Industry operators across the globe have been opting for large-scale automation across verticals owing to growing demand for consumer goods and rapid growth in the manufacturing sector. This has resulted in the wide-scale adoption of packaging robots. The global market for packaging robots is predicted to expand at a CAGR of more than 14% from 2016 to 2024, according to a report by Transparency Market Research.
Use of Packaging Robots in Industrial and Consumer Sectors Highest
Packaging robots are used in several end-use industries, including pharmaceuticals, tracking and logistics, food and beverages, consumer products, and industrial packaging. The industrial packaging category presently holds the largest share in the global packaging robot market and is likely to continue its lead through 2024, albeit at a relatively slow pace compared to other end-use industries. The segment of consumer products is an immensely promising end-use sector for packaging robots. The food and beverages segment is anticipated to expand at a healthy CAGR of 15.5% from 2016 to 2024, emerging as one of the fastest developing end-use segments of the packaging robots market. Although the segment of tracking and logistics is likely to expand at a less than 15% CAGR over the coming years, the growth of this end-use segments will continue to remain steady owing to the rising use of packaging robots for loading and unloading in the industry.
Packaging Robots Most Widely Used for Packing
Packaging robots find application in packing, picking, and palletizing. The palletizing segment comprises bag palletizing, case palletizing, and de-palletizing. The packing application segment includes tray packing, case packing, and filling. In 2015, the packing segment held a significant share in the overall packaging robots. This trend is likely to continue over the course of the forecast period. Within this segment, the case packing and tray packing sub-segments are anticipated to register the highest growth in value through 2024.
Developing Countries to Reflect Upward Growth Trend in Coming Years
The global packaging robot market comprises five key segments based on geography: Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific is presently the largest market for packaging robots thanks to the growing and strengthening presence of an increasing number of multinational companies. China is perhaps one of the most significant markets for packaging robots in the region in terms of both value and sales volume, giving stiff competition to several global suppliers as well. The Asia Pacific packaging robots market is likely to expand at an impressive 17% CAGR from 2016 to 2024.
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Although increasing automation in most manufacturing industries has made Europe and North America strong contenders in the global packaging robots market, the growth in these two regions is anticipated to remain moderate owing to fluctuating demand. In contrast, the packaging robots market in developing regions is forecast to show vertical growth in the coming years. Nevertheless, the sales of packaging robots in the MEA region and Latin America is predicted to rise at a pace slower than that in Asia Pacific.
Some of the most prominent companies in the global packaging robots market are Fanuc Corporation, Bosch Packaging Technology, Yaskawa Electric Corporation, Schneider Electric SE, Kuka Roboter GmbH, ABB Limited, and Mitsubishi Electric Corporation.