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Humanoid robot market shows strong growth of CAGR 52.1%

Humanoid robot market shows strong growth of CAGR 52.1%

The global Humanoid Robot market is estimated to grow at a CAGR of 52.1% between 2017 and 2023.

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Humanoid Robot Company analysed in report are Soft Bank (Japan), ROBOTIS (South Korea), KAWADA ROBOTICS (Japan), Honda Motor (Japan), UBTECH ROBOTICS (China), Hajime Research Institute (Japan), Hanson Robotics (Hong Kong), DST Robot Co. (South Korea), PAL Robotics (Spain), Toyota Motor (Japan), ROBO GARAGE Co.

(Japan), Istituto Italiano di Tecnologia (Italy), Engineered Arts (UK), Robotics Lab (Spain), and National Aeronautics and Space Administration (NASA, US).

“The Humanoid Robot market is estimated to witness significant growth between 2017 and 2023”

Key factors driving the growth of the Humanoid Robot include the advanced features in humanoid robots, the increasing use of humanoids as educational robots, and growing demand from the retail industry for personal assistance.

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However, high initial cost and R&D expenses restrict the growth of the humanoid robot market.

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“Humanoid robot market for biped motion type to grow at higher CAGR during forecast period”

The humanoid robot market for the biped motion type is expected to grow at a higher CAGR between 2017 and 2023. At present, biped humanoid manufacturers are facing several challenges in terms of robot stability and movement speed issues, and its capability to move around in different terrains.

This is limiting its use in several applications, such as space exploration, search and rescue, and public relations, where the movement of the robot at high speed and in various terrains is a requirement. However, with the advancement in the technology, players are likely to overcome these issues associated with biped humanoid robots; hence, the demand for humanoids is expected to grow in almost every application.

“Hardware component held larger share of humanoid robot market in 2016”

The hardware component held a larger share of the humanoid robot market in 2016.The hardware components add major value to the overall humanoid robot as they make robots look like humans. Among different hardware components, control systems accounted for the largest market share in 2016.

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“Education and entertainment expected to be the fastest-growing application in humanoid robot market during forecast period”

The humanoid robot market for the education and entertainment application is expected to grow at the highest CAGR during the forecast period. Humanoid robots have the ability to assist and even replace teachers in classrooms; hence, schools are looking forward to deploying humanoids in their classrooms to attract the attention of parents by modernizing the teaching pattern.

Moreover, with decline in the price of humanoids, it is expected that they will make their way to homes as educational material to impart education and also teach programming to kids.

“Americas is the largest shareholder, whereas APAC would be the fastest-growing region in humanoid robot market during forecast period”

The Americas held the largest share of the humanoid robot market in 2016. The Americas 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.

The market in APAC is expected to grow at the highest CAGR between 2017 and 2023. APAC is likely to adopt humanoids for almost all the major applications during the forecast period.

As the elderly population in APAC countries such as China and Japan is on the rise, the region is expected to employ humanoids for the personal assistance and caregiving application.

The break-up of the profiles of primary participants for the report has been given below.

  • By Company Type: Tier1—55%, Tier 2—20%, and Tier 3—25%
  • By Designation: C-level Executives—75%and Director Level—25%
  • By Region: Americas—10%, Europe—20%, APAC—40%, and RoW—30%

Research Coverage: This report includes Opportunities in the market have been defined for stakeholders, along with the details of the competitive landscape for the market leaders. Market statistics pertaining to the humanoid robot component, motion type, application, and geography, along with their respective market size.

Major drivers, restraints, opportunities, and challenges for the humanoid robot market have been detailed in the report. Illustrative competitive leadership mapping of 25 global companies has been done.

Strategic profiling of the key players in the humanoid robot market has been done, and players’ market rankings and core competencies have been comprehensively analyzed.

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