Humanoid Robot Market to Exhibit Robust Growth due to the Growing Adoption of Service Robots in New Industry Verticals

Humanoid robots are intelligent machines that resemble humans in their appearance and movement. Humanoid robots allow easy interaction and perform tasks as per human commands due to their human-like appearance and advanced artificial intelligence. They find applications in various sectors including personal assistance, domestic works, elderly care, education and healthcare. With technology advancements, humanoid robots are becoming more affordable and capable of performing complex tasks effectively.

The global humanoid robot market is estimated to be valued at US$ 46.31 billion in 2024 and is expected to exhibit a CAGR of 48% over the forecast period of 2024-2031.

Key Takeaways

Key players operating in the Humanoid Robot Market Demand include Samsung Electronics, Qihan Technology, Toshiba, Honda Motor Co. Ltd, Instituto Italiano Di Technologia, Toyota Motor Corporation, Ubtech Robotics, Pal Robotics, Hanson Robotics, DST Robot, Kawada Robotics, Robo Garage, Engineered Arts, WowWee Group, ROBOTIS, SoftBank Corporation.

Key players operating in the humanoid robot market are focusing on developing advanced humanoid robots with enhanced functionalities using latest technologies such as machine learning and artificial intelligence. For instance, SoftBank Robotics launched its Pepper humanoid robot with advanced conversational skills in 2014.

The demand for humanoid robots is increasing due to growing deployment across industries such as healthcare, education and tourism. Humanoid robots are helping reduce workload and improve productivity across various industry verticals. For example, robots are assisting doctors and nurses in hospitals, teaching assistants in schools and tour guides in museums and parks.

Technological advancements such as advancement in sensors, improved actuator design and evolution of deep learning are playing a major role in developing human-like robots. Use of latest technologies is helping humanoid robots behave and move like humans. For instance, implementation of computer vision enables robots to interact naturally.

Market trends
Some key trends in the humanoid robot market include growing deployment of social and service robots across industries and emerging applications of humanoid robots in industrial settings. Social robots like Pepper are being increasingly used for customer interaction in retail stores, airports and malls. Service robots such as UBTech's Alpha series are assisting humans in various tasks like mobility aid for elderly and disabled. Researchers are also exploring use of lightweight and collaborative robots for industrial applications such as assembly and packaging.

Market Opportunities
Growing adoption of service robots offers significant opportunity for players in the humanoid robot market. Applications areas such as elderly care, personal assistance and education are expected to drive the demand. Increasing focus on industrial adoption of humanoid robots for tasks like quality inspection, assembly, welding etc. provides new growth prospects. Continuous technological advancements in artificial intelligence and IoT integration are further expected to help widen the use cases of humanoid robots across multiple sectors in coming years.

Impact of COVID-19 on Humanoid Robot Market

The COVID-19 pandemic has accelerated growth in the humanoid robot market. With lockdowns and social distancing measures in place, demand has grown for humanoid robots that can assist in hospitals and industrial settings without risk of human-to-human contact. Robots equipped with cameras and screens have enabled remote patient checkups and diagnoses, minimizing exposure for healthcare workers. Manufacturers quickly adapted robot designs to accommodate disinfecting features like UV-C lights. This has allowed robots to safely operate in hospitals, handling medications, food delivery, disinfecting rooms and monitoring patients.

In industrial settings, humanoid robots are playing a key role in minimizing workforce disruptions caused by illness or travel restrictions. Applications include inspecting equipment, transporting materials, performing simple tasks like packaging and assembly. The ability of humanoid robots to collaborate side-by-side yet maintain physical separation from humans has proven very valuable during the pandemic. Additionally, advances in 5G technology have supported expanded use of cloud-based robotics that can be controlled remotely.

Looking ahead, experts anticipate that the utility of humanoid robots demonstrated during the crisis will drive continued growth beyond the pandemic period. Healthcare systems have recognized their long-term potential to reduce costs and workforce strain. Manufacturers now view robotics as a resilience measure against future supply chain disruptions. Given rapid improvements in technologies like artificial intelligence, computer vision and mobility, humanoid robots are poised to play an even greater role across multiple sectors in the coming years.

Fastest Growing Region for the Humanoid Robot Market

Asia Pacific is currently the fastest growing region in the humanoid robot market in terms of value. Several factors are driving this growth, including rising labor costs, expanding industrial automation, and strong government support for advanced technologies. China in particular has shown spectacular growth and now leads globally in industrial robot installations. As incomes rise across developing nations, labor shortages are worsening the need for automation solutions.

Notably, many major robotics companies are headquartered in Asia, allowing the region to benefit from localized R&D and manufacturing capabilities. For example, firms like Honda, SoftBank, Kawada and UBTECH have established large presences and are contributing to technology transfer. National initiatives stimulating robotics adoption include 'Made in China 2025' and India's promotion of smart manufacturing. Additionally, a young, tech-savvy demographic is boosting demand for personal and service robots across households, schools and public spaces. With its massive population and fast growing economies, Asia Pacific's humanoid robot market is positioned for continued expansion outpacing other regions.

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