December 16, 2020
According to the research report titled ‘Global Humanoid Robot Market Size study, by Product (Wheel Drive, Biped), by Application (Retail, Hospitality, Education & Scientific Research, Healthcare, Military & Defense, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global humanoid robot market was worth USD 1,107 billion in 2019 and is anticipated to record a CAGR of 35% during 2020-2027.
Worldwide humanoid robot market size is expanding on the back of increasing use of the tech device in educational and retail sectors, alongside its applications in automotive manufacturing line, media & entertainment, scientific research, and personal assistance.
For those uninitiated, humanoid robots are the robots which have similar attributes and body shape like humans and can walk in an upright position. These robots are featured with autonomous learning, self-maintenance, and safe collaboration with the surrounding and humans, propelling global humanoid robot market growth.
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Artificial Intelligence (AI) techniques and algorithms are used to develop humanoid robots for increased efficiency in performing extreme tasks including space exploration missions. In the creation of humanoid robots, multiple sensors (such as exteroceptive and proprioceptive sensors) and actuators are often used to assess the surrounding characteristics in assisting the robots to operate effectively.
The COVID-19 outbreak has surged the utility of humanoid robots owing to technological improvements in the field, in consort with their employment for handling huge staffing deficiencies in healthcare and supply chain, on account of social distancing to avert the virus from spreading further, hence stimulating the market outlook.
However, hefty cost of initial setup and heavy research & development expenses are anticipated to hamper global humanoid robot industry remuneration scale over the assessment period.
Considering the regional terrain, prominent regions considered for worldwide humanoid robot industry analysis are Asia Pacific, Europe, Latin America, North America, and Rest of the World. North America presently leads the overall market and is reckoned to accrue notable gains over the forecast timespan, attributable to existence of considerable number of vendors, and increased adoption of humanoid robots in scientific research and retail verticals.
Meanwhile, Asia Pacific humanoid robot market forecast is slated to record a substantial growth through 2027, on account of incorporation of humanoid robots for personal support and caregiving applications in emerging economies like India and China.
Major contenders impacting global humanoid robot market dynamics are UBtech Robotics Corp., Trossen Robotics LLC, Toshiba Corporation, SoftBank Robotics Corp., Qihan Technology Co. Ltd., Kawada Robotics Corp., Honda Robotics - ASIMO, Hanson Robotics Limited, Hajime Research Institute Ltd., Engineered Arts Limited, and DST Robot Co. Ltd.