With the top ten players holding just over 32%, the global packaging robot market represents a highly fragmented vendor landscape. Despite the cut-throat competition, companies such as FANUC CORPORATION, ABB Ltd., KUKA Roboter GmbH, and Yaskawa Electric Corporation could establish a stronghold in the market. The market is highly influenced by the strategies adopted by the companies in lead. However, the marketing strategies of emerging players also hold potential to steer demand and supply forces. Therefore, in order to achieve sustainable growth amidst such fierce competition, prominent companies are looking to expand their business by strengthening their product offerings in diverse industries, finds Transparency Market Research (TMR) in a new study.
As per TMR, the global packaging robot market is projected to exhibit a CAGR of 14.8% between 2016 and 2024. At this rate, the global sale of packaging robot is projected to reach US$5.03 bn by the end of 2024. “The demand for packaging robots is likely to get bolstered by rising demand across industries such as food and beverages, tracking and logistics, and pharmaceuticals,” said a TMR analyst. “However, it is the industrial packaging segment that emerged as the dominant end-use sector with a share of 32% in the market in 2015,” he added.
Regionally, Asia Pacific is registered its lead in the global packaging robot market with a share of 65% in 2015. The tremendous opportunity witnessed in the region is primarily chiefly driven by the degree of industrial automation in China, Japan, and South Korea.
Burgeoning Demand for Goods to Boost Deployment of Packaging Robots across Manufacturing Units
Manufacturers nowadays are compelled to bring modernization into their units. This is aimed at delivering products or service to cater to the burgeoning demand for various goods around the world. The demand for intelligent modernization across manufacturing units is mainly spurred by the need to amplify production efficiency. Packaging robot brings automation to one of the most crucial functions within a manufacturing facility. Besides offering high speed and better efficiency, packaging robots reduce manual dexterity of product packaging, picking, and palletizing.
Due to the benefits they offer, the demand for packaging robots has increased to bring a high degree of automation in packaging line. Furthermore, packaging robots offer a high degree of automation and ensure convenient handling through advanced control options. The knowledge about these benefits are encouraging manufacturers to adopt packaging robots, thus giving impetus to the market.
High Initial Investment May Limit Uptake of Packaging Robots
On the downside, deploying packaging robots require high initial investment, which often forbade smaller companies from adopting them. Whether it is implementing new automation techniques or deploying automation in an existing packaging line, a significant spending is required. Hence smaller and medium scale manufacturers do not consider its implementation feasible. The dearth of skilled laborers for handling packaging robots is also a crucial bottleneck for the market. Furthermore, safety and contamination concerns often limit their deployment across pharmaceuticals and food and beverages industries.
Nevertheless, deploying packaging robots would increase operating speed and lifting capabilities for operations in a pharmaceutical industry. The technology could help pharmaceutical product manufacturers streamline production cycle and boost packaging efficiency as well as overall production. These factors are expected to increase the use of packaging robots in the pharmaceutical sector. Similar advantages offered by the technology is likely to boost its application across diverse industries in the forthcoming years.
The review is based on information published by TMR in a report, titled “Packaging Robot Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
The report segments the global packaging robot market as:
Packaging Robot Market - Application
- Case Packing
- Tray Packing
- Case Palletizing
- Bag Palletizing
Packaging Robot Market – Gripper Type
Packaging Robot Market – End-use Industries
- Food and Beverages
- Consumer Products
- Tracking and Logistics
- Industrial Packaging
- Electronics Devices
Packaging Robot Market - Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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