Packaging Robot Market size projected to grow at a CAGR of 9% by 2023
Packaging robot market size is expected to witness substantial growth from 2016 to 2023. Rapid industrialization is forecast to drive the industry over the next seven years.
Global industrial robotics market is forecast to be valued at over USD 70 billion by 2023. Logistics service robotics market size is set to exceed USD 650 million by 2023, with over 12% CAGR expectations.
Escalating number of manufacturing industries around the globe is predicted to propel global packaging robot market growth from 2016 to 2023. Swift urbanization accompanied by increase in disposable income is projected to increase the demand for digital labeling as well as packaging. Various industries such as sports, healthcare, and FMCG are forecast to have massive growth impact on the industry from 2016 to 2023. FMCG industry is anticipated to lead revenue share in the coming years.
These systems are getting smarter owing to advanced sensing and software and hence demonstrate high adeptness at handling various products. In addition, they offer ease of use owing to integrated controls as well as instinctive human machine interfaces.
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As manufacturing units mainly focus on development of fast as well as safe functions, growing application for numerous task executions such as packaging is predicted to drive demand. These systems are less time consuming when compared to humans, and thus ensure high cost savings. In addition, they also help in achieving production targets in case of high demand. Other benefits comprise substantial safety to employees by eliminating the need for human intervention in dangerous packaging conditions. Rapid adoption across numerous industry sectors is anticipated to boost global packaging robot market size over the forecast timeframe.
Various features such as high accuracy, superior efficiency, reduction in product damage offered by these systems are also among growth drivers. As of 2014, International Federation of Robotics (IFR) reported investments of around 1.3 million machines around the globe.
High product price as well as high installation cost associated with these systems may hamper packaging robot market growth over the forecast period. These systems are predicted to perfectly address the sanitation needs that is likely to be a growing concern in the primary food packaging and processing industry that involves direct food contact.
Packaging robot market can be segmented on the basis of application, output, product type, and end-use industry. Based on product type, the industry mainly includes six axis, four axis, SCARA, gantry, and delta. Articulated robots find considerable application in the packaging industry.
On the basis of application, it can be categorized into de-palletizing or palletizing, cartooning, labeling, case/tray packing, inspection or detection and conveying or placing. Conveying or placing can be further segregated into cross belt, collation, parallel or inline.
Output capacities include up to 120 products/minute, 120 products to 450 products/minute, up to 500 products/minute, and more than 500 products/minute. On the basis of end-use industry, the industry can be categorized into pharmaceuticals, food and beverages, personal care, automobile, and plastic & paper.
Asia Pacific packaging robot market size is projected to experienced significant growth prospects. This can be attributed to rapid industrialization across various nations such as China, India, and South Korea. China is predicted to witness attractive growth opportunities in terms of revenue and potential installation rates in the region. Japan is also anticipated to exhibit high growth potential.
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U.S. packaging robot market size is likely to continue its dominance over the forecast period. European industry growth can be dedicated to presence of large number of diversified industries.
Industry participants accumulating substantial packaging robot market share include Adept Technology, Fanuc, Yaskawa Electric America, and KUKA Robotics. Some other prominent stakeholders are Denso Robotics, Motoman, Intelligent Actuator, Panasonic, AFAST Robotics, A-B-C Packaging Machine, BluePrint Automation, Bosch Rexroth, Fuji Yusoki Kogyo, Okura USA, Yamaha Robotic, as well as Epson Robots.
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