DUBLIN, Feb. 20, 2024 /PRNewswire/ — The “Food Automation – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Food Automation Market to Reach $19.5 Billion by 2030
The global market for Food Automation estimated at US$11.7 Billion in the year 2022, is projected to reach a revised size of US$19.5 Billion by 2030, growing at a CAGR of 6.6% over the analysis period 2022-2030. Motors & Generators, one of the segments analyzed in the report, is projected to record a 6.9% CAGR and reach US$7.8 Billion by the end of the analysis period. Growth in the Discrete Controllers & Visualization segment is estimated at 7.4% CAGR for the next 8-year period.
The global economic landscape is undergoing significant shifts as the world transitions to an endemic COVID-19 strategy, focusing on a multilateral approach to managing future pandemics.
In this competitive landscape, 118 players worldwide exhibit varying degrees of market presence, ranging from strong to niche. Recent market activity reflects a growing focus on technological innovations and product advancements to meet evolving consumer demands and industry standards.
As the food automation market continues to evolve, influencer insights and technological advancements will play a crucial role in shaping the future of the industry. With automation poised to transform the food and beverage sector, stakeholders must stay abreast of market trends and developments to capitalize on emerging opportunities and navigate competitive pressures effectively.
The U.S. Market is Estimated at $2.6 Billion, While China is Forecast to Grow at 8.7% CAGR
Amid these economic dynamics, the food automation market is gaining momentum, driven by the need for efficiency and safety in the food and beverage sector. Automation, particularly in the beverage sector, is experiencing significant growth, with Asia-Pacific emerging as a key driver of market demand.
The Food Automation market in the U.S. is estimated at US$2.6 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$2.1 Billion by the year 2030 trailing a CAGR of 8.7% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.2% and 6.4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 6.1% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.8 Billion by the year 2030.
MARKET TRENDS & DRIVERS
- Rising Food Needs of an Expanding Global Population Turns Focus onto Food Automation
- Accelerating Pace of Digital Transformation to Benefit Food Automation
- The Unstoppable Rise of Robotics Provides the Cornerstone for Growth in the Market
- Technological Advancements in the Food Robotic Technology Market
- Upgrading Food Automation Using Artificial Intelligence
- Artificial Intelligence for Product Sorting and Food Processing
- Artificial Intelligence for Food Waste Management
- Artificial Intelligence in Logistics
- AI-Powered New Product Development
- Artificial Intelligence for Food Safety
- Increasing Demand for Processed Foods Presents Opportunities for Food Automation
- Use of Computer Vision and Hyperspectral Imaging Witnesses a Surge
- Growing Integration of Internet of Things Streamlining Food Processing Process
- Popularity of Robotics and Automated Production Lines Witness a Robust Increase
- Advent of 3D Food Printing Technologies Enhance Product Quality
- Use of Automated Technologies for Post-Processing Handling and Packaging Gains Momentum
- Rising Investments in Industry 4.0 to Spur Opportunities for Food Automation
- Rising Adoption of Automation in Fruit and Vegetable Packaging
- Increased Uptake of ERP Facilitates Adoption
- 5G Opens Up Exciting Playbook of Robotic Applications
- Increasing Incidence of Foodborne Diseases to Drive Market Demand
- Growing Automation in Restaurants Propels Market Expansion
- AI Robots in Agriculture: Developments in AI, Machine Vision & Machine Learning Remain Critical to Commercialization & Growth
- Global Labor Shortages to Spur Market Demand for Food Automation
- Contracting Agricultural Labor Drives Demand for Robots and Autonomous Farm Equipment
- Rising Automation in the Fast Food Sector Spurs Market Growth
FOCUS ON SELECT PLAYERS (Total 118 Featured)
- ABB Ltd.
- Emerson Electric Company
- Fortive Corporation
- GEA Group AG
- Mitsubishi Electric Corporation
- Rexnord Corporation
- Rockwell Automation, Inc.
- Schneider Electric SA
- Siemens AG
- Yaskawa Electric Corporation
- Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/j0lhtk
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