Albany, NY -- (SBWIRE) -- 04/19/2019 -- 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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As per the estimations provided by the report, the global packaging robot market will be worth US$5.03 bn by the end of the forecast period, which is 2024, considerably up from its evaluated valuation of merely US$1.67 bn in 2016. In the near future, the report foresees the competitive landscape of the packaging robot market to witness a number of mergers and acquisitions and joint ventures, a pattern that has been very evident in the recent past. For example, in March 2016, 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.
Picking Packaging Robot Garner Maximum Demand
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. Application-wise, the report categorizes the global packaging robot market into picking, packing including tray and cases, and palletizing, including bag palletizing, case palletizing, and de-palletizing. In 2016, picking packaging robot segment accounted for 39% of the demand, which was a reflection of increasing consumption of consumer products and food and beverages as a result of changing lifestyles among the urban population.
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China Maintaining Asia Pacific as Most Lucrative Region
Out of all important regions studied in by this report for the potential of packaging robot market, such as North America, Europe, and Asia Pacific, the latter is currently most profitable, projected to account for 64.5% of the global demand in 2024. Escalating usage of packaging robots in FMCG as well as food and beverage industries is the reason behind the substantial demand from Asia Pacific, which houses nearly the half of the world's population. China, with its flourishing industrial packaging demand, is expected to keep Asia Pacific at the forefront of packaging robot market throughout the forecast period.
Increased Efficiency Driving Demand
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.