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The Humanoid Robot Market Size was valued at USD 1.72 billion in 2023 and is expected to reach USD 46.85 billion by 2031, growing at an impressive CAGR of 51.2% over the forecast period 2024-2031, According to the SNS Insider report.
“The increasing demand for robots that can interact with and assist humans in a variety of settings, coupled with rapid technological advancements, is driving the remarkable growth of the humanoid robot market.”
The humanoid robot market is experiencing unprecedented growth as these intelligent machines find applications across diverse sectors.
From healthcare, where they provide patient support and companionship, to security, where they detect threats, humanoid robots are transforming industries. This expansion is further fueled by advancements in artificial intelligence and a desire for increased automation within businesses and daily life.
Research and space exploration sectors use humanoid robots for their ability to connect from remote environments. Funding for humanoid robotic research has accelerated, motivated by the promise these robots hold in advancing fields like neuroscience, cognition, and the study of embodiment. Humanoid robots are even being integrated into the entertainment and social sectors, filling roles as receptionists and companions for the elderly. This growth trend is supported by heavy corporate investment in humanoid robot development, particularly by industry leaders like SoftBank Robotics and PAL Robotics.
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Top Companies Featured in Humanoid Robot Market Report:
- Samsung Electronics
- Qihan Technology
- Toshiba
- Honda Motor Co. Ltd
- Instituto Italiano Di Technologia
- Toyota Motor Corporation
- Ubtech Robotics
- Pal Robotics
- Hanson Robotics
- DST Robot
- Kawada Robotics
- Robo Garage
- Engineered Arts
- WowWee Group
- ROBOTIS
- SoftBank Corporation
Market Analysis
In the healthcare industry, humanoid robots boost efficiency, decrease direct contact, and enhance patient experiences. Their potential to support medical professionals, streamline resource distribution, and offer tailored care positions them as invaluable assets. Softbank Robotics’ humanoid robot Pepper, for example, was successfully integrated into St. Marien Hospital, where it handled basic inquiries, and entertained patients and guests. Pepper’s presence resulted in increased patient engagement and contributed to an overall positive hospital environment.
Recent Developments
- In March 2023, SoftBank Robotics (Japan) introduced “Let’s Dance!”, a robot app that allows its popular Pepper robot to perform popular dance routines.
- In September 2022, KAWADA ROBOTICS CORPORATION (Japan) launched NEXTAGE Fillie OPEN, a research-focused dual-arm humanoid robot platform.
- In September 2021, Keenon Robotics, a leading AI company, and SoftBank Robotics Group Corp. announced a strategic collaboration to revolutionize the service sector with cutting-edge robotics technology.
Humanoid Robot Industry Segmentation as Follows:
BY MOTION:
- Biped
- Wheel Drive
The Wheel-drive humanoid robots hold the largest market share (66.5% in 2023). Their efficient mobility and adaptability contribute to their widespread adoption in various applications.
BY APPLICATION:
- Education and Entertainment
- Research and Space Exploration
- Personal Assistance and Caregiving
- Search and Rescue
- Public Relations
- Others
The Personal assistance and caregiving is the leading application segment, accounting for 32.6% of the market share in 2023. Humanoid robots are primarily used to support and assist individuals in homes, hospitals, and care centers. This segment’s dominance is driven by the need to enhance quality of life through companionship and support with daily tasks.
BY COMPONENT:
- Hardware
- Sensors
- Software
- Actuator
- Power Source
- Control System/Controller
- Others
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Impact of the Russia-Ukraine War
The ongoing conflict between Russia and Ukraine has disrupted global supply chains and technological development. This has caused delays and increased costs for components vital to the humanoid robotics industry. Uncertainty within the economic landscape also impacts investment in research and development, potentially hindering further innovation within the sector.
The Asia Pacific region dominated the humanoid robot market in 2023, holding a 53.2% share.
This dominance is attributed to the presence of significant players, technological advancements, and substantial manufacturing capabilities within nations like Japan, South Korea, and China. Additionally, the region’s burgeoning aerospace sector has increased the demand for humanoid robots. The technological leadership by various key players, combined with a growing interest in applications like space exploration (as seen in India’s “Vyommitra” project), solidifies the region’s position in the global market.
Key Takeaways
- The Asia Pacific region holds the largest market share and is a major driver of innovation in humanoid robotics.
- The region’s strong manufacturing base and focus on technological advancements contribute to the high adoption of humanoid robots across various industries.
- The growing interest in humanoid robots within the aerospace sector, as exemplified by India’s space program, signals future opportunities and applications within this market segment.
- The market is heavily driven by the increasing use of humanoid robots for security and surveillance purposes, offering unique capabilities compared to traditional methods.
Major Key Points from Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Humanoid Robot Market Segmentation, By Motion
9. Humanoid Robot Market Segmentation, By Component
10. Humanoid Robot Market Segmentation, By Application
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
Continued….
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