ICT & Electronics Packaging Automation Market | Page 2

The global packaging automation market is segmented into function such as Case
Packaging, Palletizing, Labeling, Bagging, Filling, Capping, Wrapping and Others.
Among these segments, with 28% market share in 2016, palletizing segment
accounted for the biggest segment in overall packaging automation market and it
is predicted to continue its dominance over the forecast period i.e. 2017-2024.
Additionally, the growth of this segment is attributed to growing industrialization
and increasing adoption of packaging automation technology.
Global packaging automation market is expected to register a CAGR of 9.2% over
the forecast period. Moreover, global packaging automation market is projected
to reach USD 61.2 billion globally by 2024. The market of packaging automation
is expected to expand on the back of rapid industrialization accompanied by
increasing manufacturing activities in developing nation such as China, India and
others.
The food and beverages segment by end user is estimated to account for a market
share of 25.2% in overall packaging automation market during the forecast
period. Moreover, the food and beverages segment is believed to capture the
largest share of revenue across the globe by the end of 2024. In addition to this,
Europe region captured the largest market of packaging automation, with 36%
share in global packaging automation market. Apart from this, Asia-Pacific
region is the fastest growing packaging automation market due to large
automotive industry.
Technological advancement in packaging
Growing adoption of advanced packaging technology by numerous end user
industries to curb their labor cost and increase their production is predicted to
bolster the growth packaging automation market. Furthermore, increasing
advanced technological developments such as packaging robots, autonomous
robots and others is one of the major factors bolstering the market of packaging
automation across the globe.
Request Report Sample@ https://www.researchnester.com/sample-
request/2/rep-id-388
Rising concerns for labor safety
Lack of skilled labor coupled with increased concerns for labor safety in various
industries is believed to foster the growth of packaging automation market.
Copyright © Research Nester
www.researchnester.com