DEVELOPING HARDWARE IN THE LOOP SYSTEM FOR TESTING HYDROGEN VEHICLES
    5.9 TECHNOLOGY ANALYSIS
           5.9.1 DIGITAL TWIN
           5.9.2 VIRTUAL ENVIRONMENT SIMULATION FOR AUTONOMOUS VEHICLES
    5.10 PRICING ANALYSIS
           TABLE 7 AVERAGE SELLING PRICE OF HARDWARE IN THE LOOP
    5.11 TRADE ANALYSIS
           TABLE 8 IMPORT DATA, BY COUNTRY, 2017–2021, (USD MILLION)
           FIGURE 25 IMPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION)
           TABLE 9 EXPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION)
           FIGURE 26 EXPORT DATA, BY COUNTRY, 2017–2021 (USD MILLION)
    5.12 PATENT ANALYSIS
           TABLE 10 IMPORTANT PATENTS IN HARDWARE IN THE LOOP MARKET, 2019–2021
    5.13 TARIFF ANALYSIS
           TABLE 11 MFN TARIFFS FOR MEASURING OR CHECKING INSTRUMENTS, APPLIANCES, AND MACHINES EXPORTED BY US
           TABLE 12 MFN TARIFFS FOR MEASURING OR CHECKING INSTRUMENTS, APPLIANCES, AND MACHINES EXPORTED BY CHINA
           TABLE 13 MFN TARIFF FOR MEASURING OR CHECKING INSTRUMENTS, APPLIANCES, AND MACHINES EXPORTED BY GERMANY
    5.14 KEY CONFERENCES AND EVENTS, 2022–2023
           TABLE 14 HARDWARE IN THE LOOP MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
    5.15 REGULATORY LANDSCAPE
           5.15.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 15 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 16 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 17 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

6 HARDWARE IN THE LOOP MARKET, BY TYPE (Page No. - 77)
    6.1 INTRODUCTION
           FIGURE 27 HARDWARE IN THE LOOP MARKET, BY TYPE
           FIGURE 28 HARDWARE IN THE LOOP MARKET, BY TYPE, 2022–2027
           TABLE 18 HARDWARE IN THE LOOP MARKET, BY TYPE, 2018–2021 (USD MILLION)
           TABLE 19 HARDWARE IN THE LOOP MARKET, BY TYPE, 2022–2027 (USD MILLION)
    6.2 OPEN LOOP
           6.2.1 USED FOR TESTING SIMPLE OPEN-LOOP CONTROLLERS
                    TABLE 20 OPEN LOOP: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
                    TABLE 21 OPEN LOOP: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
    6.3 CLOSED LOOP
           6.3.1 USED TO TEST AND VALIDATE COMPLEX CONTROLLERS AND CONTROL SYSTEMS IN DYNAMIC TEST PLATFORM
                    TABLE 22 CLOSED LOOP: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
                    TABLE 23 CLOSED LOOP: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2022–2027 (USD MILLION)

7 HARDWARE IN THE LOOP MARKET, BY VERTICAL (Page No. - 82)
    7.1 INTRODUCTION
           FIGURE 29 HARDWARE IN THE LOOP MARKET, BY VERTICAL
           FIGURE 30 HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2022–2027
           TABLE 24 HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
           TABLE 25 HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
    7.2 AUTOMOBILE
           7.2.1 ELIMINATE ERRORS IN EARLY STAGE OF VEHICLE DEVELOPMENT
                    TABLE 26 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 27 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 28 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET, BY TYPE, 2018–2021 (USD MILLION)
                    TABLE 29 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET, BY TYPE, 2022–2027 (USD MILLION)
                    TABLE 30 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 31 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 32 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 33 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 34 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 35 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 36 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 37 AUTOMOBILE VERTICAL: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2022–2027 (USD MILLION)
    7.3 AEROSPACE
           7.3.1 HARDWARE IN THE LOOP SIMULATION ENABLES TESTING OF ECU FOR CRITICAL SYSTEMS
                    TABLE 38 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 39 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 40 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET, BY TYPE, 2018–2021 (USD MILLION)
                    TABLE 41 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET, BY TYPE, 2022–2027 (USD MILLION)
                    TABLE 42 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 43 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 44 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 45 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 46 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 47 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 48 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 49 AEROSPACE VERTICAL: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2022–2027 (USD MILLION)
    7.4 DEFENSE
           7.4.1 COST-EFFECTIVE AND RELIABLE TESTING OF DEFENSE TECHNOLOGIES
                    TABLE 50 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 51 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 52 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET, BY TYPE, 2018–2021 (USD MILLION)
                    TABLE 53 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET, BY TYPE, 2022–2027 (USD MILLION)
                    TABLE 54 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 55 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 56 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 57 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 58 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 59 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET, IN ASIA PACIFIC, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 60 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 61 DEFENSE VERTICAL: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2022–2027 (USD MILLION)
    7.5 POWER ELECTRONICS
           7.5.1 TESTING OF POWER ELECTRONIC DEVICES CRUCIAL FOR CONTINUOUS TESTING AND SIMULATION OF VARIOUS SCENARIOS IN ELECTRIC GRIDS
                    TABLE 62 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 63 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 64 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET, BY TYPE, 2018–2021 (USD MILLION)
                    TABLE 65 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET, BY TYPE, 2022–2027 (USD MILLION)
                    TABLE 66 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 67 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 68 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 69 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 70 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 71 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 72 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 73 POWER ELECTRONICS VERTICAL: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2022–2027 (USD MILLION)
    7.6 RESEARCH & EDUCATION
           7.6.1 HARDWARE IN THE LOOP SIMULATION PROVIDES RELIABLE VIRTUAL TESTING OF ECU FOR RESEARCH AND ACADEMIC STUDIES
                    TABLE 74 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 75 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 76 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET, BY TYPE, 2018–2021 (USD MILLION)
                    TABLE 77 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET, BY TYPE, 2022–2027 (USD MILLION)
                    TABLE 78 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 79 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 80 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 81 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 82 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2021 (USD MILLION)
                    TABLE 83 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2022–2027 (USD MILLION)
                    TABLE 84 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 85 RESEARCH & EDUCATION VERTICAL: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2022–2027 (USD MILLION)
    7.7 OTHERS
           TABLE 86 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET, BY REGION, 2018–2021 (USD MILLION)
           TABLE 87 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET, BY REGION, 2022–2027 (USD MILLION)
           TABLE 88 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET, BY TYPE, 2018–2021 (USD MILLION)
           TABLE 89 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET, BY TYPE, 2022–2027 (USD MILLION)
           TABLE 90 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2021 (USD MILLION)
           TABLE 91 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET IN NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)
           TABLE 92 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2018–2021 (USD MILLION)
           TABLE 93 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)
           TABLE 94 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2018–2021 (USD MILLION)
           TABLE 95 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET IN ASIA PACIFIC, BY COUNTRY, 2022–2027 (USD MILLION)
           TABLE 96 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2018–2021 (USD MILLION)
           TABLE 97 OTHER VERTICALS: HARDWARE IN THE LOOP MARKET IN ROW, BY REGION, 2022–2027 (USD MILLION)

8 HARDWARE IN THE LOOP MARKET, BY REGION (Page No. - 108)
    8.1 INTRODUCTION
           FIGURE 31 HARDWARE IN THE LOOP MARKET, BY REGION, 2022–2027
           TABLE 98 HARDWARE IN THE LOOP MARKET, BY REGION, 2018–2021 (USD MILLION)
           TABLE 99 HARDWARE IN THE LOOP MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.2 NORTH AMERICA
           FIGURE 32 NORTH AMERICA: HARDWARE IN THE LOOP MARKET SNAPSHOT
           TABLE 100 NORTH AMERICA: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
           TABLE 101 NORTH AMERICA: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
           TABLE 102 NORTH AMERICA: HARDWARE IN THE LOOP MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
           TABLE 103 NORTH AMERICA: HARDWARE IN THE LOOP MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
           8.2.1 US
                    8.2.1.1 Leads the market in North America
           8.2.2 CANADA
                    8.2.2.1 Electric vehicles to boost demand for hardware in the loop testing of equipment and various control systems
           8.2.3 MEXICO
                    8.2.3.1 Growing investments from automobile manufacturers to propel demand for hardware in the loop systems
    8.3 EUROPE
           FIGURE 33 EUROPE: HARDWARE IN THE LOOP MARKET SNAPSHOT
           TABLE 104 EUROPE: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
           TABLE 105 EUROPE: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
           TABLE 106 EUROPE: HARDWARE IN THE LOOP MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
           TABLE 107 EUROPE: HARDWARE IN THE LOOP MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
           8.3.1 UK
                    8.3.1.1 Development of power infrastructure with the addition of renewable energy sources to further boost demand for testing power electronics
           8.3.2 GERMANY
                    8.3.2.1 Leads technological development in electronics, automobiles, industrial automation, and power generation and transmission
           8.3.3 FRANCE
                    8.3.3.1 Increasing trend of robotics to enhance the hardware in the loop market for testing and simulation
           8.3.4 REST OF EUROPE
    8.4 ASIA PACIFIC
           FIGURE 34 ASIA PACIFIC: HARDWARE IN THE LOOP MARKET SNAPSHOT
           TABLE 108 ASIA PACIFIC: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
           TABLE 109 ASIA PACIFIC: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
           TABLE 110 ASIA PACIFIC: HARDWARE IN THE LOOP MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
           TABLE 111 ASIA PACIFIC: HARDWARE IN THE LOOP MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
           8.4.1 CHINA
                    8.4.1.1 To witness highest growth globally
           8.4.2 INDIA
                    8.4.2.1 Development of electric vehicles to create potential for new plants for testing and simulation
           8.4.3 JAPAN
                    8.4.3.1 Growth of power electronics sector for testing inverters and DC-DC converters
           8.4.4 REST OF ASIA PACIFIC
    8.5 ROW
           TABLE 112 ROW: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
           TABLE 113 ROW: HARDWARE IN THE LOOP MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
           TABLE 114 ROW: HARDWARE IN THE LOOP MARKET, BY REGION, 2018–2021 (USD MILLION)
           TABLE 115 ROW: HARDWARE IN THE LOOP MARKET, BY REGION, 2022–2027 (USD MILLION)
           8.5.1 SOUTH AMERICA
                    8.5.1.1 Automobile manufacturers to boost development of electric vehicles
           8.5.2 MIDDLE EAST & AFRICA
                    8.5.2.1 Growing investment opportunities from automobile manufacturers

9 COMPETITIVE LANDSCAPE (Page No. - 125)
    9.1 OVERVIEW
    9.2 MARKET EVALUATION FRAMEWORK
           TABLE 116 OVERVIEW OF STRATEGIES DEPLOYED BY KEY HARDWARE IN THE LOOP PLAYERS
           9.2.1 PRODUCT PORTFOLIO
           9.2.2 REGIONAL FOCUS
           9.2.3 MANUFACTURING FOOTPRINT
           9.2.4 ORGANIC/INORGANIC GROWTH STRATEGIES
    9.3 MARKET SHARE ANALYSIS: HARDWARE IN THE LOOP MARKET, 2021
           TABLE 117 DEGREE OF COMPETITION
    9.4 COMPANY EVALUATION MATRIX
           9.4.1 STARS
           9.4.2 EMERGING LEADERS
           9.4.3 PERVASIVE COMPANIES
           9.4.4 PARTICIPANTS
           FIGURE 35 COMPANY EVALUATION MATRIX, 2021
    9.5 START-UP/SME EVALUATION MATRIX
           9.5.1 PROGRESSIVE COMPANIES
           9.5.2 RESPONSIVE COMPANIES
           9.5.3 DYNAMIC COMPANIES
           9.5.4 STARTING BLOCKS
                    FIGURE 36 START-UP/SME EVALUATION MATRIX, 2021
    9.6 HARDWARE IN THE LOOP MARKET: COMPANY FOOTPRINT
           TABLE 118 COMPANY FOOTPRINT (25 COMPANIES)
           TABLE 119 FOOTPRINT OF DIFFERENT TYPES OF HARDWARE IN THE LOOP OFFERED BY DIFFERENT COMPANIES
           TABLE 120 FOOTPRINT OF DIFFERENT COMPANIES ACROSS DIFFERENT VERTICALS
           TABLE 121 REGIONAL FOOTPRINT OF DIFFERENT COMPANIES
    9.7 COMPETITIVE BENCHMARKING
           TABLE 122 HARDWARE IN THE LOOP MARKET: DETAILED LIST OF KEY START-UPS/SMES
           TABLE 123 HARDWARE IN THE LOOP MARKET: COMPETITIVE BENCHMARKING OF KEY START-UPS/SMES
    9.8 COMPETITIVE SITUATIONS AND TRENDS
           9.8.1 PRODUCT LAUNCHES AND DEVELOPMENTS
                    TABLE 124 PRODUCT LAUNCHES, NOVEMBER 2019–APRIL 2022
           9.8.2 DEALS
                    TABLE 125 DEALS, NOVEMBER 2019–MARCH 2022

10 COMPANY PROFILES (Page No. - 145)
(Business overview, Products offered, Recent Developments, MNM view)* 
     10.1 KEY PLAYERS
             10.1.1 DSPACE
                        TABLE 126 DSPACE: COMPANY OVERVIEW
                        TABLE 127 DSPACE: PRODUCT OFFERINGS
             10.1.2 NATIONAL INSTRUMENTS
                        TABLE 128 NATIONAL INSTRUMENTS: COMPANY OVERVIEW
                        FIGURE 37 NATIONAL INSTRUMENTS: COMPANY SNAPSHOT
                        TABLE 129 NATIONAL INSTRUMENTS: PRODUCT OFFERINGS
             10.1.3 VECTOR INFORMATIK
                        TABLE 130 VECTOR INFORMATIK: COMPANY OVERVIEW
                        TABLE 131 VECTOR INFORMATIK: PRODUCT OFFERINGS
             10.1.4 ELEKTROBIT AUTOMOTIVE
                        TABLE 132 ELEKTROBIT AUTOMOTIVE: COMPANY OVERVIEW
                        TABLE 133 ELEKTROBIT AUTOMOTIVE: PRODUCT OFFERINGS
             10.1.5 OPAL-RT TECHNOLOGIES
                        TABLE 134 OPAL-RT TECHNOLOGIES: COMPANY OVERVIEW
                        TABLE 135 OPAL RT TECHNOLOGIES: PRODUCT OFFERINGS
             10.1.6 SPEEDGOAT
                        TABLE 136 SPEEDGOAT: BUSINESS OVERVIEW
                        TABLE 137 SPEEDGOAT: PRODUCT OFFERINGS
             10.1.7 BOSCH
                        TABLE 138 BOSCH: BUSINESS OVERVIEW
                        FIGURE 38 BOSCH: COMPANY SNAPSHOT
                        TABLE 139 BOSCH: PRODUCT OFFERINGS
             10.1.8 IPG AUTOMOTIVE
                        TABLE 140 IPG AUTOMOTIVE: COMPANY OVERVIEW
                        TABLE 141 IPG AUTOMOTIVE: PRODUCT OFFERINGS
             10.1.9 ACUTRONIC
                        TABLE 142 ACUTRONIC: COMPANY OVERVIEW
                        TABLE 143 ACUTRONIC: PRODUCT OFFERINGS
             10.1.10 PLEXIM
                        TABLE 144 PLEXIM: COMPANY OVERVIEW
                        TABLE 145 PLEXIM: PRODUCT OFFERINGS
             10.1.11 KONRAD TECHNOLOGIES
                        TABLE 146 KONRAD TECHNOLOGIES: COMPANY OVERVIEW
                        TABLE 147 KONRAD TECHNOLOGIES: PRODUCT OFFERINGS
             10.1.12 MICRONOVA
                        TABLE 148 MICRONOVA: COMPANY OVERVIEW
                        TABLE 149 MICRONOVA: PRODUCT OFFERINGS
             10.1.13 LHP ENGINEERING SOLUTION
                        TABLE 150 LHP ENGINEERING SOLUTION: COMPANY OVERVIEW
                        TABLE 151 LHP ENGINEERING SOLUTION: PRODUCT OFFERINGS
             10.1.14 GENUEN
                        TABLE 152 GENUEN: COMPANY OVERVIEW
                        TABLE 153 GENUEN: PRODUCT OFFERINGS
             10.1.15 TYPHOON HIL
                        TABLE 154 TYPHOON HIL: BUSINESS OVERVIEW
                        TABLE 155 TYPHOON HIL: PRODUCT OFFERINGS
     10.2 OTHER PLAYERS
             10.2.1 MODELINGTECH
                        TABLE 156 MODELINGTECH: COMPANY OVERVIEW
             10.2.2 BLOOMY CONTROLS
                        TABLE 157 BLOOMY CONTROLS: COMPANY OVERVIEW
             10.2.3 CONTROLLAB
                        TABLE 158 CONTROLLAB: COMPANY OVERVIEW
             10.2.4 PICKERING INTERFACES
                        TABLE 159 PICKERING INTERFACES: COMPANY OVERVIEW
             10.2.5 APPLUS+
                        TABLE 160 APPLUS+: COMPANY OVERVIEW
             10.2.6 ADD2 LIMITED
                        TABLE 161 ADD2 LIMITED: COMPANY OVERVIEW
             10.2.7 BLUEHALO
                        TABLE 162 BLUEHALO: COMPANY OVERVIEW
             10.2.8 SIEMENS
                        TABLE 163 SIEMENS: COMPANY OVERVIEW
             10.2.9 SPIRENT COMMUNICATIONS
                        TABLE 164 SPIRENT COMMUNICATIONS: COMPANY OVERVIEW
             10.2.10 UAV NAVIGATION
                        TABLE 165 UAV NAVIGATION: COMPANY OVERVIEW
*Details on Business overview, Products offered, Recent Developments, MNM view might not be captured in case of unlisted companies. 

11 APPENDIX (Page No. - 187)
     11.1 DISCUSSION GUIDE
     11.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     11.3 CUSTOMIZATION OPTIONS
     11.4 RELATED REPORTS
     11.5 AUTHOR DETAILS

This research study involved the extensive use of secondary sources, directories, and databases such as Hoovers, Bloomberg, Businessweek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the hardware in the loop market. Primary sources were several experts from core and related industries and preferred suppliers, manufacturers, distributors, service providers, technology developers, and organizations related to all the segments of the value chain of the hardware in the loop ecosystem.

In-depth interviews with various primary respondents such as key industry participants, subject matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, were conducted to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects.

Secondary Research

Secondary sources referred to for this research study included corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers; certified publications; articles by recognized authors; directories; and databases. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated through primary research.

List of Major Secondary Sources

SOURCE

WEB LINK

European Automobile Manufacturers' Association

https://www.acea.auto/

European Space Agency

https://www.esa.int/

US Department of Transportation

https://www.transportation.gov/automobiles

United States Department of Energy

https://www.energy.gov/

Primary Research

Extensive primary research was conducted after gaining knowledge about the current scenario of the hardware in the loop market through secondary research. Several primary interviews were conducted with experts from both demand and supply sides across four major regions—North America, Europe, Asia Pacific, and RoW. This primary data was collected through questionnaires, emails, and telephonic interviews.

Hardware in the Loop Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the size of the hardware in the loop market and its various dependent submarkets. The key players in the market were identified through secondary research, and their market share in the respective regions was determined through primary and secondary research. This entire procedure involved the study of annual and financial reports of top players and extensive interviews with industry leaders such as chief executive officers (CEOs), vice presidents (VPs), directors, and marketing executives. All percentage shares and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in this report.

Bottom-Up Approach

The bottom-up approach was used to arrive at the overall size of the hardware in the loop market from the revenues of key players and their shares in the market. The overall market size was calculated based on the revenues of key players identified in the market.

  • Identifying various verticals contributing to the growth of the hardware in the loop market
  • Analyzing major hardware in the loop providers and studying their portfolios and solution offerings
  • Analyzing trends pertaining to hardware in the loops, including type and verticals,
  • to help understand the demand generated by companies dependent on the hardware in the loop industry
  • Tracking the ongoing and upcoming hardware in the loop developments by various companies or end users, and forecasting the market based on these developments and other critical parameters
  • Conducting multiple discussions with key opinion leaders to understand the types of contracts signed and products and systems offered by market players, to help analyze the break-up of the scope of work carried out by each major hardware in the loop company
  • Conducting multiple discussions with key opinion leaders to understand the current technologies in the hardware in the loop market and analyzing the break-up of the scope of work carried out by each major hardware in the loop company
  • Arriving at the market estimates by analyzing revenues of these companies generated from various countries through the subscriptions offered for hardware in the loop products and then combining the same to get the market estimates based on region
  • Verifying and crosschecking the estimates at every level by the discussion with key opinion leaders, including directors, operation managers, and then finally with the domain experts in MarketsandMarkets
  • Referring to various paid and unpaid sources of information such as annual reports, press releases, white papers, blogs, news, and databases to validate the market estimations

Top-Down Approach

In the top-down approach, the overall size of the hardware in the loop market that was derived through percentage splits obtained from secondary and primary research was used to estimate the size of the individual markets (mentioned in the market segmentation).

For the calculation of the size of specific market segments, the overall size of the hardware in the loop market was considered to implement the top-down approach. The bottom-up approach was also implemented for the data extracted from secondary research to validate the obtained market size of different segments.

The market share of each company was estimated to verify the revenue share used earlier in the bottom-up approach. With the data triangulation procedure and validation of data through primaries, the sizes of the overall parent market and each market were determined and confirmed in this study. The data triangulation procedure used for this study is explained in the next section.

  • Focusing initially on top-line investments and expenditures made in the hardware in the loop ecosystem
  • Splitting the market considering the types of hardware in the loops used in different verticals and increased use of hardware in the loops them, along with the key developments in the major market area
  • Collecting information related to revenue generated by players through the segments offering hardware in the loop
  • Conducting multiple on-field discussions with key opinion leaders across each major company involved in the development of hardware in the loops
  • Estimating the geographic split with the use of secondary sources based on numerous factors such as the number of players in a specific country or region and hardware in the loops used in various verticals
  • Verifying and crosschecking the estimates at every level by discussions with key opinion leaders, including directors, operation managers, and then finally with the domain experts in MarketsandMarkets.

Data Triangulation

After arriving at the overall size of the hardware in the loop market from the market size estimation process explained above, the total market was split into several segments and subsegments. Data triangulation procedures were employed wherever applicable to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both, demand, and supply sides. In addition to this, the market size was validated using top-down and bottom-up approaches

Study Objectives

  • To define and forecast the hardware in the loop market size by type and vertical in terms of value
  • To describe and forecast the market for four key regions: North America, Europe, Asia Pacific, and Rest of the World (RoW), along with their respective countries
  • To provide detailed information regarding the significant drivers, restraints, opportunities, and challenges influencing market growth
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
  • To study the complete value chain of the hardware in the loop market
  • To analyze opportunities in the market for stakeholders by identifying high-growth segments of the hardware in the loop ecosystem
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2 and provide details of the competitive landscape
  • To analyze strategic approaches such as product launches, collaborations, contracts, acquisitions, agreements, expansions, and partnerships in the hardware in the loop market

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players  
Hardware in the Loop Market Size,  Share & Growth Report
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SE 3883
Published ON
Aug, 2022
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