Growing Demand in Industrial Automation and Use of Humanoid Robots in Educational Purpose is driving the Growth of Humanoid Robot Market Market
Humanoid robots have several features like variable flexibility, law enforcement, and movement redundancy. Humanoid robot working also helps older people by taking their care and ensuring complete safety. Such robots also work in factories and could perform repetitive tasks without any errors. This special feature of this android robot is expected to generate huge potential in the coming years.
The major driving factors for the growth of the Humanoid Robot Market Market are the increasing industrial sector and advancement in technological systems. Increasing use of smart work and digital education is the key factor that is driving the market.
The development of humanoid robots has led to a better understanding of human cognitive abilities. The advancement in robotic knowledge might lead to the enhancement of a normal human sometime in the future. Humanoids are developed to mimic human behavior and can be used to perform human tasks such as reception desk jobs which are based on a procedure. They can also serve very well as personal assistants where they can be used to help the aged and the sick.
The outbreak of coronavirus (COVID-19) in early 2020 led to the steepest decline in humanoid robot demand. The implementation of lockdown in China in January, followed by subsequent months in countries across the world, as well as stringent regulations passed by government bodies on the movement of people and goods that were necessary to limit the spread of COVID-19, led to a downfall in sales of Humanoid Robot Market Market.
Asia Pacific is expected to grow at the fastest CAGR in the coming years owing to the high demand for humanoid robots in industrial and commercial sectors. Additionally, this region contains the world’s best manufacturing facilities and R&D for electronic technology. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of humanoid robots. North America held the largest share of the Humanoid Robot Market Market in 2021, followed by Europe and the Asia Pacific. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of R&D facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Humanoid Robot Market Market such as Softbank, Robotis, Kawada Robotics, Hanson Robotics,Honda Motor, Pal Robotics, DST Robot Co., Toyota Motor, Hajime Research Institute, Samsung Electronics, Hasbro, Ez-Robot, Macco Robotics, Hubolab-Kaist, Advanced Telecommunications Research Institute International (ATR), Wowwee Group, Cybedroïd, Qihan Technology Co., Behavior Labs.
Browse the full Report - Humanoid Robot Market Size, Share & Trends Analysis Report by Component (Hardware, Software), by Motion Type (Biped, Wheel Drive), by Application (Education and Entertainment, Research & Space Exploration, Personal Assistance and Caregiving, Search and Rescue), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)