Global Packaging Robot Market: Snapshot
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.
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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.
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.
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.
With the demand for regular crest and trough, the sale of packaging robots is prophesied to stay moderate. Howbeit, it could demonstrate an upward growth trend in less developed countries. This is expected to be primarily on account of the escalating level of automation across diverse end-use industries. Compared to the Asia Pacific and Europe regions, the Middle East and Africa and Latin America could reveal a fairly slower rate of sales in the international packaging robot market.
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