The "Global Soft Robotics Market - Segmented by Type, End-user, and Region - Growth, Trends, and Forecast (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
The Soft robotics market was valued at USD 312.5 million in 2017 and is projected to reach a market value of USD 3326.9 million by 2023 at a CAGR of 40.5%, over the forecast period (2018-2023).
The scope of the report includes insights on the applications such as human-machine interface and interaction, surgical applications, rehabilitation and wearable robots and locomotion. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions are covered in the scope of this study. The study offers insights into various components such as actuators, sensors, control systems etc.
Soft Robots have provided the end-user industries with the ability to automate over the past few years. Though soft robotics is still in its early stages, with the variety of benefits the soft robots offer over the traditional robots the penetration of the soft robots is expected to grow in the forecast period.
The market under research here covers soft robots segmented as a type of the robot as soft grippers, co-robots, and exoskeletons and others. Of the three main segments, the exoskeletons have been commercialized and the market penetration is relatively better compared to the soft grippers and soft co-robots. This is due to the intensive research in the medical devices sector owing to the need for human assistance.
The market has seen huge investments in the technical front and new entrants are expected to emerge in the market. Currently, soft robot manufacturers have very specific solutions and the market is moderately competitive. However, with the advent of big players in the robotics market venturing into the soft robotics is expected to increase the competition.
The need for human safety in manufacturing units, and increased R&D from various countries are driving the soft robotics market.
Soft Robotics Market Dynamics
Robots have been employed in manufacturing units across most of the industries, ever since, because of their capacity to take up complicated, repetitive tasks, even in hazardous environments and the ability to perform with accuracy.
With increased demand across industries like the e-commerce, food industry, etc., companies are looking forward to automating some of the repetitive processes by deploying robots. While using robots is a viable solution for product manufacturers across industries, it is also essential that they consider the safety aspect in the workplace.
Soft Robotics Market Share
Human-machine interface and interaction segment is expected to occupy the highest market share.
Soft robots are essentially more compatible for human interactions as their soft and easily deformable bodies ensure a minimal damage and load given to the human and environment. Soft robot's ability to adapt to curved and irregular surfaces allows overcoming the limitations of rigid robots.
A robotic system much like the biological system in terms of material and mechanics allows better human-machine interaction in almost all areas including medical, healthcare, packaging, etc. Human-machine interface is important especially for the medical robots since communication of accurate and real-time data is essential for safe and robust response.
Asia-Pacific occupied the highest market share in Soft Robotics
Japan was among the leading revenue contributors to the market in APAC. Japan-based Cyberdyne, one of the prominent vendor in the soft robots market, generates more than 90% of its revenue from domestic sales. High medical spending in Japan contributed to the growth of soft robotics market in the country. An increase in demand for latest technology and equipment such as the use of rehabilitation robots, including exoskeletons, in private and public hospitals is expected to impact the market growth.
The growing incidence of several chronic diseases such as gynecology, urology, orthopedic related disorders have fuelling the market growth. In addition, improvement in medical facilities in increasing healthcare spending further increases the market growth.
The market is witnessing an increased adoption in emerging economies such as China, and India. Also, the countries such as Australia and South Korea are expected to benefit from the significant growth opportunities in the market. China, Japan, and South Korea are the major adopters of cobots in the region.
A shift to the consumer-based economy has created new opportunities for the soft robotics market. The country has been purchasing is expected to exceeded the entire order from Europe. E-commerce has increased the volume of transactions through post and parcels, while warehouses have become more prominent and difficult to handle. Soft Robotics is expected to experience demand from the manufacturing industries, with increased throughput, warehouses, and distribution centers.
Soft Robotics Market Positioning Analysis
Among the ten market players profiled for their presence in the global Soft Robotics market, SoftRobotics Inc. is one of the key players. Soft Robotics launched, SuperPick, the first autonomous soft robotic solution designed specifically for e-commerce and retail logistics environments.
Key Players Profiled
- Soft Robotics Inc.
- Fanuc Corporation
- RightHand Robotics Inc.
- Ekso Bionics Holdings, Inc.
- Bionik Laboratories Corp.
- ABB Ltd.
- KUKA AG
- ReWalk Robotics Ltd.
- Cyberdyne Inc.
- Yaskawa Electric Corporation