The packaging robot market has gained a tremendous upward push in the recent years as multiple domestic as well as multinational organizations from various industries around the world have adopted robotics as one of their primary business strategies. Globally, there are still some apprehensions about the overall equipment effectiveness (OEE) of the packaging robots and the different safety and advancement issues in varying manufacturing sectors. But the overall inclination towards using the packaging robots has been positive.
The global robot packaging industry in 2016 stood at a valuation of US$1.67 billion. It is expected that the global packaging robot market will reach an estimate of US$5.03 billion by the year 2024. This growth is estimated to be achieved at a healthy CAGR of 14% in the period between 2016 and 2024.
High Preference for Packing Robots, Picking Robots not Far Behind
Different types of robots are utilized for different applications as per the requirement. The overall sales of packaging robot market are expected to grow because industries are preferring robots for different applications such as picking, placing and packaging. It is interesting to see that in the mentioned forecast period, there could be a high demand for packing robots with a healthy expansion rate of over 14.5%. But on the other hand, picking robots are also expected to contribute to the overall sales of packaging robots. The call for application specific robots is also expected to rise in the mentioned forecast period.
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With overall growth of industries, there is a great need for automation to curb the wastes and costs and improve the all-round efficiency along the way. These primary needs have contributed in driving the demand from the packaging robot systems market.
But there are some basic apprehensions about the packaging robot systems. Safety concerns in handling the equipment and inaccuracies by the handler during operation of the system are some of the major challenges faced by the global packaging robot market.
Superior artificial intelligence, advancement in navigation systems for precision, ability to control these systems with hand held devices like smartphones, tablets, laptops etc. are the major trends in the international packaging robots market.
China Expected to Lead Asia Pacific with Highest Sales Value and Volume
It is estimated that the Asia Pacific region could contribute significantly in the global packaging robot market in the forecast period, with China stealing the spotlight. Compared to other markets in Asia Pacific, the packaging robots market is expected to have a larger sales value and volume in China. This surging penetration by China could intensify the competition between the other multinational firms looking to cash in upon the high-potential markets Asia Pacific region.
The packaging robots market is expected to witness significant growth in emerging and underdeveloped economies. With majority of end-use industries opting for automated packaging processes, the development of the market in these regions is envisioned to grow.