Global Humanoid Robot Market to Experience Noteworthy Growth with the Increasing Need for Robots in Retail Applications

In today’s fast-paced world, individuals usually find themselves juggling several duties and commitments, leaving them with limited time and energy to effectively manage their daily tasks. As a result, there is a rising need for personal aid and support to help people manage their hectic lifestyles. This is where the humanoid robot solution comes in.

Humanoid robots have similar characteristics and resemble humans in both look and behavior. Humanoid robots have numerous advantages, such as high precision, high efficiency, safe load carrying, and the capacity to complete jobs in less time. They can be used for many real-world applications, such as engaging with people, conducting research, automating business operations, and so on. Male humanoid robots are known as androids, while female humanoid robots are known as gynoids. The humanoid robot market is continuously evolving with new advancements and innovations.

Recent Trends in the Humanoid Robot Market

Humanoid robots are benefiting from significant advances in AI technologies such as computer vision, natural language processing, and machine learning. These advancements make it easier for robots to understand and carry out human orders, which increases their adaptability in a variety of tasks and applications. Additionally, Collaborative robots, commonly referred to as cobots, are intended to function alongside people in a collaborative manner. Humanoid cobots are being developed with sophisticated safety features and intelligence programming to ensure secure and effective interaction with people. They can carry out tasks that involve physical dexterity and work close to humans, offering potential for applications in assembly, manufacturing, and other industries.

Newest Insights in the Humanoid Robot Market

As per a report by Research Dive, the global humanoid robot market is expected to grow at a CAGR of 7.7% and generate revenue of $609.5 million by 2031. The primary factors driving the growth of the market are the rapid growth of advanced robots that will enhance consumer relationships and experiences, the expanding use of humanoid robots in military and defense applications for battlefield intelligence (knowledge about enemy movements), and the rising trend of industrial automation. However, the high initial cost of the robots and the absence of the advanced infrastructure required for the design and production of humanoid robots are expected to hinder the market growth.

The humanoid robot market in Asia-Pacific is expected to remain dominant in the coming years. The region's high revenue in 2021 was driven by the existence of manufacturing powerhouses in China, India, Japan, and South Korea, a rise in government investment in the development and utilization of technological advancements to reduce costs generally and increase productivity, and the existence of a significant target market. This has led to an increased need for skilled roboticists, engineers, and technicians to develop, maintain, and operate humanoid robots in various industries.

How are Market Players Responding to the Rising Demand for Humanoid Robot?

Market players are responding to the rising demand for humanoid robots by investing in research and development to create more advanced and capable humanoid robots. They are also expanding their manufacturing capacity to satisfy the growing humanoid robot market demand.

In addition, market players are increasingly focusing on strategic partnerships and collaborations with other players in the industry to leverage their strengths and expand their reach. Some of the foremost players in the humanoid robot market are HANSON ROBOTICS LTD, HYULIM Robot Co., Ltd., Engineered Arts Limited, KAWADA Robotics Corporation, Honda, SoftBank Robotics, ROBOTIS, Willow Garage, Sanbot Co., Toshiba Corporation, and others. These players are focused on implementing strategies such as mergers and acquisitions, novel developments, collaborations, and partnerships to reach a leading position in the global humanoid robot market. 

For instance:

• In August 2022, Xiaomi, a manufacturer of consumer products and smart devices, launched CyberOne, a humanoid robot, alongside the Xiaomi Mix Fold 2. The robot can listen to human conversations and recognize people and their emotions.
   
• In March 2023, Agility Robotics, one of the top robotics companies in the world, launched the next version of Digit, the first human-centric, multipurpose robot designed for logistical operations. Digit is developed from the bottom up to go where individuals go and conduct valuable work in places meant for people, beginning with bulk material handling in warehouses and distribution centers.
   
• In May 2023, Sanctuary AI, a business working to develop the first general-purpose robots with human-like intelligence, announced a significant development with the introduction of Phoenix^TM, a sixth-generation general-purpose robot.

COVID-19 Impact on the Global Humanoid Robot Market

The COVID-19 pandemic had a moderate impact on the global humanoid robot market. The quick spread of the virus restricted the export of humanoid robot components, impacting humanoid robot production during the first two quarters of 2020. However, humanoid robot demand surged in the medical industry in the second half of 2020. They were employed in hospitals to protect medical personnel while also providing food and medicine to people affected with the illness. Moreover, humanoid robot assistants are employed in a number of tasks, such as the distribution of hand sanitizer, the packaging and distribution of food, thermal scanning, and others. These factors had a significant impact on the humanoid robot market growth amidst the pandemic.