Humanoid Robot Market Insights and Growth by 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
Market Size Value in US$ 869.96 million in 2022 Market Size Value by US$ 34,432.93 million by 2030 Growth rate CAGR of 52.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Humanoid Robot Market: Strategic Insights
| Market Size Value in | US$ 869.96 million in 2022 |
| Market Size Value by | US$ 34,432.93 million by 2030 |
| Growth rate | CAGR of 52.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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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 Report Scope
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Motion Type, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Asia Pacific is anticipated to grow at a high growth rate during the forecast period.
The major players holding majority shares are Hanson Robotics, Honda Motor Co. Ltd, Pal Robotics, Ubtech Robotics Inc., and Kawada Robotics Corporation.
Technological advancements and increasing demand from numerous industries are the major trends in the market.
Increasing focus on the integration of advanced features in humanoid robots and growing demand for healthcare applications are the major factors that propel the global humanoid robot market.
The global humanoid robot market was estimated to grow at a CAGR of 52.9% during 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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