Dublin, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The "Global Humanoid Robots Market: Analysis By Component, By Motion Type, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global humanoid robots market in 2021 was valued at US$1.53 billion. The market is expected to reach US$12.07 billion by 2027.
Humanoid robots are service robots, with their body shape built to resemble the human body. Humanoid robots are being used in the inspection, maintenance and disaster response at power plants to relieve human workers of laborious and dangerous tasks. Similarly, they are prepared to take over routine tasks for astronauts in space travel.
Humanoid robots with artificial intelligence algorithms find large application in the healthcare sector as medical assistsants, training aids as these robots can execute tedious, and complex task from various body position.
Therefore, surging demand from healthcare sector is one of the main factors that would drive the demand for humanoid robots in the forthcoming years. The market is expected to grow at a CAGR of approx. 41.21% during the forecasted period of 2022-2027.
Market Dynamics:
- Growth Drivers: One of the most important factors impacting the global humanoid robots market is accelerating adoption for educational purposes. With rapid urbanization and a rise in global education expenditure, academic domain has been proactively adopting advanced devices such as humanoid robots for providing an improved learning experience. In addition, the humanoid robots enable educators to create an enhanced interactive education session, which is propelling their adoption and bolstering the market growth. Thus, accelerating adoption of humanoid robots for educational purposes have positively contributed to the market growth. Furthermore, the market has been growing over the past few years, due to factors such as rapid urbanization, surging demand from healthcare sector, increasing geriatric population, rising income levels, and many other factors.
- Challenges: However, the market has been confronted with some challenges specifically, high initial cost and research & development expenses, lack of high level interfacing, etc.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as growing demand from retail industry for personal assistance, rising adoption in aviation industry, expansion of construction industry, etc. Technological advancements have influenced the demand for robotics and driven its adoption by various applications. Humanoid robots provide the best interface for human-robot interactions as they can mimic a person, that makes humans treat humanoid robots as companions. All these are the result of continuous technological advancements and growing research in the robotics field. Hence, continuous technological advancements and growing research in the robotics field would congruently support the growth of the humanoid robots market also.
Impact Analysis of COVID-19 and Way Forward:
In 2020, the pandemic affected growth of the humanoid robot market by halting the export of humanoid robot components, impacting the production of humanoid robots during the initial phase of 2020. However, the demand for humanoid robots increased in the healthcare sector in the second half of 2020. Humanoid robots handled COVID-19 panic situations at healthcare facilities by assisting and providing relief to over-burdened medical staff. They were used in hospitals to ensure the safety of the medical staff and supply food and medicines to the patients affected by the virus.
Competitive Landscape:
The global humanoid robots market is consolidated, with a few companies accounting for majority market revenue share.
The key players in the global humanoid robots market are:
- Toyota Motor Corporation
- Honda Motor Co., Ltd.
- SoftBank Group Corp.
- Toshiba Corporation
- Kawada Technologies, Inc. (Kawada Robotic Corporation)
- Hyulim Robot Co., Ltd.
- Hanson Robotics Limited
- Agility Robotics Inc.
- Engineered Arts Limited
- Hyundai Motor Group (Boston Dynamics)
- UBTECH Robotics Inc.
- Qihan Technology Co., Ltd.
- Hajime Research Institute Ltd.
Some of the strategies among key players in the market for humanoid robots are product launches, mergers, acquisitions, and collaborations. For instance, in 2021, SoftBank Robotics signed a partnership agreement with Keenon Robotics to widen the applications of robotics systems in the service industry. Whereas, UBTECH Robotics, Inc., partnered with Ricoh USA, Inc., during the same year, to combine the deployment and maintenance of UV-C power disinfection system.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Humanoid Robots Market: An Analysis
3.1.1 Global Humanoid Robots Market: An Overview
3.1.2 Global Humanoid Robots Market by Value
3.1.3 Global Humanoid Robots Market by Component (Hardware and Software)
3.1.4 Global Humanoid Robots Market by Motion Type (Bipedal and Wheel drive)
3.1.5 Global Humanoid Robots Market by Application (Retail & Healthcare, Hospitality, Construction, Military & Defense, and Others)
3.1.6 Global Humanoid Robots Market by Region (Asia Pacific, North America, Europe, and rest of the World)
3.2 Global Humanoid Robots Market: Component Analysis
3.2.1 Global Humanoid Robots Market by Component: An Overview
3.2.2 Global Humanoid Robots Hardware Market by Value
3.2.3 Global Humanoid Robots Software Market by Value
3.3 Global Humanoid Robots Market: Motion Type Analysis
3.3.1 Global Humanoid Robots Market by Motion Type: An Overview
3.3.2 Global Bipedal Humanoid Robots Market by Value
3.3.3 Global Wheel Drive Humanoid Robots Market by Value
3.4 Global Humanoid Robots Market: Application Analysis
3.4.1 Global Humanoid Robots Market by Application: An Overview
3.4.2 Global Retail & Healthcare Humanoid Robots Market by Value
3.4.3 Global Hospitality Humanoid Robots Market by Value
3.4.4 Global Construction Humanoid Robots Market by Value
3.4.5 Global Military & Defense Humanoid Robots Market by Value
3.4.6 Global Others Humanoid Robots Market by Value
4. Regional Market Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on Humanoid Robots Market
5.1.1 General Impact
5.1.2 Post COVID Impact on Humanoid Robots
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rapid Urbanization
6.1.2 Accelerating Adoption for Educational Purposes
6.1.3 Rising Income Levels
6.1.4 Increasing Geriatric Population
6.1.5 Surging Demand from Healthcare Sector
6.2 Challenges
6.2.1 High Initial Cost and Research & Development Expenses
6.2.2 Lack of High Level Interfacing
6.2.3 Privacy & Security Concerns
6.3 Market Trends
6.3.1 Rising Adoption in Aviation Industry
6.3.2 Growing Demand from Retail Industry for Personal Assistance
6.3.3 Expansion of Construction Industry
6.3.4 Technological Advancements
6.3.5 Increasing Rental Offerings of Humanoid Robots
7. Competitive Landscape
7.1 Global Humanoid Robots Market Players: Comparison based on Product Launches
8. Company Profiling
8.1 Toyota Motor Corporation
8.1.1 Business Overview
8.1.2 Operating Segment
8.1.3 Business Strategy
8.2 Honda Motor Co., Ltd.
8.2.1 Business Overview
8.2.2 Operating Segment
8.2.3 Business Strategy
8.3 SoftBank Group Corp.
8.3.1 Business Overview
8.3.2 Operating Segment
8.3.3 Business Strategy
8.4 Toshiba Corporation
8.4.1 Business Overview
8.4.2 Business Segments
8.4.3 Business Strategy
8.5 Kawada Technologies, Inc. (Kawada Robotic Corporation)
8.5.1 Business Overview
8.5.2 Operating Segment
8.5.3 Business Strategy
8.6 Hyulim Robot Co., Ltd.
8.6.1 Business Overview
8.6.2 Business Strategy
8.7 Hanson Robotics Limited
8.7.1 Business Overview
8.7.2 Business Strategy
8.8 Agility Robotics Inc.
8.8.1 Business Overview
8.8.2 Business Strategy
8.9 Engineered Arts Limited
8.9.1 Business Overview
8.9.2 Business Strategy
8.10 Hyundai Motor Group (Boston Dynamics)
8.10.1 Business Overview
8.10.2 Business Strategy
8.11 UBTECH Robotics Inc.
8.11.1 Business Overview
8.11.2 Business Strategy
8.12 Qihan Technology Co., Ltd.
8.12.1 Business Overview
8.13 Hajime Research Institute Ltd.
8.13.1 Business Overview
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