Packaging Robot Market - Increment at a Strong CAGR of 14.0% During the Forecast Period of 2016 to 2024

Albany, NY -- (SBWire) -- 04/05/2018 --A fresh market intelligence study by Transparency Market Research (TMR) projects the demand in the global packaging robot market to increment at a strong CAGR of 14.0% during the forecast period of 2016 to 2024. The report has also detected that the competition in the global packaging robot market is intense, and every single prominent player is aggressive about branding strategies in order to gain ground over the competitors. The study has evaluated that the top ten players, including KUKA Roboter GmbH, ABB Ltd., FANUC Corporation, and Yaskawa Electric Corporation, accounted for 32% shares of the market in 2016.

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Based on end-use industries, the global packaging robot market has been segmented into cosmetics and personal care, food, beverages, pharmaceuticals, chemical manufacturing, tracking, logistics, and transport, and consumer goods. While the late but very evident penetration of e-commerce in the emerging economies in Asia Pacific, such as India, which houses vast population, the tracking, logistics, and transport segment is expected to gain from, whereas food and beverage segments will gain from changing lifestyle of the urban population.

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High accuracy, reduced production damage, superior efficiency, and tireless functioning are some of the key factors pushing the adoption of packaging robots. Increase in the need for automation in various industries to increase the efficiency, and in turn production, and cost reduction advantages offered by the robots are two of the key factors augmenting the demand in the global packaging robot market. On the other hand, high initial cost and the lack of skilled labor are two key challenges faced by the packaging robot market.

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