This study intends to unfurl the multiple facets of global humanoid robot market. The insights offered in the report aid in market growth examination during the forecast period.
Rising Technological Advancements to Augment the Growth of the Humanoid Robot Market
With advancing technology in the robotics space, humanoid robots are designed to carry out customer engagement tasks using advanced facial recognition and emotion and speech recognition abilities. Adoption of new age technology such as artificial intelligence, HMI and machine learning has triggered the demand for advanced humanoid robot in different commercial applications. These robots facilitate effective and efficient robot-human interaction by mimicking human beings, which is positioning them as companions and not mere machines. Moreover, using AI and Internet of Things (IoT), humanoid robot can evolve by self learning and analyzing different scenarios and situations using modern tools. That said, technological evolution in the robotics space remains crucial in driving the growth of the humanoid robot market on the global front.
Safety Ensured by Technology in the Form of Robotics to Influence the Humanoid Robot Market Growth
Backed by technologies such as artificial intelligence and machine learning, humanoid robots are designed to perform numerous tasks including those that pose danger to human beings such as exposure to chemicals, harmful gases, and extreme temperatures in different industrial applications. Moreover, humanoid robot can be deployed during natural disasters and other scenarios such as pandemic diseases. This ensures increased safety to human beings performing hazardous tasks, thus encouraging them to perform other value added functions. This has fuelled their demand across various industries, which is expected to complement the growth of the humanoid robot market.
Deployment of Humanoids in the Education Field to Bode Well for the Humanoid Robot Market
Apart from being deployed in the industrial sector, humanoid robots are increasingly finding applications in the educational field. Collaborative humanoid robots are being explored as a means to show empathy towards students alongside imparting knowledge based on individual capacities. Moreover, being a new concept and rising inclination of students towards use of technology in learning, the demand for humanoid robots in universities and other educational institutions is expected to increase. While improving students’ social and emotional skills, humanoid robots using superior human-machine interface can motivate them to engage into physical and mental activities. This has resulted in an increase in the use of humanoid robot in the educational sector. For instance, as per the International Federation of Robotics, humanoid robot use in education field is expected to witness an upsurge across emerging and developed nations. In this backdrop, rising deployment of humanoids in the educational sector is expected to bolster the growth of the humanoid robot market.
Asia Pacific Poised to Hold a Considerable Revenue Share in the Humanoid Robot Market
From a geographical perspective, emerging nations in Asia Pacific are likely to account for a significant value and volume share in the humanoid robot market. Presence of major players involved in the development of humanoid robots in countries such as India, Japan, China, and South Korea among others is contributing towards the market growth in the region. Moreover, advances in humanoids by players such as Robotis, Invento Robotics and Softbank Robotics have significantly influenced the growth of the market in Asia Pacific. Furthermore, countries in the region are encouraging adoption of humanoid robots in nursing homes, schools, and offices to cope with the shrinking workforce and increasing aging population. For instance, Japan has been rolling out humanoid robots across nursing homes and schools and workplaces. As per World Economic Forum, approximately one-third of the population in Japan is in the age range of 65 years and above and around 2.3 billion individuals are in their 70s.
In addition, the scope of humanoid robots is not only limited to nursing homes or offices. They are also being deployed in other applications. For instance, in January 2020, in India, a half humanoid astronaut – Vyommitra – developed by the Indian Space Research Organization (ISRO) was equipped to carry out unmanned test missions in space. This AI enabled humanoid robot is able to withstand shock and vibrations during flight while having human-like capabilities of speech and sight. Such developments and increasing scope of applications of humanoids in the region are expected to emboss a positive influence on the Asia Pacific humanoid robot market. On the other hand, China although traditionally not a centre of robotic innovation and development, has been focusing on building its robotics industry. These factors continue to influence the market in Asia Pacific and the region is likely to prevail as a lucrative revenue pocket in the forthcoming years.
Humanoid Robot Market: Competitive Scenario
Key growth strategies such as collaborations, partnerships and new product launches have been witnessed in the humanoid robot market. For instance, in September 2021, a partnership agreement was signed between Softbank Robotics, and Keenon Robotics. Main objective of this collaboration was to widen the robotic system applications across the service industry. The use of humanoid robot in service industries for numerous applications can result in companies allocating resources to carry out crucial tasks such as customer service and other value added functions. In March 2020, full scale commercialization of Excellent Mobility and Interactive Existence communication robot was carried out by Hitachi. This humanoid robot was developed primarily for care facilities, hospitals, and offices. In August 2022, Chinese player Xiaomi unveiled CyberOne, its humanoid robot that can detect emotions.
A few of the major players in the humanoid robot market include Hitachi, Robotis, Softbank Robotics, PAL Robotics, Honda Motor Co. Ltd., Ubtech Robotics Inc., Boston Dynamics, Hanson Robotics, Toyota Motor, Hajime Research Institute, and Kawada Robotics Corporation.
Regional Classification of Global Humanoid Robot Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Humanoid Robot Market
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