Global Humanoid Robot Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2029
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Global Humanoid Robot Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2029
The Humanoid Robot Market is segmented 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), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]) – Russia-Ukraine War Impact Analysis and Forecast to 2029.
The Humanoid Robot Market is segmented by Component Type (Hardware, Software), by Motion Type (Biped, Wheel Drive), by Application Type...
"The global humanoid robot market is expected to grow from USD 1.46 billion in 2022 to USD 49.23 billion by 2029 at a CAGR of 65.3% during the forecast period".
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.
Humanoid Robot Market Report Overview
Market Size in 2022
USD 1.46 billion
Market Size in 2029
USD 49.23 billion
Market Growth (2023-2029)
65.3% CAGR
Base Year of Study
2022
Trend Period
2017-2021
Forecast Period
2023-2029
Market Drivers
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.
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.
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.
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.
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.
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Regional Analysis
"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 Global Humanoid Robot Market (arranged alphabetically)
Agility Robotics
Advanced Telecommunications Research Institute International (ATR)
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Humanoid Robot Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market Segment Analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirements?
10% free customization
Research Methodology
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 the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com
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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.
