Humanoid Robot Market

Humanoid Robot Market Size, Share, Growth Analysis, By Component (Hardware, Actuator, Software), By Motion Type (Biped, Wheel Drive), By Application (Education & Research, Space Exploration, Personal Assistance, Caregiving, Public Relation), By Region-Industry Forecast 2024-2031


Report ID: SQMIG45J2082 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 94 | Figures: 64

Humanoid Robot Market Insights

Global Humanoid Robot Market size was valued at USD 1.53 Billion in 2022 and is poised to grow from USD 2.3 Billion in 2023 to USD 58.95 Billion by 2031, growing at a CAGR of 50% 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.

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Global Humanoid Robot Market size was valued at USD 1.53 Billion in 2022 and is poised to grow from USD 2.3 Billion in 2023 to USD 58.95 Billion by 2031, growing at a CAGR of 50% during the forecast period (2024-2031). 

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. 'PAL Robotics ', 'ROBOTIS', 'SoftBank Robotics ', 'ROBO GARAGE Co., Ltd. ', 'Robotics Lab ', 'Samsung Electronics Co., Ltd. ', 'EZ-Robot ', 'Kindred, Inc. ', 'Tesla ', 'Boston Dynamics ', 'Promobot Corp. ', 'Agility Robotics ', 'Engineered Arts Limited ', 'Toyota Motor Corporation ', 'Honda Motor Co., Ltd.'

The need for robotics has grown due to technological improvements, which have increased its usage in a variety of applications. As humanoid robots can mimic human behavior, people view them as companions, and they make an excellent interface for human-robotic interactions. All of this is the outcome of continuous technical development and robotics industry research. The four main domains of humanoid robot study are biped or wheel-driven locomotion, robotic hardware development, artificial intelligence, and human-robotic interaction. 

The humanoid robot market is rapidly rising as artificial intelligence and robotics technologies progress. It allows companies to enhance and develop robots to be more human-like in their look and behavior. Such advanced interaction between humans and robots falls in areas concerning health, customer service, and entertainment. Innovations about machine learning and sensor technologies increase their capacity for handling complex situations, emotional interaction, and working areas within various environments. 

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.  

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Humanoid Robot Market

Report ID: SQMIG45J2082

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