Soft Robotics Market Expected to Reach $3.41 Billion by 2027-Allied Market Research

According to a new report published by Allied Market Research, titled, “Soft Robotics Market Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global soft robotics market size was valued at $573.8 million in 2019, and is projected to reach at $3.41 billion by 2027, growing at a CAGR of 30.7% from 2020 to 2027.

A soft robotics, which is sometimes known as biologically inspired robots, is an electronic device that offers extraordinary solutions such as smooth touches, manipulation and grasping of fragile objects, and safe interaction for humans. Soft robotics can perform complex tasks; thereby, offering cost-efficient flexible production. For instance, soft robotics installed in the healthcare sector is made of material similar to human soft tissues. Subsequently, each device used in medical industries is analyzed for engineering and clinical significance. Furthermore, soft robotics is widely used across packing and packaging, mining, surgery, laboratory research, and other industries. 

The surge in the innovation of next-generation healthcare technology is one of the key drivers for the growth of the soft robotics market. Moreover, the enhancement of resilient supply chains across logistic and food & beverage industries boosts the market growth. However, the high cost of soft robotics products in developing countries is a major hurdle for early adoption. Further, innovation in soft robotics for small and medium-sized companies is expected to provide lucrative opportunities for the global soft robotics industry during the forecast period.

The soft grippers segment was the highest contributor to the market in 2019. The soft gripper and exoskeleton segments collectively accounted for around 69.8% market share in 2019. Surge in artificial intelligence penetration fuels growth of the soft grippers segment; thereby, enhancing the global soft robotics market growth.

Emergence of COVID-19 has significantly impacted the global soft robotics industry. Delay caused for construction projects due to partial or complete lockdown in various regions of the world has significantly reduced demand for smart thermostats during the pandemic. However, it has created more demand from healthcare end users, owing to work from home policies implemented by governments of several countries. Hence, the food & beverage sector is expected to witness prominent growth post-pandemic for smart thermostats.

Region wise, Asia-Pacific holds a significant share in the global soft robotics market size. Asia-Pacific accommodates a major population of the globe. The adoption of soft grippers and cobots appliances in the food & beverage, healthcare, and logistics sectors is expected to propel the soft robotics industry in this region. Owing to technological advancements, appliances in food & beverage, such as warehousing, equipment innovation, and AGV technology, are increasingly becoming smart. This makes the production process more flexible. Hence, all such factors are anticipated to boost the market growth.

Key Findings Of The Study

• In 2019, the soft grippers segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 29.5% during the forecast period.
• The soft grippers and exoskeleton segment together accounted for around 69.8% of the global soft robotics market share in 2019.
• The software segment of the global soft robotics market is projected to growth at a CAGR of 33.4% during the forecast period.
• Asia-Pacific region contributed major share in global soft robotics market, accounting for more than 43.8% share in 2019.

The key players profiled in the report include Bioservo technologies AB, Cyberdyne Inc., Ekso bionics Holdings, Inc., F&P Robotics AG, Festo AG, Rewalk Robotics Ltd., Righthand Robotics Inc., Roam Robotics, Soft Robotics Inc., and Yaskawa Electric Corporation. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the global soft robotics market.