Global Soft Robotics Market Overview
The key driver impacting the soft robotics market is the rising need for automation and human safety in manufacturing facilities. For instance, As per the World Economic Forum, By 2025, automation and a new division of labor between machines and humans will disturb 85 million jobs worldwide in large and medium businesses across 26 economies and 15 industries. It is assessed that by the end of 2030, only 35% of the time will be exhausted on manual routine work, and more than 60% of the work process is anticipated to be automated. The jobs with a high potential of automation would be nearly 35-50% for transportation, manufacturing, storage, and retail trade sectors. Moreover, the growth in industrialization & mechanization with the rising number of exoskeleton innovations contributes to soft robotics market demand in the coming years.
According to Value Market Research, the global Soft Robotics market size was valued at about USD 550 million in 2020 and is estimated to grow at a CAGR of around 35% during the forecast period 2021 to 2027.
The rising research and development in the robotics industry will likely augment the need for soft robotics in the forecast period. However, high installation cost hampers the market in the long run. In addition, the limited accessibility and availability are negatively impacting the market growth. Nevertheless, the industry trends, including rising research initiatives towards the development of innovative robots for small and medium-sized companies, might provide massive market opportunities to the key players of the market.
The Soft robotics market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players taken in the report are Bionik, ABB Ltd., Laboratories Corp., Cyberdyne Inc., KUKA AG, Fanuc Corporation, Ekso Bionics Holdings, Inc, RightHand Robotics Inc., ReWalk Robotics Ltd., Yaskawa Electric Corporation, and Soft Robotics Inc.
In this research report, the Soft Robotics market is segmented by type, application, and region.
Analysis by Type:
By Type, the report is categorized into soft grippers, co-robots, inflated robots, wearable robots, edible robots, and others. The wearable robots segment dominates the process segment with over 25% share in 2020. It is due to the wide adoption of wearable robots across the healthcare and packaging industries to automate processes. Moreover, the rising research development in bringing innovative wearable robots contributes to the wearable robots segment's growth in the forecast period.
Analysis by Application:
By application, the report is segmented into medical and healthcare, food and beverages, logistics, entertainment & gaming, automotive, survey & exploration, and others. The medical and healthcare segment dominates the application segment with over 25% share in 2020. It is due to the increase in exoskeleton innovation in the healthcare sector. Moreover, the rise in the number of orthopedic-related disorders, gynecology, and urology-related disorders, with growing improvement in medical facilities, contributed to the growth of the medical and healthcare segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Soft robotics market, the North America region is expected to hold the second-largest market share of around 30% in the forecast period. It is due to the high concentration of market players and easy availability of proficient technical expertise. Moreover, early technology adoption and rising research and development activities in the fields of robotics across the region contribute to the tremendous market growth across North America.
Market Segmentation covered in the Report:
- Soft Grippers
- Inflated Robots
- Wearable Robots
- Edible Robots
- Medical and Healthcare
- Food and Beverages
- Entertainment & Gaming
- Survey & Exploration
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.