Humanoid Robot Market to Witness Significant Growth in Coming Years - Exclusive Report by ReportsnReports

Humanoid Robot Market by Component (Hardware (Sensors, Actuator, Power Source, Control System/Controller), Software), Motion Type (Biped, Wheel Drive), Application and Geography (North America, APAC, Europe, RoW) - Global Forecast to 2027

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"Humanoid robot market to grow at CAGR of 63.5% between 2022 and 2027."

The humanoid robot market was valued at USD 1.5 billion in 2022 and is estimated to reach USD 17.3 billion by 2027, registering a CAGR of 63.5% between 2022 and 2027.The growth of the humanoid robot market is attributed to the growing development of humanoid robots with advanced features, increasing use of humanoids as educational robots, surging demand for humanoid robots from retail industry for personal assistance, and rising demand for humanoid robot from medical sector. However, the high initial costs and research and development expenses required for developing advanced robotics is restraining the market growth.

"Hardware components to hold the largest market share in 2021"

The market for the hardware segment held the largest share in 2021 and is estimated to remain the same during the forecast period. The hardware components add major value to the humanoid robots, making them look like humans. The control system is the major sub-component of a humanoid as it processes the data received by the sensor system and sends commands to the actuators to act accordingly based on the output of the decision process.

"Personal Assistance and Care Giving application to hold the largest market share in 2021"

Humanoid robots are highly adopted for personal assistance and care giving to provide patients with personal care at hospitals and homes. Hospitals across the globe are highly implementing biped humanoid robots in COVID-19 wards, which is fueling the growth of this market. In hospitals and homes, humanoids take care of patients and older people and assist them in their daily routine, e.g., providing them medicines on time. They are programmed to handle the routine tasks that caregivers are usually responsible for, such as checking vital signs, administering medication, assisting with feedings, and alerting healthcare professionals in case of an emergency.

"Market in APAC to grow at highest CAGR during the forecast period"

The humanoid robot market players in APAC are the key inventors as well as innovators of the technology; hence, the region is expected to account for the largest CAGR of 65.7% during the forecast period. APAC is likely to adopt humanoids for almost all the major applications during the forecast period. As the elderly population in APAC countries such as China and Japan are on the rise, the region is expected to employ humanoids for the personal assistance and care giving application.

Breakdown of the profiles of primary participants:

By Company Type: Tier 1 -52%, Tier 2 -31%, and Tier 3 -17%
By Designation: C-level Executives -47%,Directors-31%, and others -22%
By Region: North America -37%, Europe -28%, APAC -31%, and RoW-4%

Major players profiled in this report are as follows: Major companies operating in this humanoid robot market include SoftBank Robotics (Japan), ROBOTIS (South Korea), KAWADA ROBOTICS CORPORATION (Japan), Honda Motor Co., Ltd. (Japan), UBTECH Robotics Corp. Ltd. (China), HANSON ROBOTICS LTD. (Hong Kong), PAL Robotics (Spain), and TOYOTA MOTOR CORPORATION (Japan),and others.

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Research Coverage

In this report, the humanoid robot market has been segmented based on component, motion type, application, and region. The humanoid robot market based on component has been segmented into hardware and software. Based on the motion type, the market has been segmented intobiped and wheel drive.Based on application, the market has been segmented into education and entertainment, research and space exploration, personal assistance and caregiving, search and rescue, and public relations, and others.The study also forecasts the size of the market in four main regions-North America, Europe, APAC, and RoW.

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This release was published on openPR.