The global soft robotics market, according to a report published by Market Research Future (MRFR), is poised to register a significant market valuation of USD 2,323.58 Million by 2024, at a striking CAGR of 40.62%, during the review period.
Drivers and Restraints
Growing adoption of robotics in the healthcare sector, increasing automation in the food & beverage industry, and rising research and development in the robotics industry are the key drivers for the soft robotics market. However, the high installation cost is a factor likely to limit market growth. Soft robots are progressively being deployed in places that need complex and repetitive tasks to be performed with precision. Moreover, the major market players are implementing product launch as a vital market strategy to surge their market share over the review period.
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The major market players identified by MRFR in the global soft robotics market are FANUC Corporation (Japan), are Universal Robots A/S (Denmark), Techman Robot ( Taiwan), KUKA AG (Germany), ABB Ltd. (Switzerland), AUBO Robotics Inc. (US), Kawasaki (Japan), Rethink Robotics (Germany), Yaskawa Electric Corporation (Japan), ReWalk Robotics Ltd (Israel), Soft Robotics Inc. (US), RightHand Robotics Inc. (US), F&P Robotics AG (Switzerland), Ekso Bionics Holdings, Inc. (US), and KAWADA Robotics Corporation (Japan).
The market players are expected to increase their investment towards research and development activities, owing to the competitive nature of the market.
October 2019: Researchers from the University of Toronto created a miniature robot that has the ability to crawl using motion similar to an inchworm. The scientists stated that the primary tech has the capability to transform industries from smart wearables to aviation.
September 2019: Researchers at the University of California, Los Angeles (UCLA), and the California NanoSystems Institute in Los Angeles developed a soft swimming robot called OsciBot, based on a self-supported hydrogel oscillator. This robot functions under constant light input without the requirement for a battery or external power source.
The global market for soft robotics has been bifurcated on the basis of type, and application.
The types of soft robots available in the global soft robotics market are co-robots, soft grippers, wearable robots, edible robots, inflated robots, and others. The wearable robot segment is likely to lead the market over the forecast period, owing to its wide adoption across the healthcare and packaging industries for the automation of processes. However, the co-robot segment is anticipated to register the highest CAGR.
The applications of soft robotics are found in several industry verticals such as medical and healthcare, logistics, food and beverages, entertainment & gaming, survey & exploration, automotive, and others. The pharmaceutical & healthcare segment is anticipated to lead the market during the forecast period. The rise in the number of urology, gynecology, orthopedic-related disorders, along with improvement in medical facilities, fuels the adoption of soft robotics across the globe, especially in developed regions.
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The geographical analysis of the global soft robotics market has been conducted in North America, Asia Pacific, Europe, and the rest of the world.
The Asia Pacific, North America and Europe are the major regional markets for soft robotics. North America, followed by Europe, is anticipated to grow as the largest market in the forecast period. This is attributed to the high concentration of dominant market players and the easy availability of proficient technical expertise in the region. Also, the end-users in the region are the early adopters of robotics technology, which is expected to further drive the growth of the soft robotics market.
However, Asia-Pacific is expected to be the fastest growing regional market owing to the growing number of automated manufacturing industries with increased throughput.
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