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Global Humanoid Robot Market is valued at approximately USD 1,107 million in 2019 and is anticipated to grow with a healthy growth rate of more than 35% over the forecast period 2020-2027.
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Humanoid robots are the robots that usually be similar to the body shape and attributes of humans, like the capability to walk in an upright position. Humanoid robots also possess a physical appearance similar to that of a human, which includes a head, two arms, and two legs. These robots often have the attribute of autonomous learning, safe collaboration with the adjacent environment and humans, and self-maintenance. They are employed in several application areas, including scientific research, media & entertainment, automotive manufacturing line, personal assistance, education, and many others. The humanoid robots have been developed with artificial intelligence techniques and algorithms to increase in extreme tasks, such as space exploration missions. Several sensors (such as proprioceptive and exteroceptive sensors) and actuators are also used in the development of humanoid robots to determine the surrounding attributes to help the robots work effectively. Therefore, these factors are anticipated to accelerate market growth around the world. Moreover, the increasing usage of a humanoid robot in the retail and educational sectors, along with the advent of product launches are few other factors responsible for the market growth over the forecast period. For instance, in 2019, Russia has introduced a new humanoid robot, named Fyodor to the International Space Station (ISS) on the first unscrewed Soyuz spacecraft. Similarly, in 2017, Dubai police have revealed a new Robocop, a humanoid robot, which aimed at aiding individuals in malls & streets, secure the city as well as fight crime. Therefore, such type of initiative is expected to accelerate the demand for Humanoid Robots around the world. Recently, the COVID-19 is widely spread throughout the world, thus the utility for humanoid robots has surged, due to the technological enhancements in humanoid robots help in managing enormous staffing deficiencies in supply chain and healthcare owing to the requirement of social distancing to prevent the spread of novel coronavirus. This is likely to strengthen the usage of humanoid robots thereby, the market would grow at a significant rate in the forthcoming year. However, the high initial cost and R&D expense are the major factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Humanoid Robot market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the high adoption of humanoid robots in retail and scientific research, along with the presence of a significant number of vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027, due to the high deployment of humanoid robots for the personal assistance and caregiving application in the emerging countries, such as China and India.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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