The report humanoid robot market (By Component (Hardware (Sensor, Actuator, Power Source, Control System, and Others), Software)-By Motion Type (Biped, and Wheel Drive)-By Application (Education and Entertainment, Research & Space Exploration, Personal Assistance and Caregiving, Search and Rescue, Public Relations, and Others) –by Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America))- is estimated to reach US$ 5, 455 Mn by 2026 at a CAGR of about 52.32%.
Humanoid robots typically possess physical appearance similar to that of a human, including two arms, two legs, and ahead. Emerging innovation in the digitization across various sectors followed by the rising adoption of less cost equipment’s in various business operations drives the demand for humanoid robots through the forecast period. Implementation of humanoid robots in the medical industry provides the augment to the operational efficiency, perform multiple tasks and provide effective productivity and thus, drive the market through the forecast period.
Rising demand from the education and entertainment field is expected to drive the adoption of humanoid robots over the future period. The popularity of such robots providing human interaction is on the rise among students of various age-groups further contributing to the market growth. On behalf of inefficient traditional promotion activities and methods used by brick and mortar stores, humanoid robots have the potential to effectively deliver promotions and offer a more customized experience to customers. Furthermore, the capability of the robots to identify customers and provide recommendations based on the purchase history contributes to the industry demand.
The humanoid robot market for software is anticipated to grow at a higher CAGR during the forecast period
In terms of component, the humanoid robot market for software is anticipated to grow at a higher CAGR during the forecast period. As the technological advancement will lead to the growing complexity in terms of features such as AI and autonomous operations, the value of the software part in the robot will grow faster than hardware as the software will assist the complex functionalities to process efficiently and accurately.
The biped motion type captured a larger share of the overall humanoid robot market in 2016
In terms of motion type, the biped motion type captured a larger share of the overall humanoid robot market in 2016. The actual human-like appearance can be realized in humanoids only when the robot is capable of walking on feet like humans; owing to this, a majority of the humanoid robot manufacturers are focusing on their designs to make biped robots.
Asia Pacific is expected to contribute a substantial revenue share to the humanoid robot market during the forecast period
In terms of region, Asia Pacific is expected to contribute a substantial revenue share to the humanoid robot market during the forecast period owing to growing geriatric population in countries such as China, India, and Japan. Increasing adoption of the robots across department stores, banks, hotels, and airports will drive the regional market growth.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as SoftBank Robotics Corp., ROBOTIS, KAWADA ROBOTICS Inc., Honda Motor Co., Ltd., Hajime Research Institute, Ltd., UBTECH Robotics, Inc., DST Robot Co., Ltd., Toyota Motor Corporation, PAL Robotics SL, and ROBO GARAGE Co. Ltd.
Maximize Market Research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the humanoid robot market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the humanoid robot market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain humanoid robot market positioning of competitors.
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