Burlingame, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The global Humanoid Robot Market Size to Grow from USD 2.90 Billion in 2023 to USD 46.31 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 48.6% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Growing demand for humanoid robots has been steadily increasing across various industries like healthcare, education, retail and others. As these industries look to automate repetitive and manual tasks, humanoid robots provide an ideal solution due to their advanced capabilities and human-like form factors. Healthcare is one of the major adopters where humanoid robots help in serving elderly patients, assisting surgeons in the operation theatre and helping patients with rehabilitation. Similarly, in education sector humanoid robots are proving useful for personalized learning experiences for students and in retail stores they are used for customer service and interaction.
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Market Dynamics:
The growing demand for service robots from industrial as well as domestic application and increasing investment in research and development of humanoid robots are the major factors driving the growth of the global humanoid robot market. Service robots are witnessing huge demand due to their ability to perform routine tasks safely and efficiently. Also, continuous technological advancements to enhance the functionalities of humanoid robots such as dexterity, mobility, and intelligence are further propelling the market growth. However, the high cost associated with development and production of humanoid robots may hamper the market growth.
Humanoid Robot Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $2.90 billion |
| Estimated Value by 2031 | $46.31 billion |
| Growth Rate | Poised to grow at a CAGR of 48.6% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Application, By Motion Type |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Aging Population and Need for Elderly Care • Advancement in robotics technology |
| Restraints & Challenges | • Limited communication skills • Lack of flexibility |
Market Trends:
Collaborative robots allow humans and robots to work in tandem safely resulting in higher productivity. The demand for collaborative robots is increasing globally due to their benefits over traditional industrial robots such as reduced cost, easy deployment, and safety. Moreover, collaborative robots can be deployed across several industries for tasks like material handling, quality inspection, packaging, and assembly.
The deployment of humanoid robots in healthcare is growing owing to their abilities to perform routine tasks efficiently. Applications such as elderly assistance, surgery, therapy, and medication management are witnessing increasing uptake of humanoid robots. This helps reduce workload of medical staff and provides 24X7 assistance to patients. The development of soft and dexterous humanoid robots will further support their adoption in the healthcare industry.
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Market Opportunities:
The wheel drive segment currently holds the largest share of the humanoid robot market owing to the stability and efficiency offered by wheel locomotion. Wheel-driven humanoid robots are well-suited for indoor applications that require carrying or transporting loads over flat surfaces. Many domestic and commercial service robots rely on wheel drive for tasks like cargo handling, shelf stocking, delivering items, and indoor surveillance. Lower production and maintenance costs compared to legged robots also contribute to the widespread adoption of wheel-based humanoids.
The personal assistance and caregiving application segment is anticipated to emerge as a key growth area for humanoid robots over the forecast period. A rapidly aging global population coupled with declining birth rates is increasing the demand for assistive technologies. Humanoid robots can provide companionship and assistance to the elderly and those requiring home healthcare. They are being developed for tasks like patient monitoring, medication reminders, fall detection, transferring patients, and providing therapeutic assistance. The ability of humanoids to replicate human-like interaction makes them a preferable choice over industrial robot arms for care applications.
Key Market Takeaways
The global humanoid robot market is anticipated to witness a CAGR of 48.6% during the forecast period 2024-2031, owing to ongoing advancements in artificial intelligence, sensor technologies, and actuation.
On the basis of motion type, the wheel drive segment is expected to hold a dominant position, accounting for over 35% of the market share by 2031. Its stability and suitability for indoor logistics applications has led to widespread adoption.
By component, the software segment is projected to witness the highest growth during the forecast period. Advancements in machine learning, computer vision, natural language processing etc. are driving investments in robot software.
In terms of application, personal assistance and caregiving is poised to emerge as the fastest growing segment, expanding at a CAGR of over 55%. Its ability to provide human-like interaction and assistance is increasing its appeal for elderly care applications.
Regionally, North America is expected to hold the largest share of over 40% in the global humanoid robot market through 2031. Extensive research activities coupled with rapid technology adoption in the US and Canada have made North America the dominant regional market.
The key players operating in the humanoid robot market include Samsung Electronics, DST Robot Co. Ltd., Qihan Technology Co., Honda Motor Company, and UBTECH Robotics Corporation. Strategic partnerships for technology development and expanded commercialization are expected to help these players strengthen their market presence.
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Recent Developments:
Xiaomi introduced its CyberOne Humanoid robot in August 2022, recognizing emotions with facial expressions and voice.
After receiving an upgrade to its facial expression capabilities in August 2022, Ameca, Engineered Art's highly advanced humanoid robot, will be able to perform frowning, grinning, and winking in a mirror, as well as squeezing its lips.
Detailed Segmentation:
By Component:
- Hardware
- Software
By Application:
- Research & Space Exploration
- Education & Entertainment
- Personal Assistance & Caregiving
- Hospitality
- Search & Rescue
- Others
By Motion Type:
- Biped
- Wheel-drive
By Regional:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. (LinkedIn: https://www.linkedin.com/in/ravina-pandya-1a3984191)
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
