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Packaging Robot Market to represent a significant expansion at 14% CAGR by 2024
Research Report Insights (RRI) has launched the report titled, “Packaging Robot Market to represent a significant expansion at 14% CAGR by 2024”
Global Packaging robotics marketis forecast to be valued at over USD 5.03 billion by 2024. Logistics service robotics market size is set to exceed USD 650 million with 14 % CAGR expectations.
Research analysis on the global packaging robots market identifies that the need for automatic detection and sorting will be one of the major factors that will have a positive impact on the growth of the market. Packaging robots determine the position of objects using advanced sensors, vision technology, and laser-detection ability. These robots sort the objects on a moving conveyor belt automatically using the laser technology.
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The adoption of industrial robots is high in both developing and developed countries of APAC. Also, the number of regional industrial robot manufacturers is increasing in the region. This in turn, will boost the availability of low-cost packaging robots. These low-cost packaging robots will be extensively used in fragmented industries such as the food and beverage and machine tools and auto components industries, in turn, driving the growth of this packaging machine market.
Rising number of manufacturing industries around the globe is one of the major factors boosting the growth of the global packaging robot market. Rapid urbanization along with increasing disposable income is anticipated to increase the demand for digital labeling and packaging. In addition, numerous industries such as healthcare, sports, and FMCG are anticipated to foster the market growth. These robots are getting smarter owing to technological advancements in sensing and software; thus, this results in high demand for these packaging robots. In addition, they offer ease of use owing to integrated controls and intuitive human-machine interfaces.
On the basis of application, the global packaging robot market is segmented as picking, packing, case packing, tray packing, filling, and others. The others segment is further sub-segmented as palletizing, case palletizing, bag palletizing, and de-palletizing. Based on the gripper type, the global market is segmented as the claw, clamp, vacuum, and others. On the basis of end-use industries, the global packaging robot market is further segmented as food and beverages, pharmaceuticals, consumer products, tracking and logistics, industrial packaging, chemicals, electronics devices, and others.
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Asia Pacific is anticipated to witness high growth in the global packaging robot market mainly owing to rapid industrialization across various countries such as China, India, and South Korea. China is expected to witness considerable growth in terms of revenue in the region. Japan is also anticipated to exhibit high growth potential. In addition, the U.S. is anticipated to dominate the market in the near future. Owing to the presence of a large number of diversified industries, Europe is also expected to show high demand.
Some of the major key players in the Market are KUKA Roboter GmbH collaborated with Huawei Technologies Co. Ltd. For research and development activities, whereas Bosch Packaging Technology aligned a joint venture with Klenzaids Contamination Controls Private Limited, an Indian firm. Along the same lines, FANUC Corporation has increased its focus on machine learning via its partnership with Preferred Networks Inc.
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