The global packaging robot market is led by top ten key companies, some of them are ABB Ltd., KUKA Roboter GmbH, FANUC Corporation, and Yaskawa Electric Corporation. Top ten companies currently hold 32% of the global packaging robot market. Transparency Market Research (TMR), in a new report, states that emerging players are expected to hold a massive share of the global market in the years to come owing to the rising exports and advancement in machinery purchase. Key companies are focusing on merging with the startup companies, which is a rising trend in the global packaging robot market. Many leading companies are expected to expand their business in many regions to maintain their dominance in the global packaging robot market.
The global packaging robot market is predicted to reach US$5,035 mn by 2024. In 2015, the industrial packaging robot end-use segment is predicted to account for 32% of the global packaging robot market. The use of packaging robots for picking, packing, and palletizing is increasing in the industrial segment, which is the reason why this segment is expected to maintain its dominance in the global packaging robot market in the near future.
Industrial Packaging Application Segment to Dominate Demand for Packaging Robots
The industrial packing application segment dominated the global packaging robot market in 2015 and the trend is expected to continue throughout the forecast period. The industrial packing application segment is predicted to exhibit a 14.80% CAGR from 2016 to 2024. By gripper type, the global market is expected to be dominated by the vacuum segment. The vacuum gripper-type segment is predicted to account for 32% of the global packaging robot market by 2024. By region, the global packaging robot market was dominated by Asia Pacific in 2015. This region is predicted to dominate the global market in the coming few years as it is expected to account for 79.9% of the global market by 2024.
Automation in Packaging to Propel Global Demand
Packaging is an important process in any manufacturing facility and automation has assisted packaging in many ways. Robotic packaging procedures have helped manufacturers in reducing packaging time and efforts. The trends in packaging automation are changing and this is predicted to propel the global market. The end users are focusing on quality of the product, which has motivated manufacturers to use automated or robotic packaging options. All these factors are expected to propel the global demand for packaging robots.
High Capital Investment to Restrict Use of Packaging Robots
The initial cost of investment for packaging robots is high. Automation of packaging procedures does require more capital investment. Although packaging robots are in demand in the emerging economies, the technology is not well-spread in the developing nations. The food and beverages market is fragmented with many small-scale companies offering a wide range of products. Not every company uses automated packaging, which is a key challenge for the global packaging robot market.
Increased Operating Speed to Benefit Industries
As automation of packaging procedures has led to the increase in the operating speed, it has benefited many end-use industries. With new automated packaging options, the global packaging robot market is expected to experience many growth opportunities.