Globally, the size of the soft robotics market is set to grow at a CAGR of 30.70% to hit USD 3.75 Billion by 2030 driven by the growing adoption of robotics in the healthcare sector. The global market operations are experiencing a significant performance of the market players and hence, expect a major transformation with the availability and functioning of robots that are not restricted to industrial shop floors. Soft robotics industry is undergoing a huge and elaborated demand amongst robots in various industry verticals and departments like playing the role of personal assistants and bridging the gap between service seekers and service providers. The implementation of robots and their training to suit the workings of various departments and industry verticals will enhance the operations and further, ensure reliable and efficient working of the industry departments and cover the losses incurred during the spread of the COVID-19 pandemic beginning in late 2019 and 2020.
The novel coronavirus emerged as a normal disease and when the whole country was just getting itself aware and prepared to fight the pandemic, it had already begun causing casualties followed by its declaration as a pandemic by the WHO. The pandemic has not only created new and vital struggles for the global markets and industries. Still, it is also hampering the production and manufacturing ability of the market during the forecast period of 2022-2030 owing to factors like less or unavailability of raw materials to produce the finished goods, alongside the absence of skilled labor, market forces of demand and supply and logistics to keep up with the trends related to the delivery of goods and availability on the requirement.
The use of robotics across various industries and market verticals is based on concepts like artificial intelligence and machine learning that render promising aspects and growth. The government and public sector are largely investing in innovative and creative solutions to add them as features while compiling and manufacturing the products available under the head of the global market. The key market players are also aiming to produce as per the demand of the target audience and further, develop specifications and diversification that is expected by them for global enhancement from 2022 through 2030.
Industrial robots are one of the most demanding and efficient products that have been developed and offered by global market operations. According to KUKA, BMW Group’s international production sites are planning to employ robots on a large scale to carry out the process of manufacturing both the current and futuristic vehicle models. This is likely to present excellent driving opportunities to the market.
However, return on investment on robotics is likely to present a major restraint to the market and hamper the expected growth during the forecast period that ends in 2030. The cost of acquiring the market products and services is high which will hamper the ability of startups and small enterprises to render the advantages of the market and enhance their effectiveness and efficiency during the forecast period.
Since the arrival of the pandemic in 2020, the technology aspect of the global market has stepped up to help sustain during such unfortunate times by bearing the torch that has positive attributes for the robotics market size during the forecast period of 2022-2030. Robotics has emerged as one of the most crucial technologies. Many hospitals are implementing and investing in employing robots that ender their skill to aid both the staff alongside the admitted patients. China, as a part of the APAC region, witnessed a high demand for the disinfection robot UVD since the initial cases of the pandemic have been reported in the region.
The soft robotics industry has been divided all across the globe based on type, application, and region.
Based on the Type
The soft robotics industry has been divided all across the globe based on the type into edible robots, wearable robots, inflated robots, co-robots, soft grippers, and others. The largest market share in the type dividend is held by the wearable robot type. However, a fast growth rate is also observed in co-robot type
Based on the Application
Soft robotics industry has been divided all across the globe based on the application into survey & exploration, entertainment & gaming, automotive, logistics, food and beverages, healthcare and medical, and others. The largest market share in the application dividend is held by the medical and healthcare application owing to the increasing number of cases of orthopedic-related disorders, urology, and gynecology.
Based on the Region
The soft robotics industry has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The soft robotics market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the soft robotics industry is held by the North American region owing to the presence of major giant key players. The availability of technical expertise in this region also drives the market demand.
Being the fastest-growing region, the second-largest market share in the soft robotics market is held by the Asia-Pacific region owing to the increasing growth of the automotive industry and healthcare and life sciences industry. Increasing health awareness is another major driving factor.
The third-largest market share in the soft robotics market all across the globe is held by the European region owing to the presence of countries like the UK, France, Germany, and Italy. High per capita disposable income is another contributing factor.
The least market share is held by the Latin American region and the Middle East and African region owing to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the soft robotics industry growth in these regions.
The most prominent major key players in the soft robotics market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the soft robotics market in the global soft robotics market by going for mergers, and acquisitions, by collaborating, establishing a partnership, developing a new production process, setting up a new joint venture, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the soft robotics all across the globe.
In March 2020, a soft robot specifically designed to handle product returns named SuperPick Polybag Picking System has been launched by Soft Robotics Inc. This will help various e-commerce sites in automated loading, scanning, and handling of returns and orders.
In March 2020, a new business facility was established in Frankfurt, Germany for enhancing the expansion program in the European region by Righthand Robotics Inc. to cater to the increasing demand in this region and for making a global presence.
All the major key players are highly investing in mergers and acquisitions, new product launches, and joint ventures.
Yaskawa Electric Corporation (Japan) is spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company in increasing its sales volume.
This global soft robotics market research report consists of the following elements mentioned below:
This soft robotics market research report contains factors that drive the growth of the soft robotics market and the factors that are likely to impact the market operations during the forecast period.
Soft robotics associations, research organizations, soft robotics parts and components manufacturers, automotive industries, manufacturing industries, technology investors, and technology providers.
|Market Size||USD 3.75 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Universal Robots A/S (Denmark), FANUC Corporation (Japan), Techman Robot ( Taiwan), ABB Ltd. (Switzerland), KUKA AG (Germany), AUBO Robotics Inc. (US), Yaskawa Electric Corporation (Japan), Kawasaki (Japan), Rethink Robotics (Germany), ReWalk Robotics Ltd (Israel), RightHand Robotics Inc. (US), Soft Robotics Inc. (US), Ekso Bionics Holdings, Inc. (US), F&P Robotics AG (Switzerland), and KAWADA Robotics Corporation (Japan)|
|Key Market Opportunities||The growing number of automated manufacturing industries with increased throughput across warehouses and distribution centers|
|Key Market Drivers||
Soft robots are fabricated of deformable substances, such as gels and elastomers, that can be shaped as desired.
Soft robotics are used in sectors, such as food and beverages, medical and healthcare, entertainment & gaming, logistics, survey & exploration, and automotive. The increase in application of soft robotics for medical needs, such as in urology and orthopedic-related disorders, can impel its market growth.
Soft grippers, inflated robots, co-robots, edible robots, and wearable robots are types of soft robotics. Wearable soft robotics are experiencing high rate of adoption in the packaging and healthcare sector, thereby is likely to cause spur in the global soft robotics market growth.
MRFR reveals, the soft robotics market can expand at 30.70%, CAGR during the review period 2022 to 2030. The soft robotics market is expected to experience a rise in its valuation from USD 300.50 Mn in 2018 to USD 3.75 billion by 2030, due to its large scale application in the healthcare sector.
FANUC Corporation (Japan), Universal Robots A/S (Denmark), ABB Ltd. (Switzerland), Techman Robot (Taiwan), AUBO Robotics Inc. (US), KUKA AG (Germany), and Yaskawa Electric Corporation (Japan) are some potential developers of soft robotics.