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Humanoid Robot Market at a CAGR of 62.5% | Increasing demand for advanced robots in the automotive sector

Humanoid Robot Market

Humanoid robot technology is advancing quickly, and its usage in education is expanding. These are the main factors fueling the market’s revenue growth.

According to the most recent analysis by Emergent Research, the worldwide humanoid robot market was valued at USD 1.02 billion in 2021 and is anticipated to grow at a CAGR of 62.5% in terms of revenue over the forecast period. Between 2021 and 2030, it is anticipated that humanoid robot technology developments and rising industrial utilization of these machines would boost market revenue growth. An industrial robot has three or more axes of motion, the ability to be reprogrammed, and autonomous control capabilities. They can be used for a variety of tasks, including welding, painting, ironing, assembly, pick-and-place, palletizing, testing, and product inspection.

The development of humanoid robots with more sophisticated features, an increase in the use of humanoids as educational robots, soaring demand for humanoid robots from the retail industry for personal assistance, and soaring demand for humanoid robots from the medical sector are all factors contributing to the market’s growth. The development of advanced robotics requires significant upfront costs as well as ongoing research and development costs, which is limiting industry expansion. On the other hand, the rapidly expanding geriatric population in the majority of developed nations, rising demand for humanoid robots from the logistics sector, and rising demand for robots in various fields of resource operations are all anticipated to create enormous opportunities for the adoption of a humanoid robot in the coming years.

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Military and defense industry demand and technological improvements in robot models are creating significant investment prospects for the expansion of the humanoid robot market.

The global market for humanoid robots is expected to see plenty of room for expansion as a result of the rapid innovation in technology for the creation of more effective and affordable robot models. Additionally, it is projected that in the upcoming years, a growing number of humanoid robots would be used in military and defense applications to give battlefield intelligence or data on enemy movements. The need for humanoid robots is also anticipated to increase shortly due to the growing trend of industrial automation.

Some Significant Report Highlights:

The increased deployment of humanoid robots in the educational sector is likely to cause the teaching and training segment to see a consistent revenue CAGR. For instance, the university in Hyderabad, India, deployed the robot Eagle on July 28, 2022, to teach science and humanities. Eagle can instruct children in grades 5 through 11 both with a human teacher present and by itself. Eagle speaks 30 languages fluently.

Over the forecast period, the aerospace and defense segment is anticipated to post a consistent revenue CAGR. For space travel, numerous businesses are creating humanoids or robots. For instance, the Fedor robot, also known as the Final Experimental Demonstration Object Research, was created by Russia and launched at the International Space Station (ISS) in 2019.

Due to the growing demand for humanoid robots in the training and caregiving industries in the education and healthcare sectors, the North American market held the greatest revenue share in 2021. The government and industry players are raising their investments to expand the market’s application areas, which is fueling its revenue growth.

Some major companies in the global market report include: SoftBank Robotics, Hanson Robotics Ltd., Hajime Research Institute, Ltd., Ubtech Robotics Corp., PAL Robotics, Keenon Robotics Co., Ltd., Boston Dynamics, Kindred, Inc., Samsung Electronics, Honda Motor Co., Ltd., Yaskawa America, Inc., and PSYGIG are a few notable companies in the global market report.

On July 25, 2022, Austin-based robotics business Apptronik unveiled Astro, a multipurpose humanoid robot that can interact with people. Astro is a human-focused robot with grasping abilities based on eyesight. It locates, seizes, and picks up items with the aid of Machine Learning (ML) technology. The robot, according to Apptronik, is more competent, secure, and agile than existing robotic technologies. This robot can assist the human workforce with tasks like facility inspections, supply chain management, and other challenging or dangerous duties.

The market for humanoid robots has been divided into segments by area, component, application, and end-use by Emergen Research:

  • Component Outlook (Revenue, USD Billion; 2019–2030)

    • Hardware
      1. Sensors
      2. Power Source
      3. Control System/Controller
      4. Others
    • Software
    • Services
  • Application Outlook (Revenue, USD Billion; 2019–2030)

    • Security and Surveillance
    • Personal Assistance
    • Search and Rescue
    • Caregiving
    • Physical Therapy
    • Space Exploration
    • Teaching & Training
    • Others
  • End-use Outlook (Revenue, USD Billion; 2019–2030)

    • Industrial & Commercial Sector
    • Aerospace & Defense
    • Healthcare
    • Research & Education
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2030)

    • North America
      1. the U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. the UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • the Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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