Humanoid Robot Market Growth, Forecast, Trends, 2031

The market is projected to grow from US$ 1.60 billion in 2023 to US$ 47.90 billion by 2031; it is expected to expand at a CAGR of 52.9% from 2023 to 2031.  The prospects for machines that aid with everything from handling hazardous waste to folding laundry have improved as development in artificial intelligence (AI) accelerates, and investment in the market grows faster than projected. Further, recent technological breakthroughs and decreasing production costs make mass production and adoption of humanoid robots more of a reality than ever.

Humanoid Robot Market Analysis

Humanoids are advanced robotic devices that can imitate human actions, cognition, behaviors, and operations. These robots are integrated with  AI, machine learning, biomechanics, and sensor connectivity with cognitive development, learning, and behavioral research. Humanoids are made to mirror the human shape, matching with the human-centered design of the environment. Further, market investors looking for exposure to the humanoid robot market can find opportunities across the supply chain, predominantly in AI chipmaking, robotic manufacturing, sensor development, and related material and component supply.

Humanoid Robot Market Industry Overview

• Humanoid robots resemble humans. Gynoids are humanoids that resemble women, whereas Androids resemble men. Robots are designed to mimic human interactions and movements. Humanoid robots are still revolutionizing. The development of AI technology has led to the development of ingenious humanoid robots that can assist individuals in daily life. Humanoids are classified as service robots, undertaking tasks such as space exploration, research, teaching, personal support, search and rescue, entertainment, maintenance, manufacturing, and among others. Thus, the potential market opportunity for the humanoid robot market is massive and is expected to increase during the forecast period.

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Humanoid Robot Market: Strategic Insights

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Humanoid Robot Market Driver and Opportunities

Increasing Applications in the Healthcare Industry to Drive Market Growth

• The use of robots for surgery has given rise to a large number of new methods, which has led to the emergence of a wide variety of robots for use in the medical domain. According to the World Health Organization (WHO), the percentage of healthcare-dependent populations, such as people with disabilities and older people, among others, is expected to rise during the forecast period.
• This trend will put stress on the health systems of most countries. The implementation of robots could assist these health systems in responding to this augmented demand, particularly in high-intensity and repetitive tasks. Thus, the demand for humanoid robots in the healthcare sector is expected to rise during the forecast period.

Technological Advancements to Create Lucrative Market Opportunities

• Technological advancement in the humanoid robot market is anticipated to boost the market growth during the forecast period. For instance, in March 2024, Apptronik Collaborated with NVIDIA to develop AI for general-purpose humanoid robots. NVIDIA Project GR00T will enable Apptronik's Apollo to quickly learn new tasks from human demonstrations, allowing Apollo to tackle more complex tasks than previously possible.
• Moreover, in October 2023, Amazon announced the launch of humanoid robots on a trial basis at one of its warehouses in the US in a bid to automate its operations. Such developments are anticipated to create lucrative growth opportunities for market expansion during the forecast period.

Humanoid Robot Market Report Segmentation Analysis

The key segments that contributed to the derivation of the humanoid robot market analysis are component, motion, and application.

• Traditionally, development in automation systems has been driven by the necessity for collaborative robots in the manufacturing industry. But, nowadays there is a requirement for technological adoption in the healthcare sector. Thus, technological adoption in the healthcare sector is expected to create new opportunities for humanoid robots. These robots can be used for surgery, remote care, and telemedicine, among others, in the healthcare industry.
• One of the chief benefits of using humanoid robots in education is their ability to improve student engagement. Further, Humanoid robots are being increasingly used to teach computational thinking in classrooms across the globe. This, in turn, is expected to boost the segment growth during the forecast period.

Humanoid Robot Market Share Analysis By Geography

• Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
• The humanoid robot market in the North America region is expected to grow substantially during the forecast period. This growth may be attributed to the presence of numerous key market players and early technological adoption.
• The increasing adoption of humanoid robots in the healthcare and education sector in North America is anticipated to create lucrative market opportunities for the market players during the forecast period.

Humanoid Robot Market Regional Insights

The regional trends and factors influencing the Humanoid Robot Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Humanoid Robot Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Humanoid Robot Market Report Scope

Humanoid Robot Market Players Density: Understanding Its Impact on Business Dynamics

The Humanoid Robot Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Humanoid Robot Market are:

1. Hanson Robotics
2. Honda Motor Co. Ltd
3. Pal Robotics
4. Ubtech Robotics Inc.
5. Kawada Robotics Corporation
6. SoftBank Robotics Group Corp.

Disclaimer: The companies listed above are not ranked in any particular order.

Humanoid Robot Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the humanoid robot market. Some of the recent key market developments are listed below:

• In March 2024, NVIDIA announced Project GR00T, a general-purpose foundation model for humanoid robots designed to further its work driving breakthroughs in robotics and embodied Artificial Intelligence (AI). [Source: NVIDIA, Company Website]

Humanoid Robot Market Report Coverage & Deliverables

The humanoid robot market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Humanoid Robot Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.