Humanoid Robot Market Size Projected to Generate a Revenue of $609.5 Million by 2031

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The Global Humanoid Robot Market Size is predicted to be valued at $609.5 million by 2031, surging from $307.6 million in 2021, at a noteworthy CAGR of 7.7%.

Impact Analysis of COVID-19 on the Humanoid Robot Market

The COVID-19 impact on humanoid robot market led to severe disruptions that affected the demand, supply, import-export, and availability of humanoid robots across end-use industries. The COVID-19 disease hindered the development of humanoid robots. Various economies all over the world were severely impacted as the disease spread. Due to the supply chain disruption and labor constraint, industries were forced to close for several months. The market's growth sharply decreased as a result. Humanoids may, however, also have a significant impact on the healthcare industry. Companies are stepping up to make investments in the creation of humanoid robots. Additionally, the market will benefit from the growing trends in humanoid robots. The COVID-19 pandemic has had a significant impact on healthcare spending, which has affected the adoption of humanoid robots in this industry. During the COVID-19 pandemic the reduction in healthcare spending impacted the development and adoption of humanoid robots. The healthcare organizations facing budget cuts and financial challenges due to the pandemic, resulted in less investment in new technologies such as humanoid robots. Many healthcare organizations have had to prioritize spending on essential services, and the adoption of new technologies has taken a backseat.

Global Humanoid Robot Market Analysis

The growth of the humanoid robot market is primarily being driven by the increased use of humanoid robots for security and surveillance applications, such as the detection of unauthorized intrusion, terrorist activities, and enhanced use of AI robots in hazardous environments, as well as research and space exploration enabling connectivity from a remote location. Other market drivers for humanoid robots include the quick development of sophisticated robots to improve customer interaction and experience and the rising demand for robots in retail applications. Growing developments in robot manufacturing, as well as increased usage of humanoid robots in the retail sector to improve user experience and engagement, are viewed as important driving factors for the humanoid robots’ market. Furthermore, the growing importance of personalized robots to assist consumers in their daily activities is driving humanoid robots market demand in the forecast period. These are the major factors anticipated to boost the humanoid robot market share during the analysis timeframe.

Huge initial prices of robots coupled with high R&D expenses for robots manufacturing are major restraints for the growth of humanoid robot market. Furthermore, lack of high-level interfacing systems and unpredictable performance are estimated to challenge the manufacturers, which is expected to hinder the humanoid robot market growth.

New technologies have fueled demand for artificial intelligence and robotics, which are being used in a wide range of applications. Humanoid robots provide software for human-robot interactions because they can emulate people; as a consequence, humans see humanoids as colleagues. This is due to continued technical developments and increased study in the field of robotics. The growing usage of robotic technology, speech technology, and artificial intelligence in the healthcare sector for improved diagnostics is expected to create an excellent opportunity of the humanoid robot market forecast period.

Global Humanoid Robot Market, Segmentation

The global humanoid robot market is segmented based on component, application, motion type, and region.

Component:

The component segment is further classified into hardware and software. Among these, the hardware sub-segment accounted for a dominating humanoid robot market share in 2021. The hardware components provide a lot of value to humanoid robots by allowing them to appear like people and do human-like jobs. The control systems are the most significant sub-component of a humanoid because they process sensor information and transfer orders to actuators to make them to react in line with the decision CPU's output. All of this benefits the component producer since it allows them to manufacture and sell the component at a profit. Both hardware and software are important in humanoid robots.

Application:

The application segment is further classified into research & space exploration, education & entertainment, personal assistance & caregiving, hospitality, search & rescue, and others. Among these, the personal assistance & caregiving sub-segment accounted for a dominating market share in 2021. Humanoid robots are widely used for personal assistance and caregiving in hospitals and homes to give patients personalized care. Hospitals across the world are heavily deploying biped humanoid robots in COVID-19 wards, which is supporting the market's growth. Humanoids care for patients and the elderly in hospitals and nursing homes, assisting them with daily tasks like delivering medicines on time. They are programmed to do everyday duties normally performed by carers, such as monitoring vital signs, dispensing medicine, aiding with feedings, and notifying healthcare experts in the event of an emergency.

Motion Type:

The motion type segment is further classified into biped and wheel drive. Among these, the wheel drive sub-segment accounted for a dominating market share in 2021. The wheel-drive robots are simple to build and can be programmed to navigate their environment. They can maintain their balance on a stable base, which makes them less prone to tipping over than two-legged robots. Additionally, wheeled robots are typically faster and more efficient than two-legged robots, as they can move quickly and easily over smooth surfaces. Thus, the demand for wheel-type robots in army and defense applications is expected to grow. Wheel-drive humanoid robots are often used as entertainment at scientific fairs, theme parks, and amusement parks. These factors are expected to drive the humanoid robot market growth in the forecast period.

Region:

The humanoid robot market size in the Asia-Pacific region accounted for a dominating market share in 2021 and it is anticipated show the fastest growth during the forecast period. The rapidly growing healthcare infrastructure and facilities are expected to provide considerable development prospects for this region in future years. Because of the sophisticated technology and widespread acceptance of caregiving applications and personal assistance facilities, Japan and China are among the leading contributors to this industry.

Key Players in the Global Humanoid Robot Market

Some of the leading humanoid robot market analysis players are

• HYULIM Robot Co. Ltd
• HANSON ROBOTICS LTD
• Engineered Arts Limited
• Honda
• KAWADA Robotics Corporation
• SoftBank Robotics
• Sanbot Co
• ROBOTIS
• Willow Garage
• Toshiba Corporation

In August 2021, Tesla Inc. co-founder Elon Musk developed a humanoid for dangerous work that can’t be performed by humans for the safety of human beings.