Technological advancements have influenced the demand for robotics, resulting in their adoption in a variety of applications. Humanoid robots are the best companions for humans because they can mimic human behavior and interactions and provide a superior interface for human-robot interactions. The creation of these robots has been made easier by technological developments and ongoing robotics research. Artificial intelligence, robot hardware development, the implementation of biped or wheel drive locomotion, and human-robot interaction are the four main areas of study for humanoid robots.
Humanoid robots may not always be suitable for specific tasks or industries, and there may not be enough customization options available to make them more appropriate. This could result in a limited range of applications for humanoid robots, which could limit their adoption. A humanoid robot is very costly, depending on the advancements of the robots. The humanoid robot will be expensive and difficult to afford; it will replace the jobs. Although this will benefit many businesses, it will replace the people who have careers in specific fields, like pharmacists, nurses, secretaries, etc.
Humanoid robots that are capable of performing autonomous tasks in the healthcare industry have been developed as a result of the advancement of robotic technologies and their supporting technologies, Including AI, machine learning, and speech recognition. Robots like Pepper and NAO from SoftBank Robotics are examples of this type that deliver food and medications to various locations within hospitals, playing a crucial role in the healthcare sector. These robots can also freely navigate hospital departments, lifts, and hallways. Grace is a humanoid robot that Hanson Robotics Limited unveiled in 2021 with a focus on the healthcare industry. All these factors are predicted to create excellent opportunities for the market growth during the upcoming year.
The COVID-19 pandemic has had a significant impact on healthcare spending, which has affected the adoption of humanoid robots in this industry. One of the main challenges faced by the healthcare industry is limited funding for research and development. Due to the high expenditure required, many healthcare providers may not have the resources to invest in the development and deployment of humanoid robots. Healthcare organizations facing budget cuts and financial challenges due to the pandemic, have led to less investment in new technologies such as humanoid robots. Many healthcare organizations have had to prioritize spending on essential services, and the adoption of new technologies has taken a backseat.
The key players profiled in this report Include HYULIM Robot Co., Ltd, HANSON ROBOTICS LTD, Engineered Arts Limited, Honda, KAWADA Robotics Corporation, SoftBank Robotics, Sanbot Co, ROBOTIS, Willow Garage, and Toshiba Corporation.
Humanoid robots may not always be suitable for specific tasks or industries, and there may not be enough customization options available to make them more appropriate. This could result in a limited range of applications for humanoid robots, which could limit their adoption. A humanoid robot is very costly, depending on the advancements of the robots. The humanoid robot will be expensive and difficult to afford; it will replace the jobs. Although this will benefit many businesses, it will replace the people who have careers in specific fields, like pharmacists, nurses, secretaries, etc.
Humanoid robots that are capable of performing autonomous tasks in the healthcare industry have been developed as a result of the advancement of robotic technologies and their supporting technologies, Including AI, machine learning, and speech recognition. Robots like Pepper and NAO from SoftBank Robotics are examples of this type that deliver food and medications to various locations within hospitals, playing a crucial role in the healthcare sector. These robots can also freely navigate hospital departments, lifts, and hallways. Grace is a humanoid robot that Hanson Robotics Limited unveiled in 2021 with a focus on the healthcare industry. All these factors are predicted to create excellent opportunities for the market growth during the upcoming year.
The COVID-19 pandemic has had a significant impact on healthcare spending, which has affected the adoption of humanoid robots in this industry. One of the main challenges faced by the healthcare industry is limited funding for research and development. Due to the high expenditure required, many healthcare providers may not have the resources to invest in the development and deployment of humanoid robots. Healthcare organizations facing budget cuts and financial challenges due to the pandemic, have led to less investment in new technologies such as humanoid robots. Many healthcare organizations have had to prioritize spending on essential services, and the adoption of new technologies has taken a backseat.
The key players profiled in this report Include HYULIM Robot Co., Ltd, HANSON ROBOTICS LTD, Engineered Arts Limited, Honda, KAWADA Robotics Corporation, SoftBank Robotics, Sanbot Co, ROBOTIS, Willow Garage, and Toshiba Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the humanoid robot market analysis from 2021 to 2031 to identify the prevailing humanoid robot market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the humanoid robot market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global humanoid robot market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
- Hardware
- Software
By Application
- Research and Space Exploration
- Education and Entertainment
- Personal Assistance and Caregiving
- Hospitality
- Search and Rescue
- Others
By Motion Type
- Biped
- Wheel drive
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- Hajime Research Institute, Ltd.
- HANSON ROBOTICS LTD
- Honda Motor Co. Ltd.
- HYULIM ROBOT
- KAWADA Robotics Corp.
- PAL ROBOTICS
- SoftBank Robotics
- Toshiba Corporation
- TOYOTA MOTOR CORPORATION
- Trossen Robotics
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HUMANOID ROBOT MARKET, BY COMPONENT
CHAPTER 5: HUMANOID ROBOT MARKET, BY APPLICATION
CHAPTER 6: HUMANOID ROBOT MARKET, BY MOTION TYPE
CHAPTER 7: HUMANOID ROBOT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Humanoid Robot Market,' The humanoid robot market was valued at $307.60 million in 2021, and is estimated to reach $609.5 million by 2031, growing at a CAGR of 7.7% from 2022 to 2031.The introduction of advanced features in humanoid robots is a key element that has boosted the growth of the Humanoid Robot Market. The increased usage of humanoid robots for security and surveillance applications, including the detection of terrorist activities, unauthorized intrusion, and enhanced use of AI robots in hazardous environments, are the primary forces driving the expansion of the humanoid robot market. Other factors influencing the market for humanoid robots are the speedy development of sophisticated robots to enhance consumer contact and experience, as well as the growing demand for robots in retail applications. Additionally, the rising importance of personalized robots that help customers in their daily activities is boosting demand for humanoid robots throughout the forecast period. These are the primary factors expected to raise the humanoid robot market share during the forecast period.
The market for humanoid robots is significantly restricted by the high initial cost of robots and the substantial expenditures required for R&D activities. Additionally, lack of high-level interfacing systems and unpredictable performance are estimated to challenge the manufacturers, which is expected to hinder the humanoid robot market growth.
Humanoid robots are used in commercial and retail environments to aid in customer service, display product features, and facilitate the speedy collection of consumer data such as phone numbers, email addresses, zip codes, and service reviews. The transformation of inefficient infrastructure brought about by government expenditures in R&D and the usage of humanoid robots in educational facilities to give instruction has the potential to create new market opportunities for the humanoid robot industry. The development of new humanoid robot technologies may also present a lucrative market expansion opportunity. NASA and other space agencies utilize the sophisticated humanoid robots to study distant planets for a variety of reasons, such as taking close-up pictures of planets and determining whether they can support life. All these factors create an excellent opportunity for the market growth.
The global humanoid robot market share is segmented based on component, application, motion type, and region. By component, it is classified into hardware and software. By application, it is classified into research & space exploration, education & entertainment, personal assistance & caregiving, hospitality, search & rescue, and others. By motion type, it is classified into biped and wheel drive. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the humanoid robot market report include HYULIM Robot Co., Ltd, HANSON ROBOTICS LTD, Engineered Arts Limited, Honda, KAWADA Robotics Corporation, SoftBank Robotics, Sanbot Co, ROBOTIS, Willow Garage, and Toshiba Corporation.
The report offers a comprehensive analysis of the global humanoid robot market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of Covid-19 on the Global Humanoid Robot Industry
The COVID-19 pandemic has had a significant impact on healthcare spending, which has affected the adoption of humanoid robots in this industry.Since the healthcare organizations faced budget cuts and financial challenges due to the pandemic, there was less investment in new technologies such as humanoid robots. Many healthcare organizations have had to prioritize spending on essential services, and the adoption of new technologies has taken a backseat.
Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market.
Key Findings of the Study
- Based on component, the hardware sub-segment accounted for a dominant market share in 2021 and software sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
- Based on application, the personal assistance and caregiving sub-segment emerged as the global leader in 2021 and education and entertainment sub-segment is predicted to show the fastest growth in the upcoming years.
- Based on motion type, the wheel drive sub-segment accounted for a dominant market share in 2021 and biped sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
- Based on region, the Asia-Pacific market accounted for a dominant market share in 2021 and is predicted to be the fastest growing during the forecast period.
Companies Mentioned
- Hajime Research Institute, Ltd.
- HANSON ROBOTICS LTD
- Honda Motor Co. Ltd.
- HYULIM ROBOT
- KAWADA Robotics Corp.
- PAL ROBOTICS
- SoftBank Robotics
- Toshiba Corporation
- TOYOTA MOTOR CORPORATION
- Trossen Robotics
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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