Fast-Paced Industrial Automation favorable to the Global Soft Robotics Market Growth

According to the estimations put forth by Inkwood Research, the Global Soft Robotics Market is anticipated to register a CAGR of 27.80% in terms of revenue during the forecasting period of 2021-2028.

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Soft robotics is made from materials with mechanical properties as that of living tissues. They are manufactured and designed in innovative ways. These enable them to operate at full potential in manufacturing and medicine.

Rapid Industrial Automation drives Market Growth
The mass generalization of the internet has resulted in the fourth industrialization revolution, Industry 4.0. Consequently, enhanced productivity is the top priority for manufacturers. As a result, communication technology, information technology, digitalization, automation, and robotics are integrated. For instance, as per the new World Robotics 2020 Industrial Robots report, around 2.7 million industrial robots operate in factories worldwide.
Moreover, there have been significant investments in robotics and automation by developing and developed countries. Such aspects offer ample growth opportunities for the soft robotics market.
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Medical and Surgical Applications are the Fastest-Growing Applications
Soft robotics has huge potential in minimally invasive surgery (MIS) since it overcomes conventional limitations like a low degree of freedom. Also, the limitations in laparoscopic procedures and open surgeries and rising advantages of robotic surgery systems are projected to boost the adoption of robot-assisted surgeries globally. In addition, advantages like fewer complications, smaller incision sizes, shorter recovery times, and minimized infection rates are set to contribute to the adoption of robotic systems for various surgeries.

Fastest Growing and Largest Revenue-Generating Region: Asia-Pacific
Collaborative robots are increasingly deployed in the healthcare, automotive, and electronics sectors. At the same time, there is an increasing demand for safety from several end-user industries. In addition, there is a rising need for automation in industries like e-commerce and food processing. Moreover, the increasing research & development and fast-paced industrialization offer lucrative growth opportunities.
For instance, in countries like New Zealand, the e-commerce sector is projected to raise the demands for warehouse robotics. Also, various large companies are automating their warehouses in the country. Furthermore, the country has almost 86% internet penetration and smartphones at around 60%.
The market rivalry is evaluated to be high, given the moderately high probability of new players entering the market. This is accredited to the cost of raw materials and technological developments. Also, there are partnerships among companies in the collaborative robot space. Some of the eminent companies in the market include Fanuc Corporation, Soft Robotics Inc, Cyberdyne Inc, F&P Personal Robotics, etc.

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