Global Packaging Robots Market is Estimated to Reach $5 Billion by 2024, Says Accurize Market Research
Global Packaging Robots Market report published by Accurize Market Research forecast that the global market is expected to reach $5 billion by 2024; growing at a CAGR of 14.5% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Demand for high automation in packaging line to drive the global market
Major factors driving the global packaging robot market are growth in manufacturing industries, requirement for intelligent modernization to decrease product delivery time, and increased demand for high automation in packaging line. However, high capital investment is a major challenge for market players. Various innovative features such as high accuracy and low product damage offered by packing robots would provide new business opportunities for the market in near future.
The global packaging robot market is split into application, gripper type, and end user. The application segment is divided into packing robots, palletizing robots, and picking robots. The gripper type segment is further segregated into vacuum gripper, claw gripper, clamp gripper, and others. The end user segment is bifurcated into food & beverages, consumer products, cosmetic & personal care, pharmaceutical, tracking, logistics & transport, chemical manufacturing, and industrial packaging.
Geographically, the market is categorized into North America, Europe, Asia-Pacific and Rest of the world (RoW). North America, Europe, Asia-Pacific and rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa and Middle East.
"Palletizing robot accounted for the largest market share in the application segment", says Accurize
In the application segment, palletizing robot segment accounted for the largest market share in 2017, due to its huge demand in loading and unloading of goods. The vacuum gripper segment accounted for the largest market share in the overall gripper type segment in 2017. The industrial packaging segment dominated the end user segment accounting for more than one-third of the total market share in 2017.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific accounted for the largest market share of 66.3% in 2017, owing to increased adoption of automation across food & beverage and FMCG industries. Europe accounted for the second largest market share of 21.8%. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 17.2% during the forecast period 2017-2025.
Top players in the market
Major companies operating in the market include Mitsubishi Electric Corporation, Bosch Packaging Technology, Fanuc Corporation, Kuka Roboter GmbH, ABB Limited, Schneider Electric SE., Yaskawa Electric Corporation, Schneider Electric SE, Yamaha Robotics, and Intelligent Actuator among others.
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