Portland, OR, May 26, 2017 (GLOBE NEWSWIRE) -- According to a new report published by Allied Market Research, titled, "Packaging Robots Market - 2016 - 2023," the packaging robots market size was valued at $2471 million in 2016 and is projected to reach $4,649 million by 2023, growing at a CAGR of 9.6% from 2017 to 2023. Vacuum gripper type dominated the global packaging robots market and is expected to maintain the trend till 2023. However, Asia-Pacific is expected to dominate the market throughout the forecast period due to increase in demand for automated technologies in various industries.
Increased demand of robots for increased packaging efficiency, improved supply chain process, rising need for automation in industries, and reduced operational costs drive the growth of the global packaging robots market. In addition, the growth of the global robotic industry and continuous growth in e-commerce and retail sector is projected to create lucrative opportunities for the global packaging robots market. However, high installation costs, heavy capital investment, and shortage of skilled labor hamper the packaging robots market growth.
Packing applications dominated the packaging robots market in 2016 and case packing accounted for the maximum share, constituting around 48% in 2016. Side loading case packing machines have witnessed significant adoption in the packaging industry as it is equipped with horizontal carton magazine for easy loading. However, bagging and cartoning is expected to exhibit the fastest growth rate because cartoning machines to ensure eradication of manual labor and make the whole automated packaging process quite efficient.
Pick & place robots gained popularity and are anticipated to grow the fastest during the forecast period. The pick & place robot systems are flexible and can be easily programed. In addition, these systems improve product quality and cycle time because of consistent processing. Hence, these robotic systems are projected to grow at a CAGR of 11.4% by 2023.
According to Deepankar Bose, Manager, Construction & Consumer Goods, “The need of robotic systems in global packaging robots industry, is on an increase in food & beverage, e-commerce, healthcare, and logistics industries to meet their requirements and increase efficiency. The demand for these systems is driven by the growth in industrialization, need for automation in reducing costs and waste, and improvement in the production efficiency. In addition, high accuracy, superior efficiency, and reduction in product damage offered by pick & place robot systems has a substantial impact on the market growth.”
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Among the major industry verticals, the packaging robots find widespread usage in food & beverage industry, which accounted for more than 35% share in 2016 owing to increased order volume of fresh food & beverage products. This segment is estimated to witness significant growth during the forecast period due to improving production processes, lowering labor intensity, and timely delivery of materials.
Asia-Pacific region accounted for the maximum market share in packaging robots industry 2016, and is expected to maintain its lead throughout the forecast period. This is attributed to heavy investment by consumer products and food & beverage industry players in automation. LAMEA region exhibited significant growth due to increased demand of production from consumer markets. Especially, emerging countries such as Brazil facilitates the market growth.
Key Findings of the Packaging Robots Market Study:
- In 2016, packing application accounted for the maximum market revenue, and is projected to grow at a CAGR of 9.2 % during the forecast period.
- Tray packing, one of the key packing applications in global packaging robots market is expected to grow at a significant CAGR of 12.4%, owing to increased demand for product handling systems.
- Pharmaceutical industry is the fastest growing industry vertical owing to rise in demand for preservation, protection, and safe handling of drugs.
- China is the major shareholder in the Asia-Pacific packaging robots industry, accounting for around 45.6% share in 2016.
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The key players in the packaging robots market focus to expand their business operations in the emerging countries by adopting various strategies, such as acquisition and contact/agreement. The major players profiled in this report include ABB Limited, Krones AG, Fanuc Corporation, Schneider Electric SE, Yaskawa America Inc., Mitsubishi Electric Corporation, Bosch Packaging Technology (Robert Bosch GmbH), Brenton Engineering, Kuka Roboter GmbH, and Remtec Automation LLC.