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Humanoid Robot market size is estimated to be worth US$ 318.1 million in 2022 and is forecast to a readjusted size of US$ 1043.6 million by 2028 with a CAGR of 21.9% - Valuates Reports

03-21-2023 04:07 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Valuates Reports

Humanoid Robot market size is estimated to be worth US$ 318.1

Due to the COVID-19 pandemic, the global Humanoid Robot market size is estimated to be worth US$ 318.1 million in 2022 and is forecast to a readjusted size of US$ 1043.6 million by 2028 with a CAGR of 21.9% during the review period.

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Trends Influencing Humanoid Robot Market
The increasing development of humanoid robots with advanced features is expected to drive the growth of the Humanoid robot market:
Technological advancements have influenced robotics demand and accelerated its adoption across a wide range of applications. Because humanoids can mimic humans, they provide the best interface for human-robot interactions. As a result, humans treat humanoids as companions. All of this is the result of ongoing technological advancements and expanding robotics research. Artificial intelligence, robot hardware development, the realization of biped or wheel drive locomotion, and human-robot interaction are the main categories of humanoid robot research.

Increasing Application of humanoid robot market:
At power plants, humanoid robots are used for inspection, maintenance, and disaster response to relieve human workers of difficult and dangerous tasks. Similarly, they're ready to take over astronauts' routine tasks in space travel. Companionship for the elderly and sick, acting as a guide and interacting with customers in the role of receptionist, and possibly even hosting the growth of human transplant organs are all possibilities. This in turn is expected to drive the growth of the humanoid robot market.

Humanoid Robot in Education:
Many people around the world will benefit from humanoid robots, and we can use them for educational purposes as well. Robotics is being used by teachers to teach students how to program, and robot teachers are also being used to interact with children and teach them simple tasks. Thus the use of Robots in education is expected to drive the growth of the humanoid robot market.

Humanoid Robot Market share Analysis
Based on type, the wheeled robot segment is expected to dominate the humanoid robot market share with 80% penetration. They are simple to operate, can navigate around any surroundings, and are used extensively in the military, defense, education, and entertainment sectors.

Based on application, the education and entertainment segment will witness considerable growth with a 30% market share. This is due to the rising ability of humanoids to assist or even replace teachers and the continuous modernization of school infrastructure.

Based on region, Asia-Pacific will grow the highest with Japan being the leading market at a share of 35%. This is is due to countries like China, and Japan being technology hubs and using robots for caregiving and personal attention to the elderly population.

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