Portland, OR -- (SBWIRE) -- 09/19/2017 -- According to a new report published by Allied Market Research, titled, Packaging Automation Solutions Market by Product, End-user Industry, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global packaging automation solutions market was valued at $33,866 million in 2016, and is expected to reach $58,010 million by 2023, registering a CAGR of 8.2% from 2017 to 2023. Asia-Pacific is expected to exhibit lucrative growth opportunities, owing to rapid industrialization & surge in manufacturing activities for consumer goods.
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The global packaging automation solutions market is expected to witness a significant growth due to rising population and booming industries such as food & beverage, healthcare & pharmaceuticals, and e-commerce & logistics. In addition, these packaging solutions require lesser human intervention, which in turn drives the market growth.
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The form filling & sealing (FSS) segment is expected to generate the highest revenue of $12,986 million by 2023. The palletizing segment is expected to grow from $6,942 million in 2016 to $12,247 million by 2023, registering the highest CAGR of 8.6% during the forecast period.
Key Findings of the Packaging Automation Solutions Market:
- Global packaging automation solutions market is expected to grow at a CAGR of 8.2% during the forecast period, thereby presenting lucrative opportunities for the players in the global industry.
- The packaging robots segment is expected to witness the highest CAGR during the forecast period.
- Europe is expected to be the highest revenue contributor with $11,630 million in 2016, and is estimated to garner $18,737 million by 2023 at a CAGR of 7.2%.
The key players operating in the global packaging automation solutions market are Rockwell Automation, Mitsubishi Electric Corp., Schneider Electric SE, Automated Packaging Systems, Inc., BEUMER Group GmbH & Co., Siemens AG, Swisslog Holding AG, Brenton, PakTech, and SATO Holdings.