Press release
Analysis of Key Market Segments Influencing the Soft Robotics Market
Soft Robotics
Projected Growth and Market Size of Soft Robotics by 2029
The soft robotics market is anticipated to witness significant growth, reaching a valuation of $5.65 billion by 2029. This expansion corresponds to an impressive compound annual growth rate (CAGR) of 25.8%. The market's upward trajectory is propelled by factors such as growth in the food and beverage sector, enhanced environmental monitoring and exploration efforts, rising global health and safety awareness, increasing standardization and commercialization, and the development of application-specific customization. Key trends expected to influence this growth phase include bio-inspired designs and biomimicry, advancements in soft sensors and feedback mechanisms, integration of artificial intelligence (AI), development of soft exoskeletons for human augmentation, and the emergence of collaborative robots, commonly referred to as cobots.
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Top Companies Driving Innovation in the Soft Robotics Market
The competitive landscape of the soft robotics market features several influential players shaping its future. Prominent companies include 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., and Southie Autonomy.
Strategic Acquisitions Expanding Market Reach
In an important move in December 2022, Ekso Bionics Holdings Inc., a US-based manufacturer specializing in medical devices, acquired Parker Hannifin Corporation's human motion and control business unit. This acquisition remains financially undisclosed but significantly broadens Ekso's product portfolio and market opportunities by incorporating Parker's unique and adaptable Indego exoskeletons. Parker Hannifin is known for its expertise in motion and control technologies, including exoskeletons and wearable robotics, making this deal a strategic enhancement for Ekso's offerings.
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Innovative Trends Boosting the Soft Robotics Market
Leading companies in the soft robotics field are prioritizing innovation, particularly focusing on technologies like soft robotic hand rehabilitation gloves that utilize soft exoskeleton systems. These customized wearable devices are designed to aid individuals with hand impairments in their recovery and rehabilitation processes. For instance, in November 2022, Siyi Intelligence, a medical equipment manufacturer based in China, launched the HRC12 model of the SYREBO soft robotic hand rehabilitation gloves. This latest generation incorporates advancements in soft exoskeleton technology along with improved usability and accessibility. The HRC12 offers enhanced training modes, including fine motor skill development, stretching exercises, pinch training, and realistic rehabilitation programs, marking a trend towards more specialized home-based rehabilitation solutions.
Detailed Segmentation Within the Soft Robotics Market
This market report breaks down the soft robotics sector into several key segments for a comprehensive understanding:
1) By Component: Speaker, Amplifier, DSP (Digital Signal Processor), Microphone, Tuner
2) By Make Type: Branded or Premium Audio Systems, Non-Branded Audio Systems
3) By Technology: Voice Recognized Audio System, Non-Voice Recognized Audio System
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Application: Passenger Vehicle, Commercial Vehicle
Further subcategories refine these segments, such as:
- Speaker types including coaxial speakers, component speakers, subwoofers, and tweeters
- Amplifiers divided into mono amplifiers, multi-channel amplifiers, and digital amplifiers
- DSP units as standalone or integrated in head units
- Microphones categorized as wired, wireless, and noise-canceling
- Tuners including AM/FM tuners, satellite radio tuners, and digital audio broadcasting (DAB) tuners
The segmentation provides a detailed framework that helps stakeholders understand the varied applications and technologies shaping the soft robotics market's landscape.
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