Global Food Packaging Robotics Market to Grow by USD 813.02 Million during 2020-2024

Strategic Insights -

The global food packaging robotics market is poised to grow at a compound annual growth rate (CAGR) of 5% during the forecast period of 2020-2024. According to a report by Technavio, the market is expected to grow by USD 813.02 million, driven by the increasing demand for automation in the food packaging industry. The report presents an in-depth analysis of the market, including its segments, vendors, and key highlights.

The food packaging robotics market is concentrated, and the degree of concentration will accelerate during the forecast period. Major market participants include ABB Ltd., DENSO Corp., FANUC Corp., KUKA AG, Midea Group Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Robert Bosch GmbH, Teradyne Inc., and Yaskawa Electric Corp. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The integration of advanced technologies has been instrumental in driving the growth of the market. However, the high cost of deploying robotics might hamper market growth. The emergence of collaborative robots as one of the prime reasons driving the food packaging robotics market growth during the next few years.

Key Takeaways:

  • The global food packaging robotics market is expected to grow by USD 813.02 million during 2020-2024, progressing at a CAGR of 5%.
  • The market is concentrated, and the degree of concentration will accelerate during the forecast period.
  • Major market participants include ABB Ltd., DENSO Corp., FANUC Corp., KUKA AG, Midea Group Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Robert Bosch GmbH, Teradyne Inc., and Yaskawa Electric Corp.
  • The integration of advanced technologies has been instrumental in driving the growth of the market.
  • The high cost of deploying robotics might hamper market growth.
  • The emergence of collaborative robots as one of the prime reasons driving the food packaging robotics market growth during the next few years.
  • The market is segmented by application, geographic landscape, and vendor landscape.
  • The report presents an in-depth analysis of the market, including its segments, vendors, and key highlights.

Statistics:

  • USD 813.02 million (growth during 2020-2024)
  • 5% (CAGR during 2020-2024)
  • 25 vendors operating in the market
  • 17,000+ market research reports by Technavio
  • USD 500 million+ client base consisting of enterprises of all sizes, including more than 100 Fortune 500 companies

Sources:

  • Business Wire: "Technavio has announced its latest market research report titled Global Food Packaging Robotics Market 2020-2024"
  • Technavio: "Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources"
  • Technavio: "Our research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions"
  • Technavio: "Our client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies"
  • Business Wire: "View the full release here: https://www.businesswire.com/news/home/20200721005712/en/"