Packaging Robots Market Is Expected to Reach $4,649 Million, Globally, by 2023 Packaging Robots Market by Gripper Type, Application and End User: Global Opportunity Analysis and Industry Forecast, 2016-2023, the packaging robots market size was valued at $2471 million in 2016 and is projected to reach $4,649 million by 2023, growing at a CAGR of 9.6% from 2017 to 2023. Vacuum gripper type dominated the global packaging robots market and is expected to maintain the trend till 2023. However, Asia-Pacific is expected to dominate the market throughout the forecast period due to increase in demand for automated technologies in various industries.
Access Full Summary at: https://www.alliedmarketresearch.com/packaging-robotsmarket Increased demand of robots for increased packaging efficiency, improved supply chain process, rising need for automation in industries, and reduced operational costs drive the growth of the global packaging robots market. In addition, the growth of the global robotic industry and continuous growth in e-commerce and retail sector is projected to create lucrative opportunities for the global packaging robots market. However, high installation costs, heavy capital investment, and shortage of skilled labor hamper the packaging robots market growth. Packing applications dominated the packaging robots market in 2016 and case packing accounted for the maximum share, constituting around 48% in 2016. Side loading case packing machines have witnessed significant adoption in the packaging industry as it is equipped with horizontal carton magazine for easy loading. However, bagging and cartoning is expected to exhibit the fastest growth rate because cartoning machines to ensure eradication of manual labor and make the whole automated packaging process quite efficient. Pick & place robots gained popularity and are anticipated to grow the fastest during the forecast period. The pick & place robot systems are flexible and can be easily programed. In addition, these systems improve product quality and cycle time because of consistent processing. Hence, these robotic systems are projected to grow at a CAGR of 11.4% by 2023. Among the major industry verticals, the packaging robots find widespread usage in food & beverage industry, which accounted for more than 35% share in 2016 owing to increased order volume of fresh food & beverage products. This segment is estimated to witness significant growth during the forecast period due to improving production processes, lowering labor intensity, and timely delivery of materials. Asia-Pacific region accounted for the maximum market share in packaging robots industry 2016, and is expected to maintain its lead throughout the forecast period. This is attributed to heavy investment by consumer products and food & beverage industry players in automation. LAMEA region exhibited significant growth due to increased demand of