Packaging Robot Market Evolving Technology and Growth Outlook 2023 to 2024

The global packaging robot market is expected to draw growth on the back of several domestic and multinational organizations operating in different industries around the world that adopt robotics as an indispensable slice of their business strategies. On a worldwide platform, the growth of the global packaging robot market could be catapulted with mounting concerns over overall equipment effectiveness (OEE) and safety and advancement in various manufacturing sectors.

The global packaging robot market is forecasted to reach a valuation of US$5.03 bn by 2024 while rising at a CAGR of more than 14.0% between 2016 and 2024. In 2016, the global packaging robot market had acquired a US$1.67 bn.

Picking Robots Lead with Higher CAGR but Packing Robots Stay Attractive

The sales quotient of the world packaging robot market is anticipated to be bolstered by the augmenting demand of industrial robots in packaging and pick and place applications. During the aforementioned forecast period, packing robots could attract a high demand and expand at an over 14.5% in the world packaging robot market. Nonetheless, compared to the overall sales of packaging robots during the same period, picking robots are predicted to register a higher CAGR. Since different robots are engaged for different applications, the demand for application-specific robots could also vary.

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According to end use, industrial packaging is envisaged to showcase dominance in the world packaging robot market throughout the course of the forecast period, compared to tracking and logistics, consumer products, pharmaceuticals, and food and beverages. However, industrial packaging could record a reasonably slower growth until the concluding forecast year, which gives an opportunity for other end-use segments to make a comeback. The world packaging robot market is envisioned to witness the rise of consumer products, closely following industrial packaging, in the near future.

After conducting an exhaustive analysis of the world packaging robot market and its penetration, adoption, and sales in industrial packaging and consumer products, the researchers foresee a bright future for manufacturers. Food and beverages is anticipated to go past a handsome CAGR growth while other end-use markets such as tracking and logistics could grow at a slightly lower pace. Nevertheless, tracking and logistics packing robot suppliers are foretold to receive a telling demand with the rise of unloading and loading industrial applications.

China Aids Asia Pacific Dominate with both Sales Value and Volume

In terms of geography, Asia Pacific could record a larger share in the international packaging robot market with countries such as China operating in the limelight. In comparison with other Asia Pacific markets, China is foreseen to exhibit a higher sales value as well as volume. High potential markets of the Asia Pacific region could roof a substantial presence of most multinational firms. However, the surging penetration of Chinese suppliers is projected to aggravate the competition in the region. The larger market size of Asia Pacific could be envied by Europe and North America progressing at close quarters.

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Several primary and secondary sources were consulted during the course of the study. Secondary sources include OneSource, Factiva, Hoover’s, International Federation of Robotics (IFR), Robotics Industries Association (RIA), Magazines published by the ABB Limited and company annual reports and publications among many others.

The report provides detailed competitive outlook including market shares and company profiles of key participants operating in the global market. Key players in the global packaging robot market include Fanuc Corporation, Kuka Roboter GmbH, Yaskawa Electric Corporation, ABB Limited, Mitsubishi Electric Corporation, Bosch Packaging Technology and Schneider Electric SE among others.  Company profiles include attributes such as company overview, financial overview, business strategy and recent developments.