Packaging automation solutions market is expected to reach $58,010 million by 2023, registering a CAGR of 8.2% from 2017 to 2023.

PORTLAND, OREGON , UNITED STATES, January 6, 2021 /EINPresswire.com/ -- Global packaging automation solutions market was valued at $33,866 million in 2016, and is expected to reach $58,010 million by 2023, registering a CAGR of 8.2% from 2017 to 2023. Asia-Pacific is expected to exhibit lucrative growth opportunities, owing to rapid industrialization & surge in manufacturing activities for consumer goods.

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The global packaging automation solutions market is expected to witness a significant growth due to rising population and booming industries such as food & beverage, healthcare & pharmaceuticals, and e-commerce & logistics. In addition, these packaging solutions require lesser human intervention, which in turn drives the market growth.

The form filling & sealing (FSS) segment is expected to generate the highest revenue of $12,986 million by 2023. The palletizing segment is expected to grow from $6,942 million in 2016 to $12,247 million by 2023, registering the highest CAGR of 8.6% during the forecast period.

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Key Findings of the Packaging Automation Solutions Market:

Global packaging automation solutions market is expected to grow at a CAGR of 8.2% during the forecast period, thereby presenting lucrative opportunities for the players in the global industry.

The packaging robots segment is expected to witness the highest CAGR during the forecast period.

Europe is expected to be the highest revenue contributor with $11,630 million in 2016, and is estimated to garner $18,737 million by 2023 at a CAGR of 7.2%.

The key players operating in the global packaging automation solutions market are Rockwell Automation, Mitsubishi Electric Corp., Schneider Electric SE, Automated Packaging Systems, Inc., BEUMER Group GmbH & Co., Siemens AG, Swisslog Holding AG, Brenton, PakTech, and SATO Holdings.

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