Global Humanoid Robot Market Overview
The key driver impacting the humanoid robot market is the increasing use of humanoids as educational robots and high demand from the retail industry for personal assistance. The increased demand leads to rising investment in developing advanced humanoid robots to be used in retail, healthcare, defense, and education. For instance, In 2020, agility robotics raises $20 million to build and deploy humanoid robots for work in human spaces. Since its founding in 2015, the total amount of $29m had raised. In 2018 a developer of intelligent humanoid robots, UBTech Robotics, raised a funding of $820 million to develop adult-sized humanoid robots. It focuses mainly on the R&D of servo systems, movement control algorithms for computer vision and walking. Moreover, the technological advancement in the robotic industry, such as artificial intelligence, big data, and 5G, is expected to give self-learning capabilities to humanoid robots, thus contribute to the humanoid robot market growth in the coming years.
According to Value Market Research, the globally humanoid robot market size was valued at around USD 750 million in 2020 and is estimated to grow at a CAGR of about 40% during the forecast period 2021 to 2027.
The vast adoption of humanoid robots in the healthcare sector is estimated to augment humanoid robot needs in the forecast period. For instance, The smart field hospital of China is staffed by robots. It is opened in Wuhan, China, in March 2020. In this hospital, a silicon valley company CloudMinds Technology donated the humanoid robots utilized to deliver food and medicine, disinfect, measure temperatures, and deliver food and medicine. It is even used for the entertainment of medical staff and patients. In 2020 AIIMS, New Delhi, and Sir H. N. Reliance Foundation Hospital and Research Centre, Mumbai of India, deployed RoboElf, which is introduced by Milagrow. However, the high initial investment and R&D expenses may hamper the market in the long run. Also, the lack of high-level interfacing that causes unpredictable performance negatively impacts the market. The current industry trends, such as the rising trend of autonomous rescue operations and increased demand from medical and logistics sectors, are expected to offer new lucrative market opportunities for the key players.
The humanoid robot market is vast, with many local and global players. The humanoid robot market is extensive, with many regional and international players. The important market leaders follow numerous strategies to improve their market position, such as acquisitions, extending product portfolio, contracts, amalgamation, contracts, acquisitions, product upgrades to enlarge their market share across the globe. For instance, in May 2019, Ford declared its plan to develop its robot ‘Digit’ in collaboration with Agility Robotics. It will be utilized for delivery purposes. The key players studied in the report Softbank Robotics, Agility robotics, Hajime Research Institute, KAWADA ROBOTICS, Qihan Technologies, PAL Robotics, DST Robot, Robotis, ROBO GARAGE Co, Toshiba, Ubtech Robotics Inc., Honda, Hanson Robotics, and National Aeronautics and Space Administration.
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In this research report, the humanoid robot market is segmented by component, motion type, application, and region.
Analysis by Component:
By component, the report is categorized into hardware and software. The hardware segment dominates the component segment with over 60% share in 2020. The hardware component is further sub-segmented into sensor, actuator, power source, control system, and others. It is because hardware components are the essential components needed to make humanoid robots, and sensors and control systems are utilized for tracking and tracing activities. Moreover, recent advances in computing hardware and decreasing hardware components cost in China contribute to the hardware components segment growth in the forecast period.
Analysis by Motion Type:
By motion type, the report is categorized into biped and wheel drive. The biped segment dominates the motion type segment with over 65% share in 2020. It is due to the rising popularity of biped products as they support human operations and helps them in several tasks such as automated lawnmowing, floor cleaning, etc. Moreover, beneficial features associated with the biped products such as self-maintenance, autonomous learning, security, etc., that provide efficient assistance to human task contributes to the biped segment growth in the forecast period.
Analysis by Application:
By application, the report is categorized into education and entertainment, research & space exploration, personal assistance and caregiving, search and rescue, public relations, and others. The retail & healthcare application dominates the application segment with over 25% share in 2020. It is due to the growing focus on the enhancement of the retail industry globally with the high implementation of smart technologies, and automated & robotic products will add up to the robot demand. The introduction of surgical humanoid robots and the growing deployment of humanoid robots for disease management, pediatric healthcare assistant, physical therapy, etc., contribute to the high demand from the healthcare industry segment in the forecast period.
Analysis by Region:
In the regional outlook of the global humanoid robot market, the North America region dominates globally with a 30% market share in the forecast period. There is an increased deployment of automated machines & devices in various industry verticals, including government, retail, military & defense, etc., due to the high cost of labor and the unavailability of workers to do basic tasks in expanding construction, retail, and hospitality sectors. Moreover, enhanced consumer awareness and knowledge regarding technological advancements and rising government investment in improvising public and defense & military infrastructure facilities contribute to tremendous market growth across North America.
Market Segmentation covered in the Report:
- Hardware (Sensor, Actuator, Power Source, Control System, Others)
By Motion Type
- Education and Entertainment
- Research & Space Exploration
- Personal Assistance and Caregiving
- Search and Rescue
- Public Relations
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.