Humanoid Robot Market to Garner $609.5 Million by 2031 with 7.7% CAGR | Research Dive
The humanoid robot market is expected to witness significant growth by 2031, owing to the rising demand for advanced robots to increase customer interaction globally. Regionally, the Asia-Pacific region is expected to have wide growth opportunities.
NEW YORK, July 6, 2023 /PRNewswire/ --
Global Humanoid Robot Market Forecast Analysis:
As per the report published by Research Dive, the global humanoid robot market is anticipated to generate a revenue of $609.5 million and grow at a CAGR of 7.7% during the estimated period from 2022 to 2031.
Segments of the Humanoid Robot Market
The report has divided the humanoid robot market into the following segments:
- Component: hardware and software
- Hardware – Held the largest market share in 2021
The increasing advancements in computing hardware and the increasing demand for hardware components to optimize humanoid robots' capacity for imitating humans greatly are expected to augment the growth of the market sub-segment forward. - Application: research & space exploration, education & entertainment, personal assistance & caregiving, hospitality, search & rescue, and others
- Personal Assistance and Caregiving – Generated the highest revenue in 2021
The increasing demand for in-home care to provide basic aid and companionship to the elderly population is expected to propel the growth of the market sub-segment further. - Motion Type: biped and wheel drive
- Wheel Drive – Held the dominant market share in 2021
The increasing demand for wheel drive robots in military and defense applications and their growing use of wheel drive humanoid robots as entertainment robots in science events, amusement parks, and theme parks is expected to foster the growth of the market sub-segment in the coming period. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – Expected to have the fastest growth by 2031
The existence of a large target market, the increasing government investments in the development and implementation of technological advancements to increase productivity and reduce overall costs, and the presence of manufacturing powerhouses are expected to drive the regional market growth forward.
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Dynamics of the Global Humanoid Robot Market
The increasing demand for humanoid robots for providing personal help to individuals in their daily life and the rising demand for advanced humanoid robots in manufacturing companies to increase yielding processes and save labor costs are expected to bolster the growth of the humanoid robot market throughout the estimated period. Moreover, the technical advancements in developing cost-effective and efficient robot models and the growing adoption of humanoid robots for military and defense to provide battlefield intelligence are expected to create expansive growth opportunities during the forecast period. However, the cost of robots and the lack of R&D investments may hinder the growth of the market throughout the analysis period.
Covid-19 Impact on the Humanoid Robot Market
The rise of the Covid-19 pandemic has devastated several industries including the humanoid robot market. The spontaneous spread of the deadly virus has hampered the export of humanoid robot components which has further the manufacturing of robots during the first two quarters of the pandemic. However, the increased demand for humanoid robots in the medical sector to provide food and medicine to patients infected by the virus has brought wide growth opportunities for the market during the pandemic. Moreover, the increasing use of humanoid robot assistants in a variety of applications such as thermal scanning, food materials and packets, and sanitizer distribution has inclined the growth of the humanoid robot market throughout the crisis.
Key Players of the Global Humanoid Robot Market
The major players of the market include
- SoftBank Robotics
- KAWADA Robotics Corporation
- Sanbot Co
- Honda
- ROBOTIS
- Engineered Arts Limited
- Willow Garage
- HANSON ROBOTICS LTD
- Toshiba Corporation
- HYULIM Robot Co. Ltd.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry.
For instance, in October 2022, Hanson Robotics Limited, a Hong Kong-based engineering and robotics company announced its partnership with Asia Entertainment Technology Limited., a corporate entity registered with Accounting and Corporate Regulatory Authority. With this partnership, the companies aimed to develop and merchandise SOPHIA, the advanced humanoid robot. This would help boutiques include SOPHIA-themed apparel, posters, and collectibles by leveraging the future of AI and robotics.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Humanoid Robot Market:
- How Have Recent Advancements in Humanoid Robots Revolutionized the Field of Robotics?
- Global Humanoid Robot Market to Experience Noteworthy Growth with the Increasing Need for Robots in Retail Applications
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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