Humanoid Robot Market Size, Share & Growth | Forecast [2031]

Report Description

The global humanoid robot market size was valued at around USD 2.29 Billion in 2022 , is anticipated to reach around USD 192.26 Billion by 2031 and expanding at a CAGR of 63.6% during the forecast period, 2023–2031. The growth of the market is attributed to growing use of humanoids as educational robots.

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A humanoid robot is a professional service robot whose body is designed to look like a person's and to emulate human movements and interaction. This technology, which comprises of a torso with a head, two legs, two arms, and a face with eyes, and mouth, is able to do tasks in everyday life quickly and affordably in a well-designed manner. Humanoid robots with artificial intelligence algorithms are finding widespread use in the healthcare industry as training aids and medical assistants because humanoids are able to do laborious and difficult tasks. Furthermore, these robots self-educate themselves by searching for knowledge on the internet. Humanoids are used by the defense industries for disaster response and to receive real-time alerts. Humanoids are used to minimize time and to perform task which is hazardous to human workers. This self-automated gadget is capable of taking over astronauts' everyday tasks in space flight, as they aid in redundancy of movement, and are superior to manual labor due to error-free and quick reaction. Artificial intelligence in humanoids helps in human-robot interaction.

Transmission robots are being used as an interface between doctors and patients to carry out diagnostic and treatment processes, essential workers are being replaced by autonomous floor-cleaning humanoid robots while reducing the risk of infection at field hospitals in Hongshan Sports Centre, Wuhan, China, during the COVID-19 pandemic and with social distancing measures being imposed by governments worldwide. However, the virus's quick spread interrupted the export of humanoid robot components, affecting humanoid robot manufacturing in the first two quarters of 2020. During this crisis, the major goal of market participants was to keep their firms afloat by finding safer alternatives to maintain manufacturing activities or other long-term income streams.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing development of humanoid robots with advanced features is expected to drive the market.

• Growing demand for humanoids robots from retail industry for personal assistance is projected to propel the market during the forecast period.

• Lack of high-level interfacing resulting in unpredictable performance of robots in untested environment is anticipated to hinder the market.

• High initial cost and expenses related to research and development to develop advanced robotics are expected to hamper the market in the coming years.

• Rising demand of humanoids from medical sector and military & defense are projected to create lucrative opportunities for market players. 

Scope of the Report

The report on the global humanoid robot market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Biped robot segment to expand at a considerable CAGR

On the basis of motion types, the humanoid robot market is bifurcated into wheeled robot and biped robot. The biped robot segment is projected to expand at a considerable CAGR during the forecast period, due to increasing demand for biped robots in several industry and academia for various purposes. Biped robots are able to climb up stairs and avoid obstacles on the floor. The wheeled robot segment is anticipated to account for a major market share during the forecast period, as wheeled robots help in easy navigation.

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Hardware segment to hold a significant share of the market

Based on component types, the market is divided into service, software, and hardware. The hardware segment is further segregated as actuator, controller, sensor, and power source. The hardware segment is expected to hold a significant share of the market in the coming years. Hardware components are used to make body of the robot and to give a human look. The control system is important component of a humanoid because it interprets input from the sensor system and delivers orders to the actuators to operate in accordance with the decision process's output.

Personal assistance segment to expand at a substantial CAGR

On the basis of applications, the humanoid robot market is segregated into personal assistance, search & rescue, security & surveillance, physical therapy, study of bipedal locomotion, and others. The personal assistance segment is anticipated to expand at a substantial CAGR during the forecast period, owing to increasing demand of humanoids to provide personal care at hospitals and homes. Humanoids are programmed to handle the routine tasks usually which is done by caregiver. Humanoids is responsible for medication administration, checking vital signs, provides assistance for feeding and to inform healthcare professional in case of emergency.

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Healthcare segment to register considerable market share

Based on industry verticals, the market is segmented into education & research, aerospace & defense, commercial, construction, healthcare, residential, and others. The healthcare segment is projected to register considerable share of the market in the coming years, owing to increasing demand for robots with advance features and to assists healthcare professionals. The education & research segment is expected to hold substantial CAGR, as humanoids help in enhancing knowledge of students and teachers.   

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the humanoid robot market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, owing to the presence of investors and innovators of the technology in the region. The market in North America is anticipated to expand at a rapid pace during the forecast period, due to increasing demand to enhance customer experience in the region.

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