New York, USA, June 27, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global humanoid robot market. According to the report, the global market is projected to surpass $609.5 million and grow at a CAGR of 7.7% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the humanoid robot market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Humanoid robot Market
The COVID-19 pandemic had a huge impact on the global humanoid robot market. The rapid spread of the virus hampered market expansion in the first half of 2020, causing disruptions in the export of humanoid robot components and production. However, there was a rise in demand for humanoid robots in the medical industry in the second half of 2020. In hospitals, these robots were used to safeguard the safety of medical employees and assist infected patients. Furthermore, humanoid robots found applications in a variety of industries, including healthcare, where they were used for tasks such as sanitizer distribution, thermal scanning, and disinfection. This increased the market growth during the pandemic.
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Factors Impacting the Humanoid Robot Market Growth
The development of advanced robots to improve consumer contact and experience, as well as the increasing demand for robots in retail applications, are factors influencing the growth of the humanoid robot market. The market is also predicted to grow as the need for humanoid robots to give personal help in daily living is rising. Moreover, ongoing technical advances targeted at building more efficient and cost-effective robot models are expected to unlock exciting opportunities for the global humanoid robot market. However, the high price of robotics and a lack of investment in technological advancement are key impediments to market expansion.
The report segments the global humanoid robot market into product, source, application, and region.
Hardware Sub-Segment to Grab a Foremost Share of the Market
The hardware sub-segment of the component segment is foreseen to observe leading growth in the forecast period. This growth is mainly because hardware components play a vital role in the development of humanoid robots since they are the actual components that form the structure of the robot's body and allow it to perform tasks.
Personal Assistance and Caregiving Sub-Segment to Observer Leading Growth
The personal assistance and caregiving sub-segment of the application segment is projected to grow enormously in the forecast period. This growth is mainly because of the rising geriatric population and increasing demand for personal care at home to offer basic assistance and companionship to the aged or disabled people.
Wheel Drive Sub-Segment to Witness Dominant Growth
The wheel drive sub-segment of the motion type segment is expected to experience significant growth in the forecast period. This growth can be attributed to the cost-effectiveness of wheel drive robots compared to legged robots. Wheel drive robots require fewer components, making them easier to build and maintain. They are also more straightforward to repair and replace, contributing to their popularity and increased adoption in various industries.
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Asia-Pacific Humanoid Robot Market to Perceive Maximum Growth
The report analyzes the global humanoid robot market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to a large target market, diverse application areas, increased investments by governments in technological advancements to reduce costs and increase productivity, and the presence of major manufacturing countries, such as India, Japan, China, and South Korea, in this region.
Key Players of the Global Humanoid Robot Market
The report states some of the foremost players operating in the market including
- Engineered Arts Limited
- SoftBank Robotics
- Willow Garage
- Sanbot Co
- Toshiba Corporation
- KAWADA Robotics Corporation
- HANSON ROBOTICS LTD
- ROBOTIS
- HYULIM Robot Co. Ltd
- Honda
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in May 2023, Sanctuary AI, a company focused on developing human-like intelligence in general-purpose robots, launched a human-scale bipedal robot named Phoenix. This advanced robot is powered by Carbon AI, showcasing the company's dedication to creating sophisticated robotic systems capable of emulating human intelligence.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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