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 observed during the historic period can be attributed to several factors, including increased applications in medical robotics, the versatility of soft robotics in gripping and manipulation tasks, growing interest from the defense and military sectors, the integration of soft robotics in consumer electronics and wearable devices, and the automation of agricultural processes.

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 anticipated growth in the forecast period can be attributed to the expansion of soft robotics applications in the food and beverage industry, increased utilization for environmental monitoring and exploration, rising global concerns for health and safety, efforts towards standardization and commercialization, and customization for specific applications. Major trends expected in the forecast period include the adoption of bio-inspired design and biomimicry principles, the incorporation of soft sensors and feedback systems, the integration of artificial intelligence (AI), the development of soft exoskeletons for human augmentation, and the use of collaborative robots (cobots).

The soft robotics market is anticipated to witness growth due to the burgeoning adoption of the Internet of Things (IoT). The IoT represents an interconnected system of computing devices and machinery capable of transferring data autonomously. Soft robotics harness IoT sensors to develop advanced solutions that are not only safer but also more adaptable and user-friendly. These innovations hold promise across diverse sectors such as healthcare, automation, and environmental monitoring. As per Ericsson's report in September 2022, global IoT connections surged to 13.2 billion and are projected to rise by 18%, reaching 34.7 billion connections by 2028. Hence, the widespread adoption of IoT technologies fuels the expansion of the soft robotics market.

Government-led initiatives supporting robotics, especially soft robots, are anticipated to drive the growth of the soft robotics market. These initiatives encompass support provided by governmental bodies, whether at federal, state, or local levels, aimed at fostering advancements in robotics integration. For instance, in 2021, the National Science Foundation introduced the National Robotics Initiative 3.0 program in the United States. This program seeks to bolster fundamental research, fostering scientific advancements in robot integration to benefit humanity, particularly in enhancing human safety and independence. Consequently, these government-backed initiatives aimed at bolstering robots, including soft robots, significantly contribute to propelling the growth of the soft robotics market.

The soft robotics market growth might face impediments due to challenges encountered by small companies in adopting robotics. Small businesses often confront obstacles such as high initial costs, limited financial resources, integration complexities, and regulatory compliance when attempting to integrate robotic technologies into their operations. An example from Control Engineering in September 2023 highlighted that approximately 90% of American firms do not have robots in their facilities, mainly due to financial limitations and concerns about job displacement. These hindrances constrain smaller enterprises' ability to adopt robotics, thereby restraining the growth of the soft robotics market.

Prominent companies in the soft robotics sector prioritize the development of innovative technology, such as soft robotic hand rehabilitation gloves equipped with soft exoskeleton technology, to cater to customer needs effectively. These gloves are personalized wearables designed to aid individuals with hand impairments in their recovery and rehabilitation process. For instance, Siyi Intelligence, a China-based medical equipment manufacturer, introduced the HRC12 in November 2022 - a new iteration of SYREBO soft robotic hand rehabilitation gloves integrating the latest advancements in soft exoskeleton technology. This model features improved training modes such as fine motor training and stretching exercises, making rehabilitation services more accessible and realistic, even within the comfort of one's home.

In December 2022, Ekso Bionics Holdings Inc., a medical equipment manufacturing company based in the United States, successfully acquired the human motion and control business unit of Parker Hannifin Corporation for an undisclosed amount. This strategic acquisition allowed Ekso Bionics to broaden its product line and explore new market opportunities by incorporating Parker's uniquely powered and adaptable Indego exoskeletons into its portfolio. Parker Hannifin Corporation, also based in the United States, is a manufacturer specializing in motion and control technologies, including the production of exoskeletons and wearable robots.

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.

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 The countries covered in the soft robotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The soft robotics market consists of sales of robotic muscles, prosthetic robots, and wearable robotics. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary types of soft robotics include soft grippers, cobots (collaborative robots), inflated robots, and exoskeletons. Soft grippers are robotic end-effectors that replicate the dexterity and flexibility of human hands, utilizing flexible and compliant materials such as elastomers or soft plastics. These soft robotic systems consist of various components, including hardware and software, and cater to diverse end-users, including healthcare, advanced manufacturing, food and beverages, logistics, and others.

The soft robotics market research report is one of a series of new reports that provides soft robotics market statistics, including soft robotics industry global market size, regional shares, competitors with a soft robotics market share, detailed soft robotics market segments, market trends, and opportunities, and any further data you may need to thrive in the soft robotics industry. This soft robotics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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