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 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. On the flip side, the rapidly growing geriatric population in most developed countries, rising demand for humanoid robots from logistics sector, and increasing demand for robots in different fields of rescue operations are expected to create huge opportunities for the adoption of humanoid robot in the coming years. Moreover, lack of high-level interfacing resulting in unpredictable performance of robots in untested environment acts as a challenge for the humanoid robot market.
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The humanoid robot market based on component has been segmented into hardware and software. 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.
Based on application, the market for personal assistance and caregiving application is dominant in 2021. Humanoid robots are highly adopted for personal assistance and caregiving 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.
The humanoid robot market based on region has been segmented into North America, Europe, APAC, and Rest of the World (RoW). North America accounted for the largest share of the global humanoid robot market in 2021. The region is the early adopter of humanoids for all the major applications, such as public relations, personal assistance and caregiving, and education and entertainment, resulting in the maximum demand for robots from this region. Besides, verticals such as retail, healthcare, and education and entertainment have witnessed exponential growth in the last few years in the Europen region. They are the major contributors to the increasing humanoid robotics sale in Europe.
According to the new market research report on the "Humanoid Robot Market by Component, Motion Type (Biped & Wheel Drive), Application (Education and Entertainment, Research & Space Exploration, Personal Assistance and Caregiving, Search and Rescue, Public Relations), and Geography - Global Forecast to 2023", the humanoid robot market is expected to grow from USD 320.3 Million in 2017 to USD 3,962.5 Million by 2023, at a CAGR of 52.1% between 2017 and 2023.
The market is mainly driven by factors such as the introduction of advanced features in humanoid robots, the increasing use of humanoids as educational robots, and growing demand from the retail industry for personal assistance.
Browse 64 Market Data Tables and 37 Figures spread through 133 Pages and in-depth TOC on "Humanoid Robot Market - Global Forecast to 2023" Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=99567653 Early buyers will receive 10% customization on reports.
As the technological advancement will lead to the growing complexity in terms of features such as AI and autonomous operations, the value of the software part in the robot will grow faster than hardware as software will assist the complex functionalities to process efficiently and accurately.
Biped motion type held larger share of humanoid robot market in 2016 The biped motion type captured a larger share of the overall humanoid robot market in 2016.
The actual human-like appearance can be realized in humanoids only when the robot is capable of walking on feet like humans; owing to this, a majority of the humanoid robot manufacturers are focusing on their designs to make biped robots.
