Global $3.32Bn Soft Robotics Market by Type, End-user and Region (2018-2023): Anticipating a CAGR of 40.5% – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–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

Key Topics Covered

1. Introduction

1.1 Key Deliverables of the Soft Robotics Market Study

1.2 Study Assumptions

1.3 Market Definition

1.4 Key Findings of the Study

2. Research Approach and Methodology

3. Executive Summary

4. Soft Robotics Market Dynamics

4.1 Soft Robotics Market Overview

4.2 Factors Driving the Soft Robotics Market

4.2.1 Need for human safety in manufacturing units

4.2.2 Increasing need in medical and health care industry

4.2.3 Need for automation in industries like F&B

4.3 Factors Restraining the Soft Robotics Market

4.3.1 High Cost of Installation

4.3.2 Limited availability (very few companies commercialized the
manufacturing)

4.4 Industry Attractiveness – Porter’s Five Forces Analysis

5. Global Digital Payments Market Segmentation

5.1 Soft Robotics Market By End-user Industries

5.1.1 Medical and Healthcare

5.1.2 Food and Beverages

5.1.3 Logistics

5.1.4 Automotive

5.1.5 Other End-users

5.2 Soft Robotics Market By Robot type

5.2.1 Soft Grippers

5.2.2 Co-Robots

5.2.3 Inflated Robots

5.2.4 Wearables (Exoskeletons)

5.3 Soft Robotics Market By Region

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

5.3.4 Latin America

5.3.5 Middle East & Africa

6. Soft Robotics Market Company Profiles

6.1 Soft Robotics Inc

6.2 Empire Robotics

6.3 FANUC America Corporation

6.4 KUKA AG

6.5 SynTouch LLC

6.6 RightHand Robotics Inc.

6.7 Pneubotics Inc.

6.8 Otherlab Orthotics

List not exhaustive

7. Soft Robotics Market Investment Analysis

8. Future Outlook of Global Digital Payments Market

For more information about this report visit https://www.researchandmarkets.com/r/bvkmhc