The Soft Robotics Market size is estimated at USD 1.49 billion in 2024, and is expected to reach USD 6.53 billion by 2029, growing at a CAGR of 34.45% during the forecast period (2024-2029).
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 has led to the market's growth.
The Soft Robotics 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.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook