Humanoid Robot Market Growth Analysis | 2023-2029

Market Insights

The humanoid robot market was estimated at USD 1.46 billion in 2022 and is likely to grow at a CAGR of 65.3% during 2023-2029 to reach USD 49.23 billion in 2029.

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Market Dynamics

Introduction

Humanoid robots are non-manual service robots created to mimic human motion and interaction. This robot is similar to and acts like a human. It is mainly designed to copy actual human expressions, interactions, and movements. These robots are mainly equipped with an array of cameras, sensors, AI, and machine learning technologies.

Market Drivers

Increasing development of humanoid robots with advanced features

The demand for robotics has been influenced by technological advancements, leading to their adoption in various applications. Humanoid robots, which can mimic human behavior and interactions, offer a superior interface for human-robot interactions, making them ideal companions for humans.

These advancements and the continuous research in the robotics field have facilitated such robots' development. Research on humanoid robots is typically divided into four main categories, including artificial intelligence, robot hardware development, the realization of biped or wheel drive locomotion, and human-robot interaction.

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Restraints: High initial cost

Robotic toys, educational robots, and programmable industrial or service robots are commonly available in the market and are produced using mass-market components. They can perform simple tasks and are offered at a competitive price. However, in the case of humanoid robots, as the complexity of the tasks they are expected to perform increases, so does the cost of research and development required to produce them.

Robots have successfully operated and performed tasks in controlled environments such as factories and retail stores. However, with the increasing demand for service robots in various fields such as education, entertainment, search and rescue, logistics, public relations, cleaning, and medical, the need for robots to perform more complex tasks is rising.

This requires the development of humanoid robots with efficient hardware such as arms and hands, advanced sensors for force, vision, tilt, and position, and software enabling them to interact with the environment in a way that resembles human tactile manipulation and learning. To achieve this, many companies are investing heavily in research and development activities to develop advanced humanoid robots.

The high cost associated with developing humanoid robots is a significant factor that restrains market growth. The overall cost of humanoid robots includes component costs, repair and maintenance costs, and research and development expenses required for creating advanced and professional humanoid robots. This results in a substantial investment, particularly for small and medium-sized enterprises.

Opportunities: Rapidly increasing geriatric population in many developed countries

The development of robotic technologies, along with supporting technologies such as AI, machine learning, and speech recognition, has led to the creation of humanoid robots that can perform autonomous activities in the healthcare sector. SoftBank Robotics' Pepper and NAO are examples of such robots that play an essential role in the healthcare industry by delivering medicines and food to different locations within hospitals.

These robots are also capable of moving freely through hospital corridors, elevators, and departments. In 2021, Hanson Robotics Limited introduced Grace, a humanoid robot specifically designed for the healthcare market.

Segment Analysis

By Component Type

"The hardware segment of the humanoid robot market held the largest share in 2021 and is expected to maintain its position during the forecast period."

Hardware components are essential in giving humanoid robots a human-like appearance, adding significant value to them. The control system is a crucial sub-component of a humanoid robot, as it processes data collected by the sensor system and sends commands to the actuators based on the output of the decision process.

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By Application Type

"Personal Assistance and Care Giving applications to account for the largest market share in 2022."

The adoption of humanoid robots for personal assistance and caregiving is rapidly increasing, particularly in hospitals and homes where patients require personal care. Biped humanoid robots are being widely implemented in COVID-19 wards worldwide, which is fueling the growth of this market.

In hospitals and homes, humanoid robots are responsible for taking care of patients, assisting older people with their daily routines, and providing them with medication at the right time. These robots are programmed to handle routine tasks that caregivers typically perform, such as checking vital signs, administering medication, assisting with feedings, and alerting healthcare professionals in case of an emergency.

Regional Insights

"The Asia Pacific humanoid robot market is to grow at the highest CAGR during the forecast period."

The Asia Pacific region is expected to account for the second-largest market share in 2022 in the humanoid robot market, as players in the region are the key inventors and innovators of the technology.

Asia Pacific is likely to adopt humanoid robots for almost all major applications during the forecast period. With the elderly population in countries such as China and Japan on the rise, the region is expected to employ humanoid robots for personal assistance and caregiving applications.

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Key Players

The following are the key players in the humanoid robot market:

• Agility Robotics
• Advanced Telecommunications Research Institute International (ATR)
• Behavior Labs
• Ez-Robot
• Engineered Arts Limited
• Robotis
• Softbank Robotics
• Hanson Robotics Ltd.
• Kawada Robotics Corporation
• Honda Motor Co., Ltd.
• Hyulim Robot
• Hubo Lab-Kaist
• Hajime Research Institute, Ltd.
• Istituto Italiano Di Tecnologia
• Kindred, Inc.
• Macco Robotics
• National Aeronautics And Space Administration
• Promobot Corp.
• Pal Robotics
• Robo Garage Co., Ltd.
• Robotics Lab
• Samsung Electronics Co., Ltd.
• Toyota Motor Corporation
• Ubtech Robotics Corp. Ltd.
• Wowwee Group Limited

Note: The above list does not necessarily include all the top players in the market.

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Recent Developments

• In January 2023, Samsung Electronics Co. announced an investment of 59 billion won ($46.2 million) in South Korean robot developer Rainbow Robotics, a move that helped strengthen Samsung’s capacity in AI and humanoid robot sectors.
• In November 2022, Honda Motor initiated a new humanoid project “Avatar Robot” with the aim of expanding the human abilities to provide care to humans during emergency situations.
• In July 2022, PAL Robotics launched a new humanoid robot, TALOS, which is a collaborative robot for industrial complex tasks.

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s humanoid robot market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The humanoid robot market is segmented into the following categories:

By Component Type 

• Hardware
• Software

By Motion Type 

• Biped
• Wheel Drive

By Application Type 

• Education and Entertainment
• Research and Space Exploration
• Personal Assistance and Caregiving
• Search and Rescue
• Public Relations

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

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