PUBLISHER: SkyQuest | PRODUCT CODE: 1527812
PUBLISHER: SkyQuest | PRODUCT CODE: 1527812
Global humanoid robot market was valued at USD 1.53 billion in 2022 and is expected to rise from USD 2.3 billion in 2023 to reach a value of USD 58.95 billion by 2031, at a CAGR of 50% during the forecast period (2024-2031).
Humanoid robots, designed to mimic human appearance and behavior, are equipped with advanced features such as self-learning, environmental interaction, and self-maintenance. With applications spanning healthcare, entertainment, manufacturing, and education, these robots are increasingly employed to tackle complex tasks. The humanoid robot market is experiencing significant growth driven by factors such as expanding applications in retail and academia, coupled with the introduction of innovative products. While the COVID-19 pandemic initially disrupted supply chains and production, it also highlighted the potential of humanoid robots in healthcare, where they were deployed to support medical staff and deliver supplies. Overall, technological advancements, rising demand across industries, and lessons learned from the pandemic are propelling the humanoid robot market forward.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Humanoid Robots Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Humanoid Robots Market Segmental Analysis
The global humanoid robot market is segmented based on components, motion type, application and region. Based on Components it is categorized into: Hardware (sensors [gyroscopes, microphones, accelerometers, tilt sensors, force/torque sensors, position sensors, vision/image sensors and others], actuator [electrical, pneumatic, hydraulic, piezoelectric and ultrasonic], power source, control system/controller), and Software. Based on Motion type it is categorized into: Biped, and Wheel Drive. Based on Application it is categorized into education and research, space exploration, personal assistance, caregiving, and public relation. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Drivers of the Global Humanoid Robots Market
Technological advancements have significantly propelled the demand for and adoption of robotics across diverse applications. Humanoid robots, capable of mimicking human behavior, have emerged as a prime interface for human-robot interaction, fostering a sense of companionship. These developments are underpinned by continuous research in artificial intelligence, robotic hardware, locomotion, and human-robot interaction.
Restraints in the Global Humanoid Robots Market
While academic and industrial robots offer cost-effective solutions for simple tasks, humanoid robots face a substantial price disparity due to the intricate research and development involved in replicating human capabilities. The high cost of components, maintenance, and ongoing research poses a significant barrier to market expansion. Overcoming this challenge is crucial for the widespread adoption of humanoid robots.
Market Trends of the Global Humanoid Robots Market
Asia Pacific is a leading force in humanoid robotics, driving innovation and technological advancements. The region held a substantial 31.4% market share in 2022 and is poised to become a dominant player across various applications in the near future. As countries like China and Japan grapple with aging populations, humanoid robots are expected to play a crucial role in providing personal assistance and care for the elderly.