Categories: Market Research

Soft Robotics Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Soft Robotics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Soft Robotics Global Market Report 2024, 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)..

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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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

Major companies operating in the soft robotics market focus on developing innovative technology, such as soft robotic hand rehabilitation gloves with soft exoskeleton technology, to provide reliable customer service. Soft robotic hand rehabilitation gloves with soft exoskeleton technology are customized wearables to help people with hand impairments recover and rehabilitate. For instance, in November 2022, Siyi Intelligence, a China-based medical equipment manufacturing company, launched HRC12, a new generation of SYREBO soft robotic hand rehabilitation gloves with the recent advances in soft exoskeleton technology and usability and accessibility. The newly introduced HRC12 has enhanced training modes such as fine motor training, stretching mode, pinch training, and more realistic training programs, setting the trend for bringing specialized rehabilitation services into the house.

The soft robotics market report table of contents includes: