The Packaging Equipment Market is predicted to attain considerable valuation by 2027 owing to the massive adoption of energy efficient packaging in key regions. Moreover, the growing demand for packaged food and beverages is expected to further boost the expansion of the industry throughout the forecast period.
Various industries are adopting smart packaging lines in their production sites to improve efficiency, productivity, quality, traceability and availability. Widespread adoption of the Industrial Internet of Things (IIoT) and other smart technologies has enabled manufacturers to optimize overall energy consumption. Notably, the booming e-commerce industry, along with the upward trend of online shopping amid the COVID-19 pandemic, has increased business growth.
The packaging equipment market has been segregated based on application, product, and region. Product-wise, the market has further been categorized into palletizing, fillers, coding, FFS, labeling, capping, and others. The FFS sub-segment is expected to show solid expansion over the analysis period due to the growing demand for reducing the risk of contamination during the manufacture of sterile products.
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The coding sub-segment is expected to grow optimistically at over 5% CAGR during the review period. Growing demand for coding products during large-scale production is expected to fuel the development of the market in the coming period. The palletizing sub-segment is expected to register substantial gains over the forecast period owing to the growing demand for placing products on a pallet for shipping in logistics.
From an application perspective, the packaging equipment market has been divided into mechanical hardware and products, food and beverage, personal care, pharmaceuticals, chemicals, and others. The chemical sub-segment is expected to register a notable valuation by 2027, growing around 3% CAGR over the assessment period. This growth is attributed to the widespread use of robotic systems in integration with packaging equipment in chemical plants.
The personal care sub-segment is expected to see strong progress over the period 2021-2027 owing to the increasing availability of flexible packaging solutions. The hardware and mechanical products sub-segment is poised to observe significant growth over the study period owing to the increasing demand for advanced electronic products.
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Regionally, the North America packaging equipment market accounted for a significant share of almost 26% of the global industry in 2020 and is expected to show steady development over the forecast period. It is estimated that the growing number of food and pharmaceutical companies focusing on integrating advanced technologies for packaging will drive industry adoption.
Meanwhile, the Latin America packaging equipment market is expected to grow exponentially during the stipulated period owing to the growing adoption of smart packaging solutions across various industries in LATAM.