Packaging Robots Market worth US$ 8,448.21 million by 2028 at a CAGR of 11.49% - Exclusive Report by The Insight Partners

Increased Demand for High Degree Automation to Provide Growth Opportunities for Packaging Robots Market during 2021-2028

According to our latest market study on "Packaging Robots Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Industry Vertical, and Application," the market is expected to grow from US$ 3,945.43 million in 2021 to US$ 8,448.21 million by 2028; it is estimated to grow at a CAGR of 11.49% from 2021 to 2028.

The rising demand for packaging robots and growing demand for reducing the overall operational costs across the packaging sector are expected to be some of the major driving factors aiding the growth for packaging robots market. Growing customer demand for high-quality goods has resulted in advancements in manufacturing technology which is indirectly boosting the packaging robots market growth. The food and beverage, trucking and logistics, and fast-moving consumer goods (FMCG) businesses are all focused on getting products to customers in a short amount of time, which has boosted the adoption of technology in robotic packaging market globally.

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Packaging Robots Market: Competitive Landscape and Key Developments
ABB; Brenton, LLC; Fanuc Corporation; Krones AG; Kuka AG; Mitsubishi Electric Corporation; Remtec Automation, LLC; Syntegon Technology GmbH (Bosch Packaging Technology); Schneider Electric SE; and Yaskawa Electric Corporation are among the major companies operating in the packaging robots market.

The global packaging robots market has been segmented as mentioned below:

The global packaging robots market is segmented into five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. In 2020, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Packaging is a critical procedure in manufacturing facilities, especially those that produce goods for the consumer market. The installation of a robotic packaging system increases flexibility and improves the packaging line's overall production. Furthermore, packaging robots can work in a variety of temperatures and take up significantly less floor area than people. Increased demand for various items is forcing enterprises to focus on improving production efficiency and implementing better operations management. The implementation of robotic automation in packaging units can help achieve overall equipment efficiency (OEE), which is a necessary need for long-term production efficiency.

Robotic installation in packaging lines improves high-speed efficiency of product selecting, packing, and palletizing by reducing physical dexterity. Additionally, due to rising demand, a considerable number of investments have been recorded in the robotics domain. According to the surveys, the demand for robots was fueled by investments in new production capabilities and the modernization of industrial premises. Factors like as the development of energy-efficient packaging systems and fierce competition in all major manufacturing markets have made it possible to invest in the packaging robot technology around the globe. Furthermore, it improves equipment efficiency while lowering operating costs and providing exceptional returns on investment.

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The global packaging robots market is bifurcated on the basis of industry vertical and application. The market, based on industry vertical, is segmented into food & beverages, pharmaceuticals, consumer electronics, and others. By application, the market is segmented into primary packaging, secondary packaging, and tertiary packaging. Based on geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (China, India, South Korea, Japan, Australia, and the Rest of APAC), Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).

Impact of COVID-19 Pandemic on Packaging Robots Market in North America
The COVID-19 pandemic has been adversely affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients compelled governments to impose stringent lockdowns across the US and other countries in the first three quarters of 2020. The investments in the robotics industry also suffered a sharp decline due to the disrupted supply chain. The manufacturing sector witnessed severe losses due to temporary factory shutdowns and low production volumes, which hindered the growth of the electronics & semiconductor, automotive, and retail sectors. Additionally, the social or physical distancing measures put limitations on the operations of logistics and other service providers. This disruption has propelled manufacturers to integrate automation solutions, such as robots, to maintain robust supply chains amidst workforce shortages. Companies are investing in automation solutions as a part of their strategic plan.

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This release was published on openPR.