Packaging Automation Market
Packaging Automation Market : Global Demand Analysis & Opportunity Outlook 2024
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Packaging Automation Market : Global Demand Analysis & Opportunity Outlook 2024
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Packing automation is defined as a packaging of a product completed by machines or robots. It protects the product from physical damage. Packing automation machines help to lower down the cost of packaging and it helps to decrease the labor cost and minimize damages during material handling. Packing automation helps the manufacturers to deliver more products in less time.
The global packaging automation market is expected to grow at a CAGR of 9.2% over the forecast period i.e. 2017-2024. Further, packaging automation market is anticipated to reach USD 61.2 billion globally by 2024. This significant growth can be attributed to the rising demand for packaging automation from food and beverages sector, healthcare sector and others. Moreover, with 28% market share in 2016, palletizing by type is the dominating segment in overall packaging automation market and it is expected to continue its dominance over the forecast period.
In terms of region, Europe is expected to dominate the global packaging automation market over the forecast period. Additionally, Europe region in 2016 accounted for the highest market share of 36% of the overall packaging automation market. Europe is anticipated to witness significant growth owing to the presence of large number of industries. The major countries witnessing the augmented demand for packaging automation include U.K. and France.
Asia-Pacific region is the next biggest market holding the second largest market of packaging automation. Likely, Asia-Pacific is anticipated to witness significant growth owing to rapid industrialization accompanied by increasing manufacturing activities in this region during the forecast period. Furthermore, china automotive market share is expected to show considerable growth owing to rising demand for packaging automation from automotive industry. In addition to this, positive GDP figures of Asia-Pacific region are also expected to bolster the growth of packaging automation market by the end of 2024. CLICK TO DOWNLOAD SAMPLE REPORT
Latin America is also projected to show a tremendous growth over the forecast period owing to rapid urbanization.
Our in-depth analysis segmented the global packaging automation market in the following segments:
By Function
By Product Type
By End User
By Region
Global packaging automation market is further classified on the basis of region as follows:
The factors driving the growth of packaging automation market include rising safety concerns among the manufacturers and growing adoption of automation packaging due to high productivity. Further, strict safety regulation is believed to bolster the growth of automation packing market. Growing start up industries and increasing adoption for the packaging automation technology in developing nations are also envisioned to bolster the growth of packaging automation market.
Moreover, increasing advanced technological developments such as autonomous robots, packaging robots, digital manufacturing and others are anticipated to be the dynamic factor behind the growth of packaging automation market. Packaging automation market is growing on back of rapid urbanization and growing industrialization. Additionally, increased concerns for labor safety and adoption of automation to ensure quality production are also anticipated to grow the demand for packaging automation over the forecast period. Moreover, lack of skilled labor and rising per capita income of developing nations is expected to foster the growth of packaging automation market.
However, high initial investment associated with the packaging automation is anticipated to dampen the growth of global packaging automation market over the forecast period. Moreover, high maintenance associated with packaging automation is expected to hamper the growth of this market.
The major key players for packaging automation market are as follows
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