The introduction of advanced features in humanoid robots is a key element that has boosted the growth of the Humanoid Robot Market. The increased usage of humanoid robots for security and surveillance applications, including the detection of terrorist activities, unauthorized intrusion, and enhanced use of AI robots in hazardous environments, are the primary forces driving the expansion of the humanoid robot market size.
According to a new report published by Allied Market Research, titled, “Humanoid Robot Market by Component (Hardware, Software), by Application (Research and Space Exploration, Education and Entertainment, Personal Assistance and Caregiving, Hospitality, Search and Rescue, Others), by Motion Type (Biped, Wheel drive): Global Opportunity Analysis and Industry Forecast, 2022-2031,” the humanoid robot market was valued at $307.60 million in 2021, and is estimated to reach $609.5 million by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
The report offers a comprehensive analysis of the global humanoid robot market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
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The market for humanoid robots is significantly restricted by the high initial cost of robots and the substantial expenditures required for R&D activities. Additionally, lack of high-level interfacing systems and unpredictable performance are estimated to challenge the manufacturers, which is expected to hinder the humanoid robot market growth.
Humanoid robots are used in commercial and retail environments to aid in customer service, display product features, and facilitate the speedy collection of consumer data such as phone numbers, email addresses, zip codes, and service reviews. The transformation of inefficient infrastructure brought about by government expenditures in R&D and the usage of humanoid robots in educational facilities to give instruction has the potential to create new market opportunities for the humanoid robot industry.
The global humanoid robot market share is segmented based on component, application, motion type, and region. By component, it is classified into hardware and software. By application, it is classified into research & space exploration, education & entertainment, personal assistance & caregiving, hospitality, search & rescue, and others. By motion type, it is classified into biped and wheel drive. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the humanoid robot market analysis report include HYULIM Robot Co., Ltd, HANSON ROBOTICS LTD, Engineered Arts Limited, Honda, KAWADA Robotics Corporation, SoftBank Robotics, Sanbot Co, ROBOTIS, Willow Garage, and Toshiba Corporation.
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Key Findings of the Study
Based on component, the hardware sub-segment accounted for a dominant market share in 2021 and software sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
Based on application, the personal assistance and caregiving sub-segment emerged as the global leader in 2021 and education and entertainment sub-segment is predicted to show the fastest growth in the upcoming years.
Based on motion type, the wheel drive sub-segment accounted for a dominant market share in 2021 and biped sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
Based on region, the Asia-Pacific market accounted for a dominant market share in 2021 and is predicted to be the fastest growing during the forecast period.
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