The packaging automation solution market was valued at USD 28.39 Billion in 2015 and is expected to reach USD 52.42 Billion by 2022, growing at a CAGR of 8.68% during the forecast period. The increasing adoption of automation solutions across various industries, increasing need for supply chain integration, and reduction in labor costs are the major drivers for the packaging automation solution market. Also, the advancements in technology such as wireless technology, autonomous control, and wearable computing are driving the packaging automation solution market.
The rising demand for packaging automation solutions in the emerging markets has encouraged the companies to adopt the strategy of new product launches. The market players are also focusing on acquisitions to enter into new markets. ABB Ltd. (Switzerland), Rockwell Automation (U.S.), Mitsubishi Electric Corp. (Japan), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Automated Packaging Systems, Inc. (U.S.), and Swisslog Holding AG (Switzerland), among others, are some of the leading companies that have adopted this strategy to grow in the market.
ABB Ltd. (Switzerland) and Mitsubishi Electric Corp. (Japan) are the two major players in the packaging automation solution market. ABB Ltd. is one of the largest conglomerates in the world, with a well-established track record in power and automation industries. The companyís strength and stability can be attributed to the nature of its product portfolio which comprises a range of products and services for different stages of product packaging. Acquisitions have been a prominent part of ABBís growth strategies for entering new markets and launching new product lines. The acquisition of SVIA (Sweden) and Gomtec GmbH (Germany) would help ABB enhance its portfolio of industrial automation. The companyís presence in emerging markets such as India and China and its streamlined procedures have helped ABB benchmark its business operations against the set industry standards.
Mitsubishi Electric Corp. focuses on developing and launching new products in the market. This has enabled the company gain a leading position in the packaging automation solution market. The company caters to all the requirements of packaging applications with its customized products. Mitsubishi Electricís presence in Asia has benefited the company in gaining opportunities pertaining to the industrial manufacturing market in APAC. This would also help the company gain major market share owing to the industrial growth in countries such as India and China.
Packaging Automation Solution Market by Product Type (Automated Packagers, Packaging Robots, and Automated Conveyors & Sortation Systems), Function (Case Packaging, Palletizing), Software and Service, Industry, and Geography - Global Forecast to 2022
Markets and Markets
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