Global Packaging Robot Market Report, published by Variant Market Research, forecast that the global market is expected to reach $5 billion by 2024 from $2 billion in 2016, growing at a CAGR of 14.6% from 2016 to 2024. By geography, Asia-pacific and Rest of the World are expected to grow at a CAGR of 17.2% and 12.1%, respectively, during the forecast period.
Growth in manufacturing industries, requirement for intelligent modernization to decrease product delivery time, and increased demand for high automation in packaging line are the major factors driving the global packaging robot market. However, high capital investment is a major challenge for market players. Various innovative features such as high accuracy and low product damage offered by packing robots would provide new business opportunities for the market in near future.
The global packaging robot market has been segmented on the basis of application, gripper type, and end user. By application, the market is segmented into packing robots, palletizing robots, and picking robots. The palletizing robot segment accounted for the largest market share in 2016, due to its huge demand in loading and unloading of goods. The picking robot segment is expected to grow at the fastest CAGR during the forecast period, owing to augmented demand of packaging robots in picking application such as FMCG industries.
By gripper type, the market is further divided into vacuum gripper, claw gripper, clamp gripper, and others. The vacuum gripper segment accounted for the largest market share in the overall gripper type segment in 2016, due to its huge demand for secondary packaging applications in various industries such as food and beverage, electronics, card board and film packaging, and others.
By end user, the market is bifurcated into food & beverages, consumer products, cosmetic & personal care, pharmaceutical, tracking, logistics & transport, chemical manufacturing, and industrial packaging. The industrial packaging segment dominated the end user segment accounting for more than one-third of the total market share in 2016, driven by increasing demand for industrial robots across chemical and electronic industries. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the world (RoW).
Asia-Pacific accounted for the largest market share of 66.3% in 2016, owing to increased adoption of automation across food & beverage and FMCG industries. Europe accounted for the second largest market share of 21.8%, driven by changing consumer lifestyle and rise in consumption of food and other consumer products. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 17.2% during the forecast period 2016-2024, driven by growing demand for packaged products in developing economies which would shift manufacturers towards the automation of packaging lines in order to decrease delivery time.
The major players in the packaging robot market include Mitsubishi Electric Corporation, Bosch Packaging Technology, Fanuc Corporation, Kuka Roboter GmbH, ABB Limited, Schneider Electric SE., Yaskawa Electric Corporation, Schneider Electric SE , Yamaha Robotics, and Intelligent Actuator among others.