(IT-NEWSWIRE.COM, August 30, 2022 ) Meticulous Research®—a leading global market research company, published a report titled, Packaging Automation Market, by Offering, Type (Robotic Pick & Place, Secondary Packaging, Tertiary & Palletizing), and Industry (Pharmaceuticals, E-Commerce & Logistics, Food & Beverage, Automotive, Chemical), and Geography—Global Forecasts to 2029.’
According to the latest publication from Meticulous Research®, the packaging automation market is expected to reach $106.33 billion in 2029, at a CAGR of 8.6% during the forecast period 2022–2029. The growth of this market is attributed to the surge in need for enhancing productivity, industrialization, and manufacturing activities and the increasing adoption of automation across different verticals, including F&B, pharmaceuticals, and cosmetics. However, high initial costs associated with installing automated systems are hindering the implementation of packaging automation solutions in the industrial sector. In addition, government initiatives to support digital transformation in APAC and the rising demand for customized packaging are expected to create significant growth opportunities for the players in this market. However, the lack of skilled workers for operating automation systems is a major challenge to the growth of this market.
The packaging automation market is segmented by offering, automation type, industry, and geography.
Based on offering, the packaging automation market is segmented into solution and services. In 2022, the solution segment is estimated to account for the largest share of the packaging automation market. The need to reduce unplanned downtime through optimized maintenance scheduling and failure prevention, maximizing throughput by identifying performance bottlenecks, reducing production and manufacturing defects, and improving the overall product quality is driving this growth in the packaging automation market. The solution segment is also projected to register the highest CAGR during the forecast period.
Based on automation type, the packaging automation market is segmented into robotic pick & place automation, secondary packaging automation, and tertiary & palletizing automation. In 2022, the robotic pick & place automation segment is estimated to account for the largest share of the packaging automation market. The growth of this segment is attributed to factors such as greater product handling, flexibility, and versatility compared to traditional automation. Additionally, it reduces the human intervention for loading the products into a packaging machine. This justifies the associated expense by minimizing the labor costs and enhancing the productivity of an industry. The tertiary & palletizing segment is also expected to register the highest CAGR during the forecast period.
Based on industry vertical, the packaging automation market is segmented into healthcare & pharmaceuticals, E-commerce & logistics, food & beverage, automotive, chemical & refinery, aerospace & defense, and other industrial verticals. In 2022, the e-commerce & logistics segment is estimated to account for the largest share of the packaging automation market. The growth of this segment is attributed to benefits such as improved quality of finished goods, IoT-based inventory tracking tools that can communicate with each other, and increasing data transparency and availability. However, both the healthcare & pharmaceuticals and food & beverage segments are projected to register the highest CAGR during the forecast period.
Based on geography, in 2022, the Asia-Pacific region is estimated to account for the largest share of the packaging automation market. The large market share of this market is attributed to the high penetration rate of automation & process management solutions among government agencies and enterprises. Furthermore, the rising demand for packaged food & beverages increases the need for corrugated packaging in the country, which is expected to be one of the adoption factors of packaging automation in the Asia-Pacific market.
The key players operating in the packaging automation market are ABB, Ltd. (Switzerland), Rockwell Automation, Inc. (U.S.), Schneider Electric SE (France), Mitsubishi Electric Corp. (Japan.), Beumer Group GmbH & Co., KG (Germany.), Siemens AG (Germany), Swisslog Holding AG (Switzerland.), Automated Packaging Systems, Inc. (U.S.), Kollmorgen (U.S.), Crawford Packaging (Canada.), Armstrong (U.S.), SATO Holdings (Japan), Linkx Packaging (UK), Brenton, LLC. (U.S.), Hughes Enterprises (U.S.) and EAM, Inc. (Singapore).
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