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Humanoid Robot Market Growth Accelerates: Strategic Forecast Predicts $27.54 Billion by 2029
Humanoid Robot Market
What Will the Humanoid Robot Industry Market Size Be by 2025?
In recent times, the size of the humanoid robot market has been experiencing rapid, exponential growth. It is projected that it will expand from $3.59 billion in 2024 to $5.44 billion in 2025, witnessing a compound annual growth rate (CAGR) of 51.4%. Factors fueling this growth during the historic era include escalating labor costs, a growing fascination for automation, a need for higher efficiency levels, expansion in the manufacturing sector, and the worldwide integration of supply chains.
What's the Long-Term Growth Forecast for the Humanoid Robot Market Size Through 2029?
Anticipations are high for the humanoid robot market, which is predicted to witness substantial expansion in the coming years. Its growth is estimated to reach a volume of $27.54 billion by 2029, with a compound annual growth rate (CAGR) of 50.0%. Factors such as wider applications in healthcare, increased demand for personal assistant robots, changing consumer needs, augmented investment in robotics research, and the surging need for cooperative robots contribute to this projective growth. Major advancements to look out for include the personalization and customization of robots, emphasis on safety features, the transition to cloud robotics, the rise of socially-intelligent robots, along with initiatives towards sustainability.
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What Are the Key Growth Drivers Fueling the Humanoid Robot Market Expansion?
The increasing need for humanoid robots within the medical industry is propelling the growth of the humanoid robot market. This sector encompasses various entities and experts dedicated to offering medical services, treatments, and health goods aimed at preserving and enhancing human well-being. The use of humanoid robots in medicine has elevated due to the key advantages they offer such as elevated efficiency, management of personal care, and improved precision in diagnosis. For instance, as reported by the Private Healthcare Information Network, a healthcare network based in the UK, in the first three quarters of 2023, 48,000 surgical procedures were facilitated by robots. Furthermore, in 2022, there were 49,000 medical procedures executed with the aid of a robot. Consequently, this escalating need for humanoid robots within the medical field is fueling the expansion of the humanoid robot market.
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What Are the Key Trends Driving Humanoid Robot Market Growth?
Advancements in technology represent a prominent trend within the humanoid robot market. Major firms in this sector are concentrating on the development of technologically sophisticated robots to maintain their market dominance. For example, in August 2022, Xiaomi, a tech company based in China, unveiled the CyberOne humanoid robot. This new bipedal robot is furnished with high-tech features, such as an AI-enhanced full-sized humanoid frame capable of producing a peak torque of 300 nm and accommodating 21 degrees of freedom in motion. Additionally, the robot utilizes the Mi-Sense depth vision technology to visually interpret the gestures, facial expressions, and responses of the person interacting with it.
How Is the Humanoid Robot Market Segmented?
The humanoid robotmarket covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Motion Type: Biped, Wheel Drive
3) By Application: Education And Entertainment, Research And Space Exploration, Personal Assistance And Caregiving, Search And Rescue, Public Relations, Other Applications
Subsegments:
1) By Hardware: Actuators, Sensors, Power Supply Units, Chassis And Structural Components
2) By Software: Control Software, Programming And Development Tools, Artificial Intelligence And Machine Learning Algorithms, Simulation Software
3) By Services: Maintenance And Support Services, Consulting Services, Integration Services, Training And Education Services
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Which Companies Are Leading the Charge in Humanoid Robot Market Innovation?
Major companies operating in the humanoid robot market include Toyota Motor Corporation, Samsung Electronics Co. Ltd., Honda Motor Co. Ltd., SoftBank Corp., Toshiba Corporation, KUKA Robotics Corp, Instituto Italiano Di Technologia, Ubtech Robotics Corp. Ltd., HYULIM Robot Co. Ltd., ZMP Inc., Cyberdyne Inc., Agility Robotics Inc, WowWee Group Limited, Apptronik Inc., Pal Robotics S.L., Shadow Robot Company Ltd., F&P Robotics AG, Engineered Arts Limited, Beyond Imagination Inc, Macco Tecnologia Para el Ocio Sociedad Limitada, Trossen Robotics LLC, Hanson Robotics Limited, Furhat Robotics AB, Universal Robots Inc., Robo Garage.Co.Ltd., KAWADA Robotics Corporation, Figure AI, 1X Technologies AS, Intuitive Robots, Qihan Technology Co. Ltd.
Which Regions Are Leading the Global Humanoid Robot Market in Revenue?
North America was the largest region in the humanoid robot market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the humanoid robot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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