Soft Robotics Market Share Worth USD 14.15 billion by 2033 | CAGR of 31%

Soft robotics is a subfield of construction robots that enables reprogrammable, versatile, and adaptable systems that intelligently link sensing and action. Soft robotics is a system primarily consisting of materials with mechanical qualities analogous to live tissues. It has now spread to the retail, food & beverage, logistics, and healthcare industries to revolutionize the product supply chain. Moreover, soft robotics helps end-users increase the flexibility and adaptability of the production process due to their ability to sense and respond to their environment. In addition, providers of soft robotics produce materials, components, and enormous active structures that may securely interact with the production process and adapt better to their immediate surroundings than robots made of hard components. Soft robotics could eliminate the complexity of mechanical and computational robot designs. In addition, tissue engineering and soft robotics can be combined to create hybrid systems for medical applications. In addition, soft robotics can be divided into robot grippers, medical robots, and other similar groups based on their robotics applications. Due to the rapid expansion of intelligent infrastructure in the healthcare sector, the soft robotics market is projected to expand over the forecast period. Increased utilization of IoT and AI-based technologies in the logistics and retail sectors is predicted to drive the global market for soft robotics. Therefore, more realistic movement and physique are rendered. In addition, robotics muscles are among the most prominent industrial applications. In light of these factors, it is projected that the global market for soft robots will increase substantially over the next few years. Market Dynamics Expanding Industrialization and Automation and Growth in Numbers of Exoskeleton Innovations to Drive the Global Market Industry 4.0, the fourth industrial revolution, is a consequence of the widespread adoption of the internet. As a result of the introduction of robotics, automation, digitalization, information technology, and communication technologies, manufacturers have shifted their focus from expanding production to increasing productivity. According to the extracts, several jobs are projected to be taken over by robots during the next decade. Wealthier nations make substantial expenditures on automation and robotics, and so do emerging nations. As a result, it generates promising opportunities for soft robots, hence driving the growth of the soft robotics market. Moreover, individuals who suffer from neurological illnesses or are physically fragile benefit from using soft exoskeletons. As a result of the shifts in lifestyles that have occurred over the years, an increasing number of elderly individuals are becoming feeble. Employing exoskeletons as part of the rehabilitation process for patients suffering from neurological conditions and physical limitations is becoming more common. Consequently, market participants are releasing cutting-edge items to cater to the numerous requirements of the healthcare industry. This is hastening the expansion of the soft robotics market. In addition, nations like Japan, Italy, Finland, and Germany have a sizable elderly population, which is expected to fuel the market for soft robotics in the coming years. Innovative Robots for Small & Medium Scale Industries to Create Global Market Opportunities Small and medium-sized firms are undesirable consumers for the soft robotics market due to their limited revenue and a specific necessity for developing consumer-centric solutions. However, due to technological progress and increased automation, these industries create lucrative expansion opportunities for soft robotics. Building robots within these companies' budgets can fulfill this untapped potential. In addition, rising awareness among these organizations of the benefits of investing in robots for the next generation to significantly increase productivity and manufacturing quality is anticipated to drive the market for soft robotics over the forecast period. Regional Insights Asia-Pacific is estimated to project a CAGR of 31.8% and hold the largest share among the regions during the forecast period. Economies in the Asia-Pacific, like India, Vietnam, and China, are rapidly progressing toward industrialization. Additionally, countries such as Japan, South Korea, Singapore, Taiwan, and Australia have an incredibly high percentage of automation in their respective industries. As a consequence of this, the market for soft robotics will continue to find applications in this region during the forecast period. In addition, the manufacturing industry in this region, along with the food and beverage industry and the consumer goods industry, invests heavily in smart factories, robotics, automation, logistics, and the industrial Internet of Things, which fuels the growth of the market for soft robotics in this region. Europe will hold the second-largest share of USD 1,801 million with a CAGR of 32.2% during the forecast period. According to the statistics provided by the International Federation of Robotics (IFR), Europe is home to the most significant number of installed robots. Consequently, this region is technologically prepared to include new technology. It is anticipated that the market for soft robotics in Europe will expand in the coming years due to technological advancements and improved knowledge and comprehension of soft robotics. North America will grow at the highest CAGR. This region's adoption of soft robotics is primarily motivated by the ongoing trend to automate manufacturing facilities to expand the global competitiveness of American firms. The Occupational Safety and Health Administration (OSHA) of the United States has recorded roughly 39 major robot-related accidents, ranging from amputation to death. As a result, there is an increase in safety regulations in the region's manufacturing and processing industry, driving enterprises to adopt soft robotics. In addition, the number of warehouses and distribution hubs in the region has increased significantly. Consequently, it is anticipated that the demand for warehouse management systems will expand, providing lucrative growth opportunities for the market for soft robotics. Key Highlights The global soft robotics market had a share of USD 554 million in 2021, expected to advance to USD 4,805 million with a CAGR of 31% during the forecast period.  Based on type, the exoskeleton segment is expected to witness the largest market share during the forecast period, with a CAGR of 33.5%. Based on components, hardware is expected to hold most of the market shares during the forecast period with a CAGR of 31.4%. Based on end-user, the healthcare sector is expected to hold the largest share in revenue with a CAGR of 30.3% during the forecast period. Based on regional analysis, the Asia-Pacific region is anticipated to grow at a CAGR of 31.8% and hold the largest share during the forecast period. Competitive Players in the Market 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. Yaskawa Electric Corporation Market News In 2022, Cyberdyne Inc. announced that Kanagawa Prefecture adopted their Cleaning Robot CL02 Wiper Cleaning Type for its program to subsidize the installation of robots. In 2022, F&P Robotics AG and Ostertag DeTeWe signed a partnership agreement as a far-reaching technology partnership. In 2022, Rewalk Robotics Ltd. announced its membership in the Human-Robot Interaction (HRI) Consortium, part of the Israel Innovation Authority's MAGNET incentive program. Global Soft Robotics Market: Segmentation By Type Soft Grippers Cobots Inflated Robots Exoskeleton By Component Hardware Software By End-User  Healthcare Advanced Manufacturing Food & Beverages Logistics Others By Region North America Asia-Pacific Europe LAMEA