DUBLIN, December 23, 2021–(BUSINESS WIRE)–The “Soft Robotics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)” report has been added to ResearchAndMarkets.com’s offering.
The Global Soft Robotics Market was valued at USD 1,049.05 million in 2020 and is expected to reach USD 6,369.04 million by 2026, registering a CAGR of 35.17% over the forecast period (2021-2026).
Though soft robotics is still in its early stages, with the variety of benefits offered by soft robots compared to traditional robots, the penetration of soft robots is expected to grow dramatically over the forecast period. Also, the global COVID-19 pandemic has intensified the demand to automate to alleviate workforce challenges and develop operational and food safety in factory environments, which led to the growth of the market.
Factors driving the development of the soft robotics market include the increasing demand for safety across the various end-user industries and the growing need for automation in industries such as food processing, e-commerce, etc. The growing investments/funding in research and development across various nations is fueling the growth of the soft robotics market.
Exoskeletons are an emerging developing technology that has the potential to protect and save warehouse and manufacturing workers from shoulders, back pain, and neck pain and injuries related to heavy and repetitive lifting. Various researchers are developing soft, wearable robots that mimic muscle movements. As of April 2020, General Motors designed a battery-powered exoskeleton glove developed by a Swedish firm, Bioservo. The ‘Iron Hand’ glove has sensors and motors in each finger, which automatically responds to a level of force that the glove wearer applies to their hand when lifting or gripping something.
The decrease in the cost of sensors and the popularity of the existing robots are significant signs indicating that the robotics field is undergoing significant transformation and development. With the advent of self-learning soft robots through AI, the soft robotics market is expected to witness drastic changes over the forecast period. For instance, in February 2020, MIT researchers enabled a soft robotic arm to understand its configuration in 3D space by leveraging only motion and position data from its sensorized skin. It uses flexible sensors and artificial intelligence models to tell robots about their body position in the 3D environment.
Also, many R&D projects were funded by various governments across the world despite the COVID-19 crisis to support the contribution of robotics and automation to the industry and society. For instance, China’s strategic plan of Made in China 2025 includes advanced robots among the top 10 core industries.
Despite the growing need for these robots, only a handful of soft robots are in the market, and the fabrication of soft robots is not fully conventional yet. The scenario is, however, expected to change over the years, considering the aggressive research activities.
Key Market Trends
Competitive Landscape
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 soft robotics is expected to increase the competition.
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April 2021 – Soft Robotics Inc. announced the expansion of its mGrip Modular Gripping System with new capabilities and an IP69K rating to enable safe protein and dairy product handling. These new features offer machine builders more options for designing flexible end-of-arm tools that can withstand high-pressure washdown environments.
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April 2021 – Righthand Robotics Inc. announced the launch of Rightpick 3, which features dense packing and damage-free item handling, and it handles an even broader range of items. In addition, the announcement aligns with ProMatDX’s virtual material handling automation showcase.
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December 2020 – BKK Mobil Oil Insurance has signed a contract with ReWalk Robotics to deliver ReWalk Personal Exoskeleton devices to qualifying beneficiaries with spinal cord injuries. After finishing the training program, eligible people will get a ReWalk Personal 6.0 exoskeleton, which will allow them to stand and walk in their homes and communities.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.4 Impact of COVID-19 on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Need for Safer Automation Solutions
5.1.2 Need for Human Safety in Manufacturing Units
5.1.3 Increased R&D From Various Countries
5.2 Market Restraints
5.2.1 Lack of Awareness and a Single Centralized Regulatory Body
6 TECHNOLOGY SNAPSHOT
7 MARKET SEGMENTATION
7.1 Application
7.1.1 Human-machine Interface and Interaction
7.1.2 Locomotion and Exploration
7.1.3 Manipulation
7.1.4 Medical and Surgical Applications
7.1.5 Rehabilitation and Wearable Robots
7.2 Geography
7.2.1 North America
7.2.2 Europe
7.2.3 Asia-Pacific
7.2.4 Latin America
7.2.5 Middle East and Africa
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 Soft Robotics Inc.
8.1.2 Righthand Robotics Inc.
8.1.3 Ekso Bionics Holdings Inc.
8.1.4 Rewalk Robotics Ltd.
8.1.5 Yaskawa Electric Corporation
8.1.6 Bioservo Technologies AB
8.1.7 Festo AG
8.1.8 Roam Robotics
8.1.9 ABB Ltd.
8.1.10 Pneubotics Inc.
9 INVESTMENT ANALYSIS
10 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/kr4vqh
View source version on businesswire.com: https://www.businesswire.com/news/home/20211223005264/en/
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