New York, Sept. 18, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Soft Robotics Market” published by Consegic Business Intelligence, the market was worth USD 797.21 Million in 2022 and is anticipated to reach over USD 8,748.87 Million by the year 2030, growing at a CAGR of 35.20%.
Soft robotics is a subdivision of robotics that involves the development of robotic systems made of stretchable, flexible materials with variable and reversible properties. The benefits of soft robotics including high level of behavioral diversity, adaptable shape, high elasticity along with high adaptability and tolerance to operate in unknown environments, particularly for human-machine interaction, make it ideal for utilization in healthcare, retail & e-commerce, food & beverage, logistics, and other industries.
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The increasing utilization of soft robotics in food & beverage industry is among the key factors driving the market growth. Moreover, the rising investments in expansion of food & beverage facilities and increasing adoption of automated solutions are fostering the market demand for soft robotic systems. For instance, in September 2021, Nature Bio Foods BV opened its organic food processing facility located in Netherlands. The food processing facility aims at providing organic food ingredients to consumers throughout the country. Thus, the expansion of food & beverage facilities is driving the adoption of soft robotics for automating the process of handling, picking and packaging of food & beverage products, thereby driving the growth of the market.
Additionally, the rising adoption of industrial automation fueled by Industry 4.0 is expected to promote potential opportunities for the growth of the soft robotics market. Moreover, the ability of soft robotic systems to offer high accuracy, precision, improved worker safety, faster industrial processes, and improved operational efficiency are primary determinants for increasing its utilization deployment in industrial automation. However, the availability of substitutes for soft robotics is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 8,748.87 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 35.20% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Soft Robotics Inc., Ekso Bionics Holdings Inc., Rewalk Robotics Ltd., RightHand Robotics Inc., Yaskawa Electric Corporation, Bioservo Technologies AB, Festo Inc., Roam Robotics, ABB Ltd., KUKA AG |
| By Type | Soft Grippers, Inflated Robots, Wearable Robots, and Others |
| By End-User | Healthcare, Retail & E-commerce, Food & Beverage, Logistics, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Soft Robotics Market Growth Drivers:
- Growing healthcare sector is spurring the market growth.
- Rising utilization of soft robotics in food & beverage sector is driving the market growth.
Restraints
- Availability of substitutes is restraining the market growth.
Opportunities
- Rising adoption of industrial automation fueled by Industry 4.0 is expected to promote potential opportunities for market growth.
Global Soft Robotics Market Segmentation Details:
Based on type, the wearable robots segment contributed the largest shares to the market growth in 2022. The benefits of wearable robots including lightweight, increased functionality and mobility, ease of wear and removal, constant adaptability to evolving consumer needs, and others are key aspects driving the growth of the segment. Further, the increasing utilization of wearable robots in healthcare and other industrial sectors is driving the growth of the wearable robots segment.
Based on end-user, the healthcare segment accounted for the maximum revenue share in the year 2022. Soft robotics is utilized in the healthcare sector for several applications including rehabilitation, diagnostic, and surgical procedures among others. Factors including the growth trend in healthcare expenditure, increasing investments in advanced medical equipment, and rising incidence of diagnostics and surgical procedures are among the key prospects fostering the growth of the healthcare segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including food & beverage, logistics, healthcare, and other sectors is driving the growth of soft robotics market in North America. Further, the rising investments in retail & e-commerce and logistics sectors among others are expected to boost the growth of the market in the North American region during the forecast period.
Recent Developments
- In May 2019, Bioservo Technologies launched its new version of Ironhand, a soft robotic muscle strengthening system. The new version of Ironhand includes significant refinements including increased robustness, improved performance, and enhanced comfort and user-friendliness.
Key Market Highlights
- Globally, soft robotic market is divided based on the type into soft grippers, inflated robots, wearable robots, and others.
- In the context of end-user, the market is separated into healthcare, retail & e-commerce, food & beverage, logistics, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in soft robotic market.
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List of Major Global Soft Robotics Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Soft Robotics Inc.
• Ekso Bionics Holdings Inc.
• Rewalk Robotics Ltd.
• RightHand Robotics Inc.
• Yaskawa Electric Corporation
• Bioservo Technologies AB
• Festo Inc.
• Roam Robotics
• ABB Ltd.
• KUKA AG
Global Soft Robotics Market Segmentation:
- By Type
- Soft Grippers
- Inflated Robots
- Wearable Robots
- Others
- By End-User
- Healthcare
- Retail & E-commerce
- Food & Beverage
- Logistics
- Others
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Key Questions Covered in the Soft Robotics Market Report
- What is soft robotics?
- Soft robotics refers to the subset of robotics that primarily emphasizes technologies that closely resemble the physical features of living organisms. Soft robotics involves the design, control, and fabrication of robots that are composed of compliant materials rather than rigid links.
- What is the dominating segment in the soft robotic market by type?
- In 2022, the wearable robots segment accounted for the highest market share of 45.4% in the overall soft robotic market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the soft robotic growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for soft robotics from multiple industries including food & beverage, logistics, and healthcare among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register the fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as retail & e-commerce, healthcare, and others.
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