Humanoid Robot Market Market to Reach Valuation of 9819.36 USD Million by 2028; Addition of Advanced Features with Respect to Humanoid Robot is Driving the Market”

Vantage Market Research

Mar 08, 2022

In terms of revenue, the Global Humanoid Robot Market is expected to reach 9819.36 USD Million by 2028, growing at a CAGR of 49.50% from 2022 to 2028. The Humanoid Robot Market is driven mainly by determinants like advanced features introduction with respect to humanoid robots, rising use of humanoids in the education sector, and rising demand from the retail sector for personal assistance.

Key Findings:

  • The software component segment is anticipated to hold a significant share for Humanoid Robot Market. As the technological improvement will in an increase in complexity in terms of characteristics such as autonomous operations and AI, in the robot value of the software part will increase faster than hardware as compared to software which will assist the functionalities which are complex in nature to process accurately and efficiently.
  • Education and entertainment are anticipated to grow at a significant CAGR for the Humanoid Robot Market. The major factor which is responsible for the development is the capability of humanoids to help and replace teachers from the premises, making a buzz for improving schools.
  • Asia Pacific is the largest regional segment. As the geriatric population in nations such as Japan and China is on the surge and is likely to employ humanoids in the area of caregiving application and personal assistance.

Some of key players in Humanoid Robot Market includes, 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.

An increase in humanoid robot adoption for surveillance and security applications like terror activities, detection of unauthorized intrusion, and improved AI robots use in hazardous environments and space exploration along with research is enabling connectivity from far away and these are the key factors fueling the Humanoid Robot Market growth.

However, high R&D expenses and initial cost inhibit the Humanoid Robot Market Growth. Furthermore, lack of interfacing causing unpredictable performance of high-level humanoid robots has acted as a key restraint in the industry. However, factors like swift growth in the geriatric population, an increase in demand from logistics and medical sectors, and the increasing trend of self-governing rescue operations can create substantial opportunities for the market.