Press release
Soft Robotics Market Size is Expected to Growth to $4.53 Billion in 2028 at a CAGR 25.3% within the Forecast Period 2024-2033
Soft Robotics Market Report
The Business Research Company presents an extensive market research report on the Soft Robotics Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The soft robotics market size has grown exponentially in recent years. It will grow from $1.46 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to increased application in medical robotics, versatility in gripping and manipulation, interest from defense and military sectors, consumer electronics and wearable robotics, automation in agriculture.
The soft robotics market size is expected to see exponential growth in the next few years. It will grow to $4.53 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The growth in the forecast period can be attributed to expansion in the food and beverage industry, environmental monitoring and exploration, global health and safety concerns, standardization and commercialization, customization for specific applications. Major trends in the forecast period include bio-inspired design and biomimicry, soft sensors and feedback systems, integration of artificial intelligence (ai) , soft exoskeletons for human augmentation, collaborative robots (cobots).
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Key Market Players:
Asea Brown Boveri Ltd., Fanuc Corporation, Yaskawa Electric Corporation, Festo Group, Ocado Group plc, QinetiQ Group plc., Ottobock SE & Co KGaA, SRI International Inc., Universal Robots, Piab Group Holding, SoftWear Automation Inc., Doosan Robotics Inc., Disney Research, Ekso Bionics Holdings Inc., Innophys Co. Ltd., Shadow Robot Company Limited, ReWalk Robotics Inc., Artimus Robotics Inc., Octopus Robotics Incorporated, Rethink Robotics Inc., Robotnik Automation SLL, Schunk GmbH, Roam Robotics Inc., ULC Robotics Inc., RightHand Robotics Inc., Soft Robotics Inc., Tactile Robotics Ltd., Bristol Robotics Laboratory Limited, New Scale Robotics Inc., Southie Autonomy are prominent players in the industry.
Market Drivers:
The surge in adoption of the Internet of Things (IoT) is expected to propel the growth of the soft robotics market going forward. The Internet of Things (IoT) is a networked system of interconnected computing devices, mechanical and electronic machinery with unique identities (UIDs), and the capacity to transfer data without needing human-to-human or human-to-computer contact. Soft robotics employs Internet of Things (IoT) sensors to create innovative solutions that are safer, more adaptable, and more human-friendly, opening up new possibilities in healthcare, automation, environmental monitoring, and various other fields. For instance, in September 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, the global IoT connections reached 13.2 billion connections in 2022 and are expected to increase by 18% to 34.7 billion connections by 2028. Therefore, the surge in adoption of the Internet of Things (IoT) drives the soft robotics market.
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Market Segments Include:
1) By Type: Soft Grippers, Cobots, Inflated Robots, Exoskeleton
2) By Component: Hardware, Software
3) By End User: Healthcare, Advanced Manufacturing, Food And Beverages, Logistics, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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