Global Soft Robotics Market Growth, Trends, COVID-19 Impact, and Forecasts 2021-2026: Medical and Surgical Applications to Register Highest Growth
DUBLIN, Oct. 1, 2021 /PRNewswire/ -- The "Soft Robotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Soft Robotics Market was valued at USD 1049.05 million in 2020 and is expected to reach USD 6369.04 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.
Key Market Trends:
- 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.
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.
Key Topics Covered:
1 INTRODUCTION
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
7.2 Geography
8 COMPETITIVE LANDSCAPE
- Soft Robotics Inc
- Righthand Robotics Inc
- Ekso Bionics Holdings Inc
- Rewalk Robotics Ltd
- Yaskawa Electric Corporation
- Bioservo Technologies AB
- Festo AG
- Roam Robotics
- ABB Ltd.
- Pneubotics Inc
9 INVESTMENT ANALYSIS
10 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/wh6jnp
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article