Packaging Robots Market Estimated to Hit $4.65 Billion by 2023 at 9.3% CAGR, Says Allied Market Research
Allied Market Research recently published a report, titled, “Packaging Robots Market by Gripper Type (Claw, Clamp, Vacuum and Others), Application (Picking & Placing, Packing and Palletizing) and End User (Food & Beverage, Pharmaceutical, Logistics, Consumer Products, Logistics and Others) - Global Opportunity Analysis and Industry Forecast, 2017–2023”. According to the report, the global packaging robots market accounted for $2.69 billion in 2017 and is expected to reach $4.65 billion by 2023, registering a CAGR of 9.3% during the period from 2017 to 2023.
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Increase in usage of robots to increase efficiency in packaging, rise in demand for automation, and advantages of usage of packaging robots such as cost reduction have boosted the growth of the global packaging robots market. However, high initial cost and dearth of skilled labor in the developed countries hamper the market growth. On the contrary, growth of e-commerce and retail industry and evolving global robotic industry are expected to create lucrative opportunities in the near future.
Vacuum segment governs the market
The vacuum segment held the largest share in 2017, contributing nearly one-third of the total market. However, the clamp segment is expected to manifest the fastest CAGR of 10.5% by 2023. The report also includes segments such as claw and others.
Picking segment to manifest fastest growth by 2023
The picking segment is projected to portray the fastest CAGR of 11.1% during the forecast period. However, the packing segment governs the market in terms of revenue in 2017, contributing about two-fifths of the total market. The report studies another segment of palletizing.
Food & beverages segment held largest share
The food & beverages segment dominated the market, contributing nearly two-fifths of the total market revenue in 2017. However, the pharmaceuticals segment is expected to register the fastest CAGR of 11.3% during the study period. The report includes an analysis of the other segments such as consumer products, logistics, and others.
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Asia-Pacific region to create lucrative opportunities through 2023
Asia-Pacific region is estimated to create lucrative opportunities through 2023, as it held the largest share as well as is projected to manifest the fastest growth. In 2017, the region held nearly two-thirds of the total market and is expected to register the CAGR of 10.5% during the forecast period. This is attributed to increase in adoption of automated systems in the food & beverage, logistics, pharmaceutical, and other industries and rapid technological advancements in the robotic systems. The report includes other regions such as North America, Europe, and Latin America, Middle East and Africa (LAMEA).
Major market players
The major market players analyzed in the report include ABB Limited, Fanuc Corporation, Yaskawa America Inc., Robert Bosch Packaging Technology GmbH, Kuka Roboter GmbH, Krones AG, Schneider Electric, Mitsubishi Electric Corporation, Brenton, LLC, and Remtec Automation, LLC.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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