Humanoid Robot Market

Humanoid Robot Market Size, Share, Growth (2023-2028):  

 Humanoid Robot Market shares value is expected to grow at a speedy CAGR of 35% to reach USD 27 Billion by the end of 2028.

Humanoid Robot Market Overview:

A humanoid robot is a robot resembling the human body in shape. The design may be for functional purposes, usually given a code and is programmed to do certain tasks such as interacting with human tools and environments, for experimental purposes or for studies, such as the study of bipedal locomotion, or for other purposes. In general, humanoid robots have a torso, a head, two arms, and two legs, though some humanoid robots may replicate only part of the body, for example, from the waist up. Some humanoid robots also have heads designed to replicate human facial features such as eyes and mouths for aesthetics or functionality with sensors, diodes, and scanners. Androids are humanoid robots built to aesthetically resemble humans.

Humanoid Robot Market Drivers:

Humanoid Robot Market is driven by several factors, Humanoid Robots have potential opportunities in many fields and sectors. The use of the Humanoid Robots is retail, health care and research purposes have opened new gates for the Humanoid Robot Market and is a primary market driver, this increased the demand for the Humanoid Robot Market due to it’s wide areas of use. Growing investors in robotics is also accelerating the growth rate of the market.  

Humanoid Robot Market Restraints:

The High Cost and maintenance of these Humanoid Robots: The Humanoid Robot Market is still relatively new and growing which is why it is so expensive. A Humanoid Robot is a very complex machine where finding a bug is a huge deal for the technician. Hence, the lack of skilled technician is hindering the growth rate of the market. The components that go into making of these Robots is very complicated and intricate and the software parts also cost a lot of money. The cost of Research and development is also very high despite the funding by the investors and the government that is straightly degrading the market shares. Another restraint is consumer acceptance and willingness to cooperate with a robot over human interaction. There are ethical concerns with the humanoid robotics that is also limiting the growth rate of the market.

Humanoid Robot Market Opportunities:

The growing use of the Humanoid Robot Market in the healthcare segment has created a plethora of opportunities, Countries like Japan and China are leading  Humanoid Robot research and have used it in the medical supply and healthcare sector. This can be further taken to the next step with the use of AI to monitor the health of the patients and aid the elderly with basic tasks using the sensors, cameras, and other intricate systems integrated into the Humanoid Robots.

COVID 19 impact on the Humanoid Robot Market:

The COVID 19 pandemic had effects on every sector and industry, the Humanoid Robot Market was also affected by the COVID 19 pandemic. The testing and development of the Humanoid Robots were abruptly stopped because of the pandemic, several raw materials and important electrical components like motherboards, sensors, and chips couldn’t reach the Humanoid Robot Market as the supply chains were disrupted. Hospitals in Japan and Hongkong used this opportunity to utilize the Humanoid Robots to aid the patients in a contact less way, this turned out to be quite useful and showed positive results, the use of Humanoid Robots is on the rise in the healthcare sector ever since. Banks and few other sectors also integrated the use of Humanoid Robots during the COVID 19 times, this has propelled the Humanoid Robot Market even post COVID 19 and ongoing studies are improvements are being done.

Key developments in the Humanoid Robot Market:

In 2021, Ameca is the world’s most advanced human-shaped robot representing the forefront of human-robotics technology, developed at Engineered Arts headquarters in Falmouth, Cornwall UK. The robot uses microphones, cameras, and facial recognition software. It is GP3 enabled World's most advanced humanoid robot, Ameca, has now expressed its ability to draw figures. The robot, which has previously demonstrated the ability to represent many different kinds of human emotions and their ability to speak in multiple languages, drew a cat in a video uploaded by its manufacturing firm Engineered Arts.

In 2019, NASA unveiled its most advanced space exploratory Humanoid Robot Valkyrie to the world with a video demonstration. This  Humanoid Robot is able to perform complex tasks and can even go on solo missions to space, several other countries are also trying to launch their very own  Humanoid Robots for space exploration in the future.

 Humanoid Robot Market Segmentation:

by Component:

• Hardware

• Software

By component, the Hardware segment dominates the Humanoid Robot Market shares. hardware includes the actual complex components like circuits, chipsets, LEDs, sensors etc. The software part is the commands and codes that the Humanoid Robot follows when instructed.

By Application:

• Research & Space Exploration

• Education & Entertainment

• Personal Assistance & Caregiving

• Hospitality

• Search & Rescue

The Personal Assistance & Caregiving sector is dominating this segment due to the growing adoption after the COVID 19 pandemic. Research & space exploration segment is deemed to have significant growth opportunities in the coming years.

By Motion:

• Biped

• Wheel Drive

The wheel drive dominates the market as it is more convenient, easy to transport, and energy-saving than complex bipedal movements.

Humanoid Robot Market Regional Analysis:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

The Asia Pacific holds the most significant shares in the Humanoid Robot Market and is expected to demonstrate steady growth throughout the forecast, this is due to the powerhouse countries like Japan, Hong Kong, China, and Korea that are making big strides in the research and development of Humanoid Robots to commercialize them. The North American region is growing at a steady pace due to the military applications of the  Humanoid Robot market.

Humanoid Robot Market Key players:

1. HYULIM Robot Co., Ltd

2. HANSON ROBOTICS LTD

3. Engineered Arts Limited     

4. Honda

5. KAWADA Robotics Corporation

6. SoftBank Robotics

7. Sanbot Co

8. ROBOTIS

9. Willow Garage

10. Toshiba Corporation

11. PAL Robotics

12. TOYOTA MOTOR CORPORATION