Humanoid Robot Market worth $17.3 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 8, 2022 /PRNewswire/ -- According to the new research report, the "Humanoid Robot Market by Component (Hardware (Sensors, Actuator, Power Source, Control System/Controller), Software), Motion Type (Biped, Wheel Drive), Application and Geography (North America, APAC, Europe, RoW) - Global Forecast to 2027", published by MarketsandMarkets™, the market was valued at USD 1.5 billion in 2022 and is estimated to reach USD 17.3 billion by 2027, registering a CAGR of 63.5% between 2022 and 2027. The growth of the humanoid robot market is expected to be driven by growing development of humanoid robots with advanced features, increasing use of humanoids as educational robots, surging demand for humanoid robots from retail industry for personal assistance, and rising demand for humanoid robot from medical sector.
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Hardware segment to hold the largest share of humanoid robot market in 2021
The market for the hardware segment held the largest share in 2021 and is estimated to remain the same during the forecast period. The hardware components add major value to the humanoid robots, making them look like humans. The control system is the major sub-component of a humanoid as it processes the data received by the sensor system and sends commands to the actuators to act accordingly based on the output of the decision process.
Personal assistance and caregiving application segment to hold the largest market share in 2021
Humanoid robots are highly adopted for personal assistance and caregiving to provide patients with personal care at hospitals and homes. Hospitals across the globe are highly implementing biped humanoid robots in COVID-19 wards, which is fueling the growth of this market. In hospitals and homes, humanoids take care of patients and older people and assist them in their daily routine, e.g., providing them medicines on time. They are programmed to handle the routine tasks that caregivers are usually responsible for, such as checking vital signs, administering medication, assisting with feedings, and alerting healthcare professionals in case of an emergency.
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The APAC humanoid robot market is expected to grow at a high CAGR from 2022 to 2027
The humanoid robot market players in APAC are the key inventors as well as innovators of the technology; hence, the region is expected to account for the second-largest market share of 2021. APAC is likely to adopt humanoids for almost all the major applications during the forecast period. As the elderly population in APAC countries such as China and Japan are on the rise, the region is expected to employ humanoids for the personal assistance and caregiving application.
Major players operating in the humanoid robot market are SoftBank Robotics (Japan), ROBOTIS (South Korea), KAWADA ROBOTICS CORPORATION (Japan), Honda Motor Co., Ltd. (Japan), UBTECH Robotics Corp. Ltd. (China), HANSON ROBOTICS LTD. (Hong Kong), PAL Robotics (Spain), and TOYOTA MOTOR CORPORATION (Japan).
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