Sun. Oct 1st, 2023
    Global Soft Robotics Market Expected to Reach over $8.7 Billion by 2030, Growing at a CAGR of 35.20%

    The global soft robotics market is projected to reach over $8.7 billion by the year 2030, with a compound annual growth rate (CAGR) of 35.20%, according to a research report by Consegic Business Intelligence. Soft robotics is a subdivision of robotics that involves the development of robotic systems made of stretchable, flexible materials with variable and reversible properties. These soft robots offer a high level of behavioral diversity, adaptable shape, high elasticity, and adaptability, making them ideal for various industries, including healthcare, retail & e-commerce, food & beverage, logistics, and more.

    The increasing utilization of soft robotics in the food & beverage industry is one of the key factors driving the market growth. The expansion of food & beverage facilities and the adoption of automated solutions are driving the demand for soft robotic systems in handling, picking, and packaging food & beverage products. Additionally, the rising adoption of industrial automation fueled by Industry 4.0 is expected to provide potential opportunities for the growth of the soft robotics market. Soft robotic systems offer high accuracy, precision, improved worker safety, faster industrial processes, and improved operational efficiency, making them suitable for industrial automation.

    However, the availability of substitutes for soft robotics is hindering the market growth. Despite this, the market is expected to grow due to the growing healthcare sector, rising utilization of soft robotics in the food & beverage sector, and the opportunities presented by the adoption of industrial automation.

    Based on type, wearable robots contributed the largest share to the market growth in 2022. The benefits of wearable robots, such as lightweight, increased functionality and mobility, and constant adaptability, are driving the growth of this segment. In terms of end-user, the healthcare segment accounted for the maximum revenue share in 2022. Soft robotics is utilized in healthcare for rehabilitation, diagnostics, and surgical procedures. North America accounted for the largest revenue share in 2022, driven by the growth of industries like food & beverage, logistics, healthcare, and more.

    In conclusion, the global soft robotics market is poised for significant growth in the coming years. With increasing utilization in various industries and the adoption of advanced technologies, the market is expected to reach over $8.7 billion by 2030.

    – Consegic Business Intelligence (source article)