USD 1.48 billion
Humanoid Robot Market Size, Share, Growth Analysis, By Component(Hardware, Actuator, Software), By Application(Education & Research, Space Exploration, Personal Assistance, Caregiving), By Motion Type(Biped, Wheel Drive), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2082 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
94
|Figures:
64
Humanoid Robot Market Insights
Global Humanoid Robot Market size was valued at USD 1.53 Billion in 2022 and is poised to grow from USD 2.3 Billion in 2023 to USD 51.95 Billion by 2031, growing at a CAGR of 47.51% during the forecast period (2024-2031).
Humanoid robotics has applications outside pure robotics, including embodiment and awareness studies, as well as the brain and cognitive sciences in general. Owing to the rapid progress in technology, which has enabled the development of more economical and effective robot models, the global humanoid robot market is expected to exhibit substantial growth potential. The expanding usage of humanoid robots in military and defense applications to provide battlefield intelligence, that is, knowledge of adversary movements, is anticipated to fuel the industry's growth in the coming years. Moreover, rise in the trend of industry automation is expected to increase the demand for humanoid robots in the future. In addition, they are used in research, exploratory ventures in space, and other activities requiring remote connectivity. For instance, Jane Li, only an associate professor of robotic engineering at Worcester Polytechnic Institute in Massachusetts, and her team of researchers started work in April of 2022 on the design of human-shaped robots with advanced remote-controlled capacities to support medical personnel in caring for quarantined and isolated patients.
US Humanoid Robot Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
42.1% CAGR
Global Humanoid Robot Market ($ Bn)
Country Share for North America (%)
To get more reports on the above market click here to Buy The Report
Humanoid Robot Market Segmental Analysis
The Global Humanoid Robot Market is segmented into component, motion type, application, and region. By component, the market is classified into hardware, actuator, and software. Depending on motion type, it is categorized into biped and wheel drive. According to the application, the market is divided into education & research, space exploration, personal assistance, caregiving, and public relation. Region wise, it is analysed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Analysis By Component
The hardware segment held a dominant position in the market in 2021. Hardware components in particular help humanoid robots connect socially better. Continuous advances in materials science, robotics engineering, and design of control systems have resulted in the continuous development of much more powerful and intelligent robots that can perform many tasks with better accuracy and efficiency. All these factors will propel the growth of the hardware segment in the projection period.
However, the software segment is now growing at the fastest rate, with a CAGR of 18%. The software characteristic of the humanoid robot allows it to perform difficult tasks while interacting with its environment. Robot interactions, behaviors, and applications can be continuously updated, enhanced, and customized thanks to software instead of hardware. Advanced software enables adaptation and more intelligent human connection as the environment's use spreads across domains including healthcare, customer service, and education. resulting in an increase in the requirement for and price of humanoid robot software.
Analysis By Application
By 2021, the personal assistance & caregiving segment held a dominant position in the global market share of humanoid robots. Humanoid robots were witnessed as an important resource during the pandemic since they are immune to the coronavirus. All they would need from people would be to watch over patients and deliver basic services. Consequently, these pieces of equipment see increased use, which raises their worth. The humanoid robots can perform additional vital medical tasks without endangering the security of healthcare workers. These are expected to continue being the main factors affecting the size of the humanoid robot market over the course of the forecast year.
The education and research segment are anticipated to grow at a faster rate during the forecast period. The education sector is making extensive use of humanoid robots to give students more learning opportunities. Many of these activities, such as museums, amusement parks, and exhibitions, also use them as entertainment. For instance, the AI for Good Global Summit was held in July 2023 at the International Telecommunication Union. At this event, fifty-one creative robots were on display. Nine out of the fifty-one were humanoid robots ready to assist humans. These innovations and displays increase people's knowledge, which drives demand in this market.
Global Humanoid Robot Analysis By Application
To get detailed analysis on other segments, Request For Free Sample Report
Humanoid Robot Market Regional Insights
North America dominated the industry. Most leading robotics companies and research institutions that, until now, have been at the frontier in developing humanoid robot technology are headquartered in North America. Humanoid robots have been using in R&D, education, entertainment, healthcare, and more by the US and Canada. Companies in North America are still lagging in using humanoid robots to facilitate learning among students, assist operations in medical fields, and provide experiences to customers.
Presently, on account of heavy investments in infrastructure and technology that result from modernization and diversification of economies, Middle East & Africa is the fastest-growing region in the humanoid robot market. Robotics is being used by governments across industries such as aerospace, healthcare and institutions for education. Already, humanoids used by NASA and ISRO are known in the region for space exploration to send missions to Mars. Other uses of humanoids include the delivery of food items and other commodities to clients in the Middle East. Humanoid robots are frequently used at restaurants to serve patrons, demonstrating the widespread use of humanoids in the region.
Global Humanoid Robot Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Humanoid Robot Market Dynamics
Humanoid Robot Market Driver
Technological Progress
- The need for robotics has grown due to technological improvements, which have increased its usage in a variety of applications. As humanoid robots can mimic human behavior, people view them as companions, and they make an excellent interface for human-robotic interactions. All of this is the outcome of continuous technical development and robotics industry research. The four main domains of humanoid robot study are biped or wheel-driven locomotion, robotic hardware development, artificial intelligence, and human-robotic interaction.
Automation in All Sectors
- There are humanoids working nonstop in the factory; there are no Monday blues or coffee breaks. The increasing automation of various areas such as manufacturing, transportation, and retail is driving the demand for humanoid robots. These marvels of machinery increase output, effectiveness, and accuracy.
Restraints
Expensive Price of Humanoid Robots
- Simple activities can be completed by academic robots, programmable industrial or service provider robots, and other robots made with mass-market components that are widely accessible at competitive prices. The difference in price of about 140% makes it difficult for the manufacturer of humanoid robots to compete. R&D expenses, however, rise in the case of humanoid robots as task complexity does. One major barrier to corporate expansion is the expensive cost of humanoid robots.
Safety Issues with Use of Humanoid Robots
- One major obstacle to the deployment of humanoid robots in human situations is safety concerns. Since these robots live among people, their well-being must be protected by reducing the risk of accidents or malfunction that would destroy people or properties. Accidents from humanoid robots could cause injury or damage property, which again would require limits to broad application and create regulatory issues.
Request Free Customization of this report to help us to meet your business objectives.
Humanoid Robot Market Competitive Landscape
Competition in the global humanoid robot market is highly competitive, comprising major players within the market. These players have introduced several innovative strategies such as mergers & acquisitions, product development & innovation, product diversification, collaborations, and partnerships to stay ahead in the market.
Humanoid Robot Market Top Players Company Profiles
- PAL Robotics
- ROBOTIS
- SoftBank Robotics
- ROBO GARAGE Co., Ltd.
- Robotics Lab
- Samsung Electronics Co., Ltd.
- EZ-Robot
- Kindred, Inc.
- Tesla
- Boston Dynamics
- Promobot Corp.
- Agility Robotics
- Engineered Arts Limited
- Toyota Motor Corporation
- Honda Motor Co., Ltd.
Humanoid Robot Market Recent Developments
- In July 2024, Tesla announced that it will manufacture humanoid robots that could be available by next year. It was firstly named as “Tesla Bot” and was revealed in 2021 at a Tesla AI Day event. Over the last few years, the robot’s design has drastically changed. Recently it was renamed Optimus, the humanlike robot, designed to perform dangerous work and repetitive tasks.
- In April 2024, SUPCON Technology Co. this month announced the Zhejiang Humanoid Robot Innovation Center and the debut of its first self-developed humanoid, Navigator α.
- In April 2024, Beijing Humanoid Innovation Center, unveiled "Tiangong", China’s first self-developed general-purpose humanoid robot. It is also described as the world's first full-sized humanoid robot capable of running solely on electric drive. The robot can maintain a steady speed of six kilometers per hour and is an independently developed humanoid robot platform poised for broader industry adoption.
Humanoid Robot Key Market Trends
- The humanoid robot market is rapidly rising as artificial intelligence and robotics technologies progress. It allows companies to enhance and develop robots to be more human-like in their look and behavior. Such advanced interaction between humans and robots falls in areas concerning health, customer service, and entertainment. Innovations about machine learning and sensor technologies increase their capacity for handling complex situations, emotional interaction, and working areas within various environments.
- Lower production costs and increased investment in robotics research have expedited the adoption of humanoid robots. This trend reflects a broader goal to incorporate robots more seamlessly into everyday life, hence enhancing productivity and quality.
Humanoid Robot Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the market is expected to face pressure throughout the forecast period due to ongoing efforts to create a humanoid robot and a rise in the number of humanoid robot products being introduced by major players and regulatory bodies. Moreover, it is anticipated that increasing R&D efforts in the field of humanoid robots will play a key role in the expansion of the global market for these devices throughout the course of the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.53 Billion |
| Market size value in 2031 | USD 51.95 Billion |
| Growth Rate | 47.51% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Humanoid Robot Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Humanoid Robot Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Humanoid Robot Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Humanoid Robot Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Humanoid Robot Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Humanoid Robot Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
