[Research Report] The Humanoid Robot market is expected to grow from US$ 869.96 million in 2022 to US$ 34,432.93 million by 2030; it is estimated to grow at a CAGR of 52.2% from 2022 to 2030.
Analyst Perspective:
With the rapid growth of technological developments and an increasing number of players in the market, there has been a development in the field of Robotics. The surge in commercial investment, the emergence of global players, decreased hardware prices, and the growing popularity of the current robots are noteworthy signs signifying that the field of Robotics is undergoing substantial development and transformation. The worldwide market for humanoid robots is anticipated to experience significant growth potential owing to the rapid technological improvements in producing more affordable and effective robot models. Furthermore, the humanoid robot market is projected to grow in the coming years owing to the swelling adoption of humanoid robots for defense & military applications to deliver battlefield intelligence. Furthermore, the increasing trend of industry automation is expected to surge the demand for humanoid robots during the forecast period.
Companies in the humanoid robot market are investing heavily in producing humanoid robots with advanced technology. For instance, in May 2020, Hanson Robotics collaborated with CereProc, a Scottish company based in Edinburgh. This collaboration aimed to enable Hanson Robotics to make live human-like expressive performances from its robots. Further, market players are also focusing on delivering humanoid robots, specifically in the healthcare industry, as the significant COVID-19 pandemic has amplified the opportunities for the market. For instance, in April 2020, Invento Robotics joined forces with startups, such as Niramai and Healthians, to turn its customer engagement humanoid into one that gathers patient data, takes temperature, and guides a person in the hospital during the COVID-19 outbreak. On the other hand, substantial barriers to the humanoid robot market growth include the high initial cost of the robots and investments in R&D activities. Further, the lack of progressive infrastructure essential for the production and design of humanoid robots is also expected to affect the humanoid robot market size adversely.
Market Overview:
Humanoid robots have human-like characteristics and look like humans in appearance and behavior. Humanoid robots have benefits such as high efficiency, safe load carrying, high precision, and the capability to carry out tasks in less period. Humanoid robots can be employed for several practical reasons, such as conducting experiments, interacting with humans, and automating industrial processes. Humanoid robots have applications in numerous end-user industries, like personal assistance, education, and entertainment. Personal assistance is the key application of humanoid robots as they are programmed to conduct the regular duties that caretakers are in charge of, like giving medication, monitoring vital signs, and helping with feedings, among others.
Further, key market players in the humanoid robot market focus on research and development activities to boost technological advancement. For instance, in December 2022, Hanson Robotics Limited agreed with The Hong Kong Polytechnic University (PolyU), a Hong Kong, Asia-based University. Under this agreement, Companies agreed to establish the Centre for Humanistic Artificial Intelligence and Robotics (CHAiR) for translational research activities to boost the well-being of humanity.
Humanoid robots observe increased applications in customer engagement roles, emotion recognition capabilities, and speech recognition driven by novel developments in artificial intelligence (AI) technology. With a faster rate of development, these robots have been observing approval in numerous fields, varying from entertainment to education, among numerous others. For instance, in April 20323, SoftBank Robotics Australia partnered with Sushi Machines, a wholesale supplier of Sushi Machines across Australia. Through this partnership, Sushi Machines Australia would deliver tray-delivery robots with other SoftBank Robotics (SBR) solutions that would help alter the food and beverages sector through smart, savvy, and effective restaurants. Such developments are expected to boost the growth of the humanoid robots market during the forecast period.
Strategic Insights
Market Driver:
Increasing Development of Humanoids with Advanced Features to Drive Growth of the Humanoid Robot Market
Robotics are in demand and being implemented in several applications due to technological innovations. Humanoid robots provide the idyllic interface for human-robot interactions as they can imitate a person. These are all outcomes of development in robotics research and continuing technical development. Artificial intelligence, wheel drive locomotion application, robot hardware formation, and human-robot interaction are the four crucial categories under which humanoid robot research activities are classified. These commercial developments are anticipated to aid the expansion of the humanoid robots market. For instance, in November 2022, KAWADA Robotics Corp. teamed up with ExaWizards Inc., a company developing AI-enabled services to resolve social issues. Under this collaboration, both companies agreed to develop exaBase Robotics Powder Weighing for NEXTAGE, a humanoid dual-arm robot to support operations in the manufacturing sector.
Segmental Analysis:
Based on components, the humanoid robots market is classified into hardware and software. The hardware segment held the maximum revenue share in the humanoid robots market 2022. Humanoid robots can collaborate with individuals more efficiently due to hardware components. More complex robots with improved accuracy and efficiency may carry out a comprehensive range of activities owing to materials science, robotics engineering, and control system design developments. Hardware components, in particular, enhance humanoid robots’ capability to interact with individuals.
By application, the humanoid robot market is segmented into research & space exploration, education & entertainment, personal assistance & caregiving, hospitality, search & rescue, and others. The hospitality segment garnered a significant revenue share in the humanoid robots market in 2022. The hospitality sector focuses on installing robots to assist with customer care procedures, from auxiliary robots to artificial intelligence chatbots. Robots in hotels are deployed to improve guest satisfaction. Further, front desk robots have made ordering easier in the hospitality sector. Deploying robots in restaurants and hotels is beneficial since COVID-19’s impacts on the hospitality sector have made it essential to avert human-to-human contact and employee shortages.
By motion type, the humanoid robot’s market is bifurcated into biped and wheel drive. In 2022 the wheel drive segment dominated the humanoid robots market with the maximum revenue share. The wheel-drive robots are easy to manufacture. Compared to two-legged robots, they are less likely to collapse as they can keep balance on solid groundwork. At science fairs, theme parks, and amusement parks, wheel-drive humanoid robots are regularly used as entertainment. These elements are projected to boost the humanoid robots market growth during the forecast period.
Regional Analysis:
North America holds a substantial share of the humanoid robot market. The development of humanoid robot technology and enhanced infrastructure is accountable for the humanoid robot market expansion. In North America, there is an augmented demand for humanoid robots for providing care and teaching in the educational and healthcare sectors. The government and major businesses are increasing their investments, powering the growth of the humanoid robot market.
Asia-Pacific is an active player in the robotics market. The presence of prominent competitors and the acceptance of automated systems by the mainstream industry verticals is anticipated to result in a substantial development in the Asia-Pacific humanoid robot market. Additionally, labor shortage which has led to high labor costs are increasing the demand for humanoid robots to perform manufacturing, construction, and retail tasks, which is anticipated to fuel market growth in the Asia-Pacific region. Countries such as China, Japan, and South Korea contribute significantly to its large share. The presence of the market players involved in designing humanoids in the region makes it one of the important regions in the adoption. It is also one of the regions where the market players in key countries have made improvements in humanoids, such as Robotis of Korea, Softbank of Japan, Invento Robotics of India, and several other companies. The region has observed demand for humanoid robots in the aerospace sector. For instance, in January 2020, The Indian Space Research Organisation (ISRO) began its human spaceflight program, intending to carry its first half-humanoid" robotic astronauts starting in 2022.
Key Player Analysis:
The Humanoid Robot market landscape consists of the players such as Hanson Robotics, Honda Motor Co. Ltd, Pal Robotics, Ubtech Robotics Inc., Kawada Robotics Corporation, SoftBank Robotics Group Corp., Promobot, Invento Robotics, Toyota Motor Corporation, Robotis Co. Ltd are the top two players owing to the diversified product portfolio offered.
Recent Developments:
Companies in the humanoid robot market highly adopt inorganic and organic strategies such as mergers and acquisitions. A few recent key market developments are listed below:
- September 2021: SoftBank Robotics Europe partnered with United Robotics Group, an ecosystem of experts and partners. Following this collaboration, United Robotics Group would open a new office in Paris, France to manage and develop new sales, services support and operate in European countries for Pepper & NAO humanoid robots.
- March 2021: Hanson Robotics Limited partnered with Immervision Inc., a Provider that provides panoramic imaging technology solutions. Under this partnership, Immervision’s JOYCE, a Humanoid robot to unify the circle of computer vision, would work with Hanson Robotics Limited’s Sophia, a humanoid Robot, to grow and evolve machine perception to help provide human-like vision and beyond.
- November 2020: SoftBank introduced a new feature: telepresence to its humanoid robot Pepper. This feature is developed to streamline smooth communication among people. In addition, it also consists of the function of teleoperation that allows customers to operate the robot remotely.
- September 2020: SoftBank Robotics collaborated with Bear Robotics, an artificial intelligence and robotics company. Under this partnership, the companies introduced Servi to the food service and hospitality sectors.
- December 2019: Toshiba Machine Co. launched THE600 SCARA robot, the humanoid collaborative robot with 60% larger payload capacity than contending SCARA models in an equivalent price range.