North America packaging equipment market accounted for a sizable share of nearly 26% in the global industry in 2020 and is foreseen to showcase steady development over the review period. Increasing number of food & beverage and pharmaceutical companies that are focusing on integrating advanced technologies for packaging is estimated to bolster industry uptake.

Latin America packaging equipment market is projected to witness exponential growth through the stipulated timeframe owing to rising adoption of smart packing solutions across various industries in LATAM.

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The packaging equipment market is expected to reach a considerable valuation by 2027 due to prominent adoption of energy-efficient packaging in key regions. Moreover, escalating demand for packaged food & beverage products is slated to further drive industry expansion through the forecast timeline.

Various industries are adopting smart packaging lines in their production sites to improve efficiency, productivity, quality, traceability, and uptime. 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 rising trend of online shopping amidst the COVID-19 pandemic, has augmented business growth.

The packaging equipment market has been segregated on the basis of application, product, and region. With respect to product, the market has further been categorized into palletizing, fillers, coding, FFS, labeling, capping, and others. The FFS sub-segment is speculated to exhibit solid expansion over the analysis period owing to surging demand to reduce the chances of contamination during the manufacturing of sterile products.

The coding sub-segment is likely to see optimistic growth at more than 5% CAGR through the review timeline. Soaring demand for coding products during mass-scale production is set to fuel market development in the coming time period. The palletizing sub-segment is slated to garner substantial gains through the forecast period on account of mounting demand for placing products on a pallet for shipment in logistics.

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The personal care sub-segment is expected to witness robust progress over 2021-2027 due to growing availability of flexible packaging solutions. The mechanical hardware & products sub-segment is poised to observe significant growth over the study timeframe on account of escalating demand for advanced electronic products.

From the application point of view, the packaging equipment market has been divided into mechanical hardware & products, food & beverages, personal care, pharmaceuticals, chemical, and others. The chemical sub-segment is anticipated to record a notable valuation by 2027, expanding at around 3% CAGR over the assessment timeline. This growth is attributed to prevalent usage of robotic systems in integration with packaging equipment in chemical factories.

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Voice Recognition Market: https://www.prnewswire.com/news-releases/voice-recognition-market-to-hit-us-10-billion-by-2028-says-global-market-insights-inc-301522551.html