Technological innovations are catalyzing rapid changes in the adoption of stretch wrap machines across multiple industries and boosting sales in the global market as a consequence. A new research by Persistence Market Research pegs the consumption of stretch wrap machines at 231,810 units by the end of 2026. Revenue from the sales of stretch wrap machines is projected to touch US$ 1,356.0 Mn by 2026, exhibiting a robust growth rate of 7.5% during the eight year period from 2018 to 2026.
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Artificial Intelligence would be the torchbearer of industrial automation in the next decade. The AI-related techniques are bound to lead not just the wave of technological advancements, but also prove to be economically relevant. This could be credited to powerful and flexible machine software. Also, in future, functional tests concerned with manufacturing equipment are likely to be performed by making use of comprehensive modes regarding virtual and simulation commissioning.
Production machines would thus be digitally fed, that too, with the “live” data all through the equipment’s lifecycle. Wireless protocols such as 5G would be the buzzword going forward. Persistence Market Research is there with the automation-oriented mindsets of its analysts and consultants followed by insights regarding the same.
Excessive Market Fragmentation to Push Manufacturers to Devise Strong Supply Chain and Pricing Strategies
The global stretch wrap machines market is highly fragmented on account of the presence of a large number of small and medium scale manufacturers spread across key geographies. This fragmentation is fueling the need for future ready growth strategies especially in terms of an efficient global supply chain and enhanced retail networks to reach the end consumer.
Manufacturers are also making strategic modifications to their pricing strategies. Price optimization along with an enhanced product portfolio is critical to augment market share in the global market and manufacturers are fast moving along this route. Launching application specific products with a dedicated focus on research and development initiatives for product innovation has become the norm in the global stretch wrap machines market. Long-term supply relationships with key end-use industries is another growth strategy being adopted by manufacturers of stretch wrap machines to cement their footing in the global market.
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Key Players in the Global Stretch Wrap Machines Market Eyeing the Developing Markets of the Asia Pacific
The market for stretch wrap machines currently shows high growth potential in the regional markets of Europe, North America, China, and South East Asia & Pacific. Immense opportunities abound in the stretch wrap machines market in China and India followed by South East Asia & Pacific, which are expected to be the most attractive investment pockets for manufacturers of stretch wrap machines. The main factor boosting demand and adoption of stretch wrap machines in these regions is the rapid growth of industries and warehouses. The markets in Europe and North America are anticipated to hold high value share in the global stretch wrap machines market owing to a large manufacturing hub, enhanced industrial growth, and increased trade of goods.
The growth scenario of stretch wrap machines in the markets of Latin America and the Middle East & Africa will remain stagnant throughout the period 2018 to 2028 owing to a poor manufacturing sector and lack of a well-defined stretch wrap machines supply chain structure.
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