Packaging Robots Industry set to Surpass US $ 5 Bn by 2024, on the Backdrop of Need to Modernization of Manufacturing Facilities and Enhance Operational Efficiency
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.
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.
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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.
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.