Smart Packaging Market is all set to get huge growth in coming five years

Market Synopsis:

The global Smart Packaging market was estimated to be valued at USD 13.88 Billion in 2021 and is projected to attain a value of USD 33.00 Billion by 2028 at a CAGR of around 12% over the forecast period, 2022–2028. The packaging industry has become one of the most important parts of the eCommerce, food, and pharmaceutical industries. Thus, it is crucial to ensure that all the products are packed in a proper manner as per the safety standards laid down by international bodies for food packaging. There are many companies involved in providing food packaging testing services as there is a huge demand for such companies. This is because of the growing health and safety concerns among people. Thus, it becomes important to carry out packaging testing in accordance with international standards for food safety and maintain its quality.

Key Findings

  • The smart HVAC segment is projected to expand fastest over 10.12% CAGR over the forecast period.  Smart HVAC technology decreases energy costs, reduces the workload on staff, and gives improved comfort conditions for workers. Like the other types of technology for smart buildings, smart HVAC also uses sensors that merge with the building automation system. Sensors collect information about the conditions of the building. Other HVAC equipment which is specialized gives the ability to fine-tune humidity, airflow, and temperature, in various zones to optimize comfort while minimizing energy consumption.
  • The new building segment held a market share of more than 45.1% in 2020. People are picking up on smart offices, also digitization globally is driving the market.
  • Asia Pacific is expected to expand at a CAGR of over 7.6% between 2021 and 2028. The rise in the investment for smart city projects across the nations such as India, China, and Southeast Asian countries are some of the determinants projected to benefit the market growth in the region. Additionally, the rising demand for unique commercial projects development across nations in the region is anticipated to propel the demand for the Smart Workplace market over the forecast period.

Key Players:

Bureau Veritas SA (France), SGS S.A. (Switzerland), Eurofins Scientific SE (Luxembourg), Intertek Group Plc. (U.K.), Mérieux NutriSciences Corporation (U.S.), TÜV SÜD AG (Germany), ALS Limited (Australia), National Technical Systems, Inc. (U.S.), Microbac Laboratories, Inc. (U.S.), EMSL Analytical Inc. (U.S.), and Campden BRI (the U.K.)

Market Segmentation:

The Global Smart Packaging market is segmented by type (physical, chemical, microbiological), by material (glass, plastic, paper, metals), by technology (physical tests, spectroscopy & photometric-based, chromatography-based), by industry, and region.

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