Humanoid Robot Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware), Motion (Bipedal, Wheel Drive), Application (Healthcare, Hospitality) and By Geography

Humanoid Robot Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware), Motion (Bipedal, Wheel Drive), Application (Healthcare, Hospitality) and By Geography

According to Stratistics MRC, the Global Humanoid Robot Market is accounted for $1,511.23 million in 2021 and is expected to reach $26,429.38 million by 2028 growing at a CAGR of 50.5% during the forecast period. A humanoid robot is a professional service robot with its body shape built to resemble the human body and mimic human emotion and interaction. This device consists of a torso with a head, two arms, two legs along with face, eyes, mouth and can do jobs in everyday life more efficiently and cheaply in a well-designed way. Humanoid robots with artificial intelligence algorithms find large-scale applications in the healthcare sector as medical assistants, training aids as they can execute tedious and complex tasks from various body positions.

Market Dynamics:

Driver:

Rising demand of safety and comfort

The humanoid robot can perform various tasks which are dangerous to humans such as exposure to harmful gases in various industries. Humanoid robots can also be deployed at the time of natural disasters, pandemic diseases such as covid-19, and others, which is going to provide huge growth to the humanoid robot market. Additionally, the humanoid robots can be deployed on the battlefield and in jobs that human workers don’t want to do, which is going to boost the humanoid robot market.

Restraint:

High power consumption

The humanoid robots are manufactured by using various types of sensors and other components. The high power consumption by the components is acting as a hindrance to the growth of humanoid robots. Additionally, the biped humanoid robots require more energy as compared to others, due to the addition of more sensors and components, which is restraining the growth of humanoid robots.

Opportunity:

Introduction of advance technology

The introduction of smart technologies such as artificial intelligence (AI) and the Internet of things (IoT) are going to boost the humanoid robot market. With the use of AI, the humanoid robot can educate themselves by observing and analyzing data using different sensors. Whereas IoT enables a humanoid robot to stay connected and transfer data from a remote or far distance. Additionally, by the application of this advanced technology the demand for humanoid robots is going to increase in various industry verticals, which is going to boost the humanoid robot market.

Threat:

The lack of skilled laborers

The lack of skilled laborers is a major threat to 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.

The education and entertainment segment is expected to have the highest CAGR during the forecast period

The education and entertainment segment is growing at the highest CAGR in the market. The key factor responsible for this growth is the ability of humanoids to assist and even replace teachers in classrooms, creating a buzz for modernizing schools.

The healthcare segment is expected to be the largest during the forecast period

The healthcare segment is expected to be the largest share in the market. Humanoid robots can also be deployed for disease management, pediatric healthcare assistance, physical therapy, and others. With the growing demand for E-learning, the demand for the humanoid robot is also increasing, the humanoids are widely used for the role of teaching assistant and games partner for children.

Region with highest share:

North America is projected to hold the largest share in the market due to the large-scale implementation of humanoid robots in various applications. Additionally, the introduction of artificial intelligence (AI) and increasing the demand for humanoid in the military and healthcare is going to boost the market in this region.

Region with highest CAGR:

The Asia Pacific is projected to have the highest CAGR in the market. The countries present in the APAC region such as Japan and China are some of the largest humanoid robot manufacturing countries. The humanoid robot is deployed in various tasks such as advertisement, teaching assistant, and others, which is going to provide huge growth to the humanoid robot market in this region. Moreover, countries are such as China, Japan is planning to deploy humanoid in healthcare and education due to the covid-19 outbreak, which is going to boost the market in this region.

Key players in the market:

Some of the key players profiled in the Humanoid Robot Market include Advanced Telecommunications Research Institute International (ATR), Behavior Labs, Cybedroïd, DST Robot Co., Ez-Robot, Hanson Robotics, Hitachi, Honda Motor, Hubolab-Kaist, Macco Robotics, Pal Robotics, Qihan Technology Co, Robotis Co, Samsung Electronics, Softbank, Toyota Motor, Ubtech Robotics, Wowwee Group, Agility Robotics, and Indian Space Research Organization (ISRO).

Key developments:

In March 2020: Hitachi, announced to launch a full-scale commercial operations with Excellent Mobility and Interactive Existance as Workmate (EMIEW) communication robot. The robot is primarily for the offices, hospitals and care facilities, which are going to boost the humanoid robot market.

In January 2020: The Indian Space Research Organization (ISRO) is announced to launch Vyommitra, a semi humanoid robot to space. This robot doesn’t require any space suit and is going to help by sending warning according to the changes in cabin environments. This is going to provide boost the humanoid robot market in the field of Space.

In January 2020: Agility Robotics launched Digit, a 5 feet tall humanoid robot and Ford Motor Company was the first customer to get the first two robots. The cloud-based maps continuously updated by Ford’s connected vehicles can be shared with Digit so that the same type of information does not have to be recreated.

Components Covered:
Service
Software
Hardware

Motions Covered:
Bipedal
Wheel Drive

Applications Covered:
Construction
Education and Entertainment
Healthcare
Hospitality
Military & Defense
Personal Assistance and Caregiving
Infotainment
Research & Space Exploration
Residential
Marine
Search and Rescue
Underwater Systems
Physical Therapy
Study of Bipedal Locomotion
Security and Surveillance
Commercial
Aerospace
Corporate
Other Applications

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances