The Humanoid Robots Market is projected to grow at a high CAGR. In the upcoming years, Humanoid robots are designed with human characteristics such as behavior, appearance, and body structure. The developers in the Humanoid Robots Market are working on solving issues such as dexterous manipulation, targeted application, bipedal locomotion, etc. to work in the same environment as humans.
They can be useful to perform crucial tasks such as the dismantling of the nuclear power plant, disaster emergencies, extra-vehicular activities, space exploration, etc. Thus, the development of machine learning, artificial intelligence, machine vision, etc. is a major driver of the Humanoid Robots Market. Also, the increasing costs of research and development for designing humanoid robots will restraint the market growth significantly.
The market has various benefits such as dealing with the distribution process and customer care. They are also durable so that they can visit challenging places for humans. It is estimated that Humanoid Robots Market will boom in the Asia-Pacific region in the upcoming years. Countries such as Japan and China are extensively focusing on the development of Humanoids that will be favorable for the market.
The COVID-19 disease put a brake on the production of Humanoid Robots. As the disease spread across the world, various economies across the world were highly affected. Industries were forced to shut down for several months due to the disruption in the supply chain and shortage of labor. As a result, the market growth declined drastically. However, it is anticipated that Humanoids can play a major role in the healthcare sector as well. Companies are coming forward to invest in the development of Humanoid Robots. Furthermore, the rising Humanoid Robots Market Trends will be beneficial for the market.
The growing Humanoid Robots Market Trends in the past few years will promote the market positively. The increasing development of machine learning, declining costs of components used in humanoids and artificial intelligence are driving factors of the Humanoid Robots Market. Along with that, the use of humanoid robots in educational purposes, defense, and military, the market will eventually propel in the upcoming years.
However, some restraining factors will affect the market growth. Some of them are the high costs of investments for the research and development which is essential for the development of humanoid robots.
There use of Humanoids opens new opportunities for aerospace, defense, and military purposes. They will help provide real-time data and maintain appropriate safety levels. Also, the use in the education sector, disaster management, healthcare, etc. will boom the Humanoid Robots Market in the upcoming years.
The lack of skilled laborers is a major challenge for the production of Humanoids. Also, the expensive costs of the important components can slow the market growth to a certain rate. Also, the technical problems that can occur in the bipedal motion can slow down the Humanoid Robots Market.
Value Chain Analysis
The growing need for Humanoid Robots Market Components will have a significant rise during the forecast period. Apart from that, the growing deployment of humanoid robots in various fields such as education, military, aerospace, the defense will fuel the market growth during the forecast period. Hence, the value chain of the market will strengthen simultaneously.
The segments of the Humanoid Robots Market are divided into motion, components, and application. Based on motion, the market is divided into Wheel Drive and Bipedal.
Based on components, the market is divided into Software and hardware. The Hardware sub-segment is divided into Power Source, Sensor, Actuator, and Control System.
Based on application, the market is divided into Caregiving and Personal Assistance, Entertainment and Education, Public Relations, Research, and Space Exploration, and Rescue and Search.
The Humanoid Robots Market Size is divided into North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The report suggests that the Asia-Pacific region will dominate the market with the largest share. Countries such as Japan, China, and India have a huge demand for Humanoids. This will further boost the market exponentially. Also, the presence of several key players in these countries will promote the Humanoid Robots Market Growth.
Furthermore, Europe will also play a considerable growth in fulfilling the market demands. Due to factors such as technological advancements such artificial intelligence is propelling market growth in the forecast period.
The key players use strategies such as acquisitions, mergers, product launches, mergers, collaborations, etc. These are some important key players in the Humanoid Robots Market-
The report overview of the Humanoid Robots Market is as follows-
Report Score and Segmentation
The report score is to highlight the potential of Humanoid Robots in the upcoming period. The report highlights drivers, market values, opportunities, key players, and recent developments. Apart from that, the information collected in this report is gathered from secondary and primary sources.
|Market Size||Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Motion, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||DST Robot Co., Ltd (South Korea), Engineered Arts(UK), Hajime Research Institute(Japan), Hanson Robotics(Hong Kong), Honda Motor Co., Ltd.(Japan), Istituto Italiano Di Tecnologia(Italy), Kawada Robotics (Japan), Pal Robotics(Spain), Qihan Technology Co.(China), Robo Garage Co.(Japan), Samsung Electronics(South Korea), Toshiba (Japan), Ubtech Robotics(US), WowWee Group Limited(Hong Kong), SoftBank Robotics Corp. (Japan)., ROBOTIS(Republic of Korea) , Willow Garage(US) , Toyota Motor Corporation(Japan)|
|Key Market Opportunities||The rise in deployment of artificial intelligence, machine vision through AI, and machine learning, and IoT can support the expansion of the humanoid robot market|
|Key Market Drivers||
Humanoid robots are anthropomorphized robots having human like senses.
APAC region will dominate the humanoid robots market.
Humanoid robots have wide applications in personal assistance and caregiving, retail, public relations, search and rescue, research and space exploration, education and entertainment, and others.
Key players profiled in the humanoid robots market include Toyota Motor Corporation (Japan), Willow Garage (US), ROBOTIS (Republic of Korea), SoftBank Robotics Corp. (Japan), WowWee Group Limited (Hong Kong), Ubtech Robotics (US), Toshiba (Japan), Samsung Electronics (South Korea), Robo Garage Co.(Japan), Qihan Technology Co.(China), Pal Robotics(Spain), Kawada Robotics (Japan), IstitutoItaliano Di Tecnologia (Italy), Honda Motor Co., Ltd.(Japan), Hanson Robotics(Hong Kong), Hajime Research Institute(Japan), Engineered Arts(UK), and DST Robot Co., Ltd (South Korea).
Key strategies incorporated by key players to stay ahead in the competition include mergers, acquisitions, new product launches, joint ventures, partnerships, and others.