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(Medical-NewsWire.com, August 04, 2022 ) According to a new market research 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,’ the global packaging automation market is expected to reach $106.33 billion by 2029, at a CAGR of 8.6% during the forecast period.
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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 in numerous 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.
Impact of COVID-19 on the Packaging Automation Market
The outbreak of the COVID-19 pandemic severely affected numerous businesses across the globe. Several industries were negatively impacted due to the disruption of supply chains and workforce limitations caused by the nationwide lockdowns. Closure of factories and trade restrictions also added to the existing challenges, severely impacting various industries. Manufacturing plants were shut down, affecting production, which led to a significant demand-supply gap. Global infrastructure & construction industries witnessed acute labor shortages, suspension & cancellation of projects, and disrupted supply and logistics.
The supply chain disruptions amid the pandemic also challenged the pharmaceutical, food, and many other packaging sectors due to the lack of logistical infrastructure for dispatching material. Apart from this, the overall impact of the COVID-19 pandemic has been positive on the packaging automation market owing to the rise in online delivery services and packaging, which plays an important role in the e-commerce trade of physical goods.
Hence, social distancing was the major challenge faced during the pandemic, hampering the productivity of several industries. However, this challenge can be overcome by using automated solutions at plants. As per a Packaging Europe survey, 20% of the packaging professionals rely more on automated and machine-operated processes to improve business accuracy, productivity, and flexibility. Thus, driving the market growth in the coming years.
The global packaging automation market is segmented by offering (solution and service), automation type (robotic pick & place automation, secondary packaging automation, and tertiary & palletizing automation), industry vertical (healthcare & pharmaceuticals, e-commerce & logistics, food & beverage, automotive, chemical & refinery, aerospace & defense, and other industry verticals). The study also evaluates industry competitors and analyses the markets at country and regional levels.
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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 the growth of this segment 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 products into a packaging machine. This justifies the associated expense by minimizing the labor costs and enhancing the productivity of an industry. Additionally, the tertiary & palletizing segment is projected 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.
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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 growing demand for packaged food & beverages increases the need for corrugated packaging in the country. This is expected to be one of the adoption factors of packaging automation in the Asia-Pacific market.
The major players in this 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).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/packaging-automation-market-5324