Soft Robotics Market Size, Share, Growth Analysis, By Type(Soft Grippers, Cobots, Inflated Robots, and Exoskeleton), By End Use(Healthcare, Advanced Manufacturing, Food & Beverages, Logistics), By Component(Hardware, Software), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45M2016 | Region: Global | Published Date: April, 2024
Pages: 194 | Tables: 92 | Figures: 71

Soft Robotics Market Insights

Global soft robotics market size was valued at USD 725.74 million in 2022 and is poised to grow from USD 950.72 million in 2023 to USD 8245.61 million by 2031, growing at a CAGR of 31% in the forecast period (2024-2031).

Soft robotics refers to a subbranch of the robotics industry where robots are made using compliant or flexible materials as compared to the conventional approach involving rigid materials. Growing demand for better human-robot interactions and the rising proliferation of robotics in different industry verticals are projected to boost sales of soft robotics over the coming years. Advancements in robotics technologies and material technologies are slated to be pivotal in deciding the future soft robotics market growth trajectory. Rapid urbanization and industrialization coupled with high adoption of automation in all walks of life will create a lucrative setting for soft robotics providers going forward. Soft robotics will especially find good scope of application in the healthcare industry over the coming years. On the contrary, limited durability and challenges in manufacturing are projected to be key constraints for soft robotics market development in the long run.

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soft robotics market size was valued at USD 725.74 million in 2022 and is poised to grow from USD 950.72 million in 2023 to USD 8245.61 million by 2031, growing at a CAGR of 31% in the forecast period (2024-2031).

Soft robotics providers should emphasize innovation and keep a close eye out for material technology advancements if they want to stand out from the competition. Companies can also try mimicking humans in some form to create innovative and novel soft robots. Soft robotics market players can also utilize collaborations and mergers to expand their market share and presence on a level going forward. 'Soft Robotics Inc.', 'SynTouch LLC', 'Festo AG & Co. KG', 'Rethink Robotics GmbH', 'Ekso Bionics Holdings Inc.', 'BIONIK Laboratories Corp.', 'Shadow Robot Company', 'Aethon Inc.', 'RightHand Robotics Inc.', 'Barrett Technology LLC', 'Universal Robots A/S', 'Robert Bosch GmbH', 'Yaskawa Electric Corporation', 'KUKA AG', 'Pneubotics Inc.'

Robotics has come a long way in recent years and more investments in R&D in this field has resulted in the growing popularity of innovative solutions such as soft robotics.

Emphasis on Biomimicry: Soft robotics companies should focus on mimicking humans and human biology in their products to improve their application scope and make them more human-like. Companies can focus on utilizing biomaterials to enhance the biomimicking capabilities of their products.

Asia Pacific is expected to account for a substantial share of the soft robotics market owing to rapid industrialization and growing adoption of automation in this region. China, Japan, Taiwan, and India are estimated to be the most lucrative markets in this region. A robust manufacturing sector in this region offers much scope for applying soft robotics in factory automation. Easy availability of robotic components and low costs of manufacturing also make this region an attractive one for soft robotics companies.

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Soft Robotics Market Size, Share, Growth Analysis, By Type(Soft Grippers, Cobots, Inflated Robots, and Exoskeleton), By End Use(Healthcare, Advanced Manufacturing, Food & Beverages, Logistics), By Component(Hardware, Software), By Region - Industry Forecast 2024-2031

Soft Robotics Market Insights

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