Soft Robotics Market Size, Insights, Outlook, and Overview by 2024-2033

Overview and Scope

Soft robotics refers to a branch of robotics that specializes in designing and producing robots composed of soft, flexible substances and frameworks intended to imitate the natural motions and capabilities of living beings. It is employed in various applications, including surgery, prosthetics, managing pain, and space exploration.

Sizing and Forecast

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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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the soft robotics market in 2023. 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

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The soft robotics market report table of contents includes:

1. Executive Summary
2. Soft Robotics Market Characteristics
3. Soft Robotics Market Trends And Strategies
4. Soft Robotics Market – Macro Economic Scenario
5. Global Soft Robotics Market Size and Growth
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32. Global Soft Robotics Market Competitive Benchmarking
33. Global Soft Robotics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Soft Robotics Market
35. Soft Robotics Market Future Outlook and Potential Analysis
36. Appendix