Market Scope
A plethora of application of soft robots in different industrial verticals is likely to spur growth for its market, states Market Research Future (MRFR). MRFR states that the global soft robotics market is expected to expand at a substantial CAGR of 40.62% over the forecast period (2018-2024). In 2018, the market was valued at USD 300.50 million.
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Market Insights
The ability of soft robotics to change shape is likely to work in favor of its market. The wide range of application of soft robotics across different industry verticles is likely to surge the global market. In the healthcare industry, the demand for soft robotics is high. It is used for smart wearables, implants, surgicals, and others. In the food and beverage industry, the growing inclination of people towards automation is popularizing soft robotics. This is likely to gain momentum for the global market. As automation trends, the experimentation with robotics has increased, which, in turn, is expected to drive the market growth.
Key Players
FANUC Corporation (Japan), Universal Robots A/S (Denmark), Techman Robot ( Taiwan), ABB Ltd. (Switzerland), KUKA AG (Germany), F&P Robotics AG (Switzerland), AUBO Robotics Inc. (US), KAWADA Robotics Corporation (Japan), Yaskawa Electric Corporation (Japan), Kawasaki (Japan), ReWalk Robotics Ltd (Israel), RightHand Robotics Inc. (US), Ekso Bionics Holdings, Inc. (US), Rethink Robotics (Germany), and Soft Robotics Inc. (US).
Industry News
August 2019
Researchers at Ecole Polytechnique Fédérale de Lausanne in Switzerland, an institute that specializes in engineering and natural science developed stretchable pump for soft robotics.
Researchers at TU Delft, developer of sustainable technology solutions, created soft robotics that can morph different colors as a response to changes in their environment.
Under the SHERO project, funded by the European Commission, researchers from University of Cambridge to develop self-healing soft robotics as part of a new collaborative project.
Segmental Overview
The soft robotics market study has been segmented on the basis of type and application.
Based on the region, the soft robotics market has been studied across Asia-Pacific, North America, Europe, and the Rest of the World (RoW).
Based on the type, the soft robotics market has been segmented into co-robots, soft grippers, inflated robots, edible robots, wearable robots, and others. Wearable robots are gaining popularity in the packaging and the healthcare industries. The wearable robot segment is anticipated to lead in the global market over the evaluation period. The co-robot segment is likely to register the highest CAGR by 2024.
Based on the application, the soft robotics market has been segmented into medical and healthcare, logistics, food and beverages, entertainment & gaming, survey & exploration, automotive, and others. The need for effective medical solutions is surging due to the increase in number of patients suffering from chronic disorders. The medical and healthcare segment is likely to register the highest CAGR owing to the high adoption of soft robotics in the healthcare sector.
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Regional Outlook
Regionally, the soft robotics market has been analysed across North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
North America is likely to secure the largest share in the global soft robotics market. The residence of multiple end-users and the easily available technical expertise are factors that are expected to boost the growth of the North American soft robotics market. The growing number of manufacturing plants, warehouses, and distribution centers are likely to surge the Asia Pacific soft robotics market.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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