Press release
Global Soft Robotics Market to Reach $5.76 Billion by 2029, Growing at 26% CAGR
Soft Robotics Market Share
The booming adoption of Internet of Things (IoT) is foreseen to boost the expansion of the soft robotics market. IoT represents a system connecting numerous IT devices, mechanical and digital equipment with unique identifiers (UIDs), enabling unaided data transfer without human involvement. Soft robotics takes advantage of IoT sensors to develop pioneering solutions that are safer, more flexible, and more human-compatible. This approach opens a panorama of possibilities in multiple sectors such as healthcare, automation, environmental observation, etc. For instance, in September 2022, as reported by Sweden's telecom company Ericsson, the worldwide IoT connections escalated to 13.2 billion in 2022 and are foreseen to grow by 18%, reaching 34.7 billion connections by 2028. Thus, the flourishing adoption of IoT is propelling the growth of the soft robotics market. The soft robotics market is accelerating owing to the support from various governmental initiatives for robots, including soft robots. The term 'governmental initiatives' refers to assistance extended by a governmental body to different organizations, industries, projects, programs, or individuals, at every level whether federal, state, or local. Multiple governmental authorities have begun several schemes to foster innovation in robotic integration. For instance, High Value Manufacturing Catapult, a company based in the UK, reported in July 2024 that the government launched the Advanced Manufacturing Plan in November 2023. This scheme aims to aid the manufacturing sector with an allocation of £4.5 ($5.86) billion in earmarked funding for a period of five years, commencing in 2025. The plan focuses on essential industries such as the automotive sector. Therefore, such governmental initiatives are driving the growth of the soft robotics market.
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What is the projected compound annual growth rate (CAGR) of the soft robotics market from 2025 to 2034, and what factors influence it?
In the past few years, the market size for soft robotics has seen exponential growth. This market is projected to rise from $1.84 billion in 2024 to $2.29 billion in 2025, suggesting a compound annual growth rate (CAGR) of 24.4%. The historic surge in growth is as a result of the expanding use in medical robotics, flexibility in handling and manipulation, interest from defense and military sectors, as well as consumer electronics and wearable robotics, and agricultural automation.
The market for soft robotics is projected to experience a significant surge in size over the next few years, reaching a value of $5.76 billion in 2029, with a compound annual growth rate (CAGR) of 26.0%. This progression in the forecast period can be credited to growth in the food and beverage industry, environmental monitoring and exploration, rising universal health and safety issues, standardization and commercialization, and tailor-made solutions for specific uses. Notable trends during the forecast period encompass bio-mimicry and bio-inspired design, soft feedback systems and sensors, implementation of artificial intelligence (AI), the use of soft exoskeletons for enhancing human abilities and cooperative robots (cobots).
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How are the latest trends influencing the growth of the soft robotics market?
Leading entities in the soft robotics market prioritize the development of pioneering technologies like soft robotic hand rehabilitation gloves that utilize soft exoskeleton technology, aiming to deliver dependable customer service. These gloves are tailored wearable devices that aid individuals with hand disabilities in their recovery and rehabilitation journeys. For instance, Siyi Intelligence, a medical equipment manufacturer based in China, unveiled in November 2022 their latest product HRC12, a new variation of their SYREBO soft robotic hand rehabilitation gloves, incorporating the most recent enhancements in soft exoskeleton technology and improvements in usability and accessibility. The freshly released HRC12 offers improved training options such as fine motor training, stretching mode, pinch training, along with more practical training schemes, thus shaping the trend of integrating specialized rehabilitation services into homes.
What are the major segments of the soft robotics market and their role in driving growth?
The soft robotics market covered in this report is segmented -
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
Subsegments:
1) By Soft Grippers: Adaptive Grippers, Suction-Based Grippers
2) By Cobots: Lightweight Cobots, Flexible Cobots
3) By Inflated Robots: Soft Inflatable Structures, Pneumatic Robots
4) By Exoskeletons: Wearable Exoskeletons, Robotic Exoskeletons For Rehabilitation
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Asia-Pacific was the largest region in the soft robotics market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the soft robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the soft robotics market?
Major companies operating in the soft robotics market report are 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
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What Is Covered In The Soft Robotics Global Market Report?
•Market Size Forecast: Examine the soft robotics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the soft robotics market for a structured understanding.
•Key Players Overview: Analyze major players in the soft robotics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the soft robotics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the soft robotics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the soft robotics market.
•Industry Challenges: Identify potential risks and obstacles affecting the soft robotics market.
•Competitive Landscape: Review strategic developments in the soft robotics market, including expansions, agreements, and new product launches.
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