USD 1.48 billion
Report ID:
SQMIG45J2082 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
94
|Figures:
64
Global Humanoid Robot Market size was valued at USD 380.2 Million in 2022 and is poised to grow from USD 628.9 Million in 2023 to USD 15,950.6 Million by 2031, growing at a CAGR of 48.9% during the forecast period (2024-2031).
Humanoid robotics has applications outside pure robotics, including embodiment and awareness studies, as well as the brain and cognitive sciences in general. Owing to the rapid progress in technology, which has enabled the development of more economical and effective robot models, the global humanoid robot market is expected to exhibit substantial growth potential. The expanding usage of humanoid robots in military and defense applications to provide battlefield intelligence, that is, knowledge of adversary movements, is anticipated to fuel the industry's growth in the coming years. Moreover, rise in the trend of industry automation is expected to increase the demand for humanoid robots in the future. In addition, they are used in research, exploratory ventures in space, and other activities requiring remote connectivity. For instance, Jane Li, only an associate professor of robotic engineering at Worcester Polytechnic Institute in Massachusetts, and her team of researchers started work in April of 2022 on the design of human-shaped robots with advanced remote-controlled capacities to support medical personnel in caring for quarantined and isolated patients.
US Humanoid Robot Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.48 billion
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
42.1% CAGR
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The Global Humanoid Robot Market is segmented into component, motion type, application, and region. By component, the market is classified into hardware, actuator, and software. Depending on motion type, it is categorized into biped and wheel drive. According to the application, the market is divided into education & research, space exploration, personal assistance, caregiving, and public relation. Region wise, it is analysed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Analysis By Component
The hardware segment held a dominant position in the market in 2023. Hardware components in particular help humanoid robots connect socially better. Continuous advances in materials science, robotics engineering, and design of control systems have resulted in the continuous development of much more powerful and intelligent robots that can perform many tasks with better accuracy and efficiency. All these factors will propel the growth of the hardware segment in the projection period.
However, the software segment is now growing at the fastest rate, with a CAGR of 18%. The software characteristic of the humanoid robot allows it to perform difficult tasks while interacting with its environment. Robot interactions, behaviors, and applications can be continuously updated, enhanced, and customized thanks to software instead of hardware. Advanced software enables adaptation and more intelligent human connection as the environment's use spreads across domains including healthcare, customer service, and education. resulting in an increase in the requirement for and price of humanoid robot software.
Analysis By Application
By 2023, the personal assistance & caregiving segment held a dominant position in the global market share of humanoid robots. Humanoid robots were witnessed as an important resource during the pandemic since they are immune to the coronavirus. All they would need from people would be to watch over patients and deliver basic services. Consequently, these pieces of equipment see increased use, which raises their worth. The humanoid robots can perform additional vital medical tasks without endangering the security of healthcare workers. These are expected to continue being the main factors affecting the size of the humanoid robot market over the course of the forecast year.
The education and research segment are anticipated to grow at a faster rate during the forecast period. The education sector is making extensive use of humanoid robots to give students more learning opportunities. Many of these activities, such as museums, amusement parks, and exhibitions, also use them as entertainment. For instance, the AI for Good Global Summit was held in July 2023 at the International Telecommunication Union. At this event, fifty-one creative robots were on display. Nine out of the fifty-one were humanoid robots ready to assist humans. These innovations and displays increase people's knowledge, which drives demand in this market.
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North America dominated the industry. Most leading robotics companies and research institutions that, until now, have been at the frontier in developing humanoid robot technology are headquartered in North America. Humanoid robots have been using in R&D, education, entertainment, healthcare, and more by the US and Canada. Companies in North America are still lagging in using humanoid robots to facilitate learning among students, assist operations in medical fields, and provide experiences to customers.
Presently, on account of heavy investments in infrastructure and technology that result from modernization and diversification of economies, Middle East & Africa is the fastest-growing region in the humanoid robot market. Robotics is being used by governments across industries such as aerospace, healthcare and institutions for education. Already, humanoids used by NASA and ISRO are known in the region for space exploration to send missions to Mars. Other uses of humanoids include the delivery of food items and other commodities to clients in the Middle East. Humanoid robots are frequently used at restaurants to serve patrons, demonstrating the widespread use of humanoids in the region.
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Humanoid Robot Market Driver
Technological Progress
Automation in All Sectors
Restraints
Expensive Price of Humanoid Robots
Safety Issues with Use of Humanoid Robots
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Competition in the global humanoid robot market is highly competitive, comprising major players within the market. These players have introduced several innovative strategies such as mergers & acquisitions, product development & innovation, product diversification, collaborations, and partnerships to stay ahead in the market.
Humanoid Robot Market Top Players Company Profiles
Humanoid Robot Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the market is expected to face pressure throughout the forecast period due to ongoing efforts to create a humanoid robot and a rise in the number of humanoid robot products being introduced by major players and regulatory bodies. Moreover, it is anticipated that increasing R&D efforts in the field of humanoid robots will play a key role in the expansion of the global market for these devices throughout the course of the forecast period.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 380.2 Million |
Market size value in 2031 | USD 15,950.6 Million |
Growth Rate | 48.9% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Humanoid Robot Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Humanoid Robot Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Humanoid Robot Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Humanoid Robot Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45J2082
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