Portland, OR, May 23, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Humanoid Robot Market by Component (Hardware and Software), Application (Research & Space Exploration, Education & Entertainment, Personal Assistance & Caregiving, Hospitality, Search & Rescue, and Others), Motion Type (Biped and Wheel Drive), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast 2022–2031". According to the report, the global humanoid robot market generated $307.6 million in 2021, and is anticipated to generate $609.5 million by 2031, witnessing a CAGR of 7.7% from 2022 to 2031.
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Prime Determinants of Growth
The rising development of advanced robots to increase customer interaction & experience and the increasing demand for robots in retail applications are the factors expected to drive the growth of the global humanoid robot market in the forecast period from 2022 to 2031. However, the high initial cost of the robots and the significant investments necessary for R&D activities may hamper the humanoid robot market growth in the coming future. On the contrary, the growing demand for humanoid robots from military and technological advancements in robot models are expected to offer remunerative opportunities for expansion of the humanoid robot market during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $307.6 million |
| Market Size in 2031 | $609.5 million |
| CAGR | 7.7% |
| No. of Pages in Report | 280 |
| Segments covered | Component, Application, Motion Type, and Region. |
| Drivers | Rising demand for advanced robots Increasing demand from the retail sector Expanding use of humanoid robots in security and surveillance applications |
| Opportunities | Increasing demand from military sector Technical advancements in robot models |
| Restraints | Lack of R&D investments and high costs of robots |
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a moderate impact on the growth of the global humanoid robot market.
- The spread of COVID-19 virus slowed the development of humanoid robot market. As the disease spread around the world, various economies were severely impacted. Due to the disruption in the supply chain and labor shortage, industries were forced to close for several months.
- However, demand for humanoid robots increased in the medical sector in the latter half of 2020, as the robots were used in hospitals to ensure the safety of medical personnel as well as to provide food and medicine to patients infected with the virus. This have significantly impacted the global humanoid robot market.
Software Sub-segment to Maintain its Leadership Status Throughout the Forecast Period
Based on component, the software sub-segment of the global humanoid robot market is expected to grow at a CAGR of 9.7% from 2022 to 2031 and is estimated to maintain its leadership status throughout the forecast period. This is mainly because software is an essential component of humanoid robots, which allows them to execute complicated tasks and interact with their surroundings. As technology advances, more complex and advanced software applications can be expected in humanoid robots market.
Personal Assistance and Caregiving Sub-segment to Generate Significant Revenue by 2031
Based on application, the personal assistance and caregiving sub-segment held the highest market share in 2021 and is predicted to lead in terms of revenue during the forecast period. Humanoids monitor the elderly and patients, helping them with daily tasks, such as providing medicine on time. These humanoids are also designed to undertake everyday duties normally handled by carers, such as monitoring vital signs, dispensing prescriptions, assisting with meals, and notifying healthcare experts in an emergency. All these factors are predicted to boost the growth of humanoid robot market’s sub-segment by 2031
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Wheel Drive Sub-segment to Witness Significant Growth by 2031
Based on motion type, the wheel drive sub-segment of the humanoid robot market accounted for the largest share in 2021 and is projected to lead during the forecast period. The boosting growth of the sub-segment is mainly due to the growing demand for wheel-type robots in military and defence applications. Furthermore, humanoid robots with wheels are used as entertainment in amusement parks, science events, and theme parks. These factors are expected to drive the sub-segment's market growth in the coming future.
Asia-Pacific Region to Show Fastest Growth by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021 and is likely to dominate the market during the forecast period. Due to increased demand from industries, such as healthcare, retail, and hospitality, Asia-Pacific is predicted to be the fastest-growing region in the humanoid robot market. The region is also home to some of the world’s finest robotics companies, including SoftBank Robotics, which has created humanoid robots for a variety of uses.
Leading Market Players: -
- HYULIM Robot Co., Ltd
- HANSON ROBOTICS LTD
- Engineered Arts Limited
- Honda
- KAWADA Robotics Corporation
- SoftBank Robotics
- Sanbot Co
- ROBOTIS
- Willow Garage
- Toshiba Corporation
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The report provides a detailed analysis of these key players in the global humanoid robot market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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