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  • 14 January 2021 01:28

Humanoid Robot Market Size to Record 35% CAGR Over 2020-2027

According to the research report titled ‘Global Humanoid Robot Market Size study, by Product (Wheel Drive, Biped), by Application and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global humanoid robot market was worth USD 1,107 billion in 2019 and is anticipated to record a CAGR of 35% during 2020-2027.

Worldwide humanoid robot market size is expanding on the back of increasing use of the tech device in educational and retail sectors, alongside its applications in automotive manufacturing line, media & entertainment, scientific research, and personal assistance.

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For those uninitiated, humanoid robots are the robots which have similar attributes and body shape like humans and can walk in an upright position. These robots are featured with autonomous learning, self-maintenance, and safe collaboration with the surrounding and humans, propelling global humanoid robot market growth.

Artificial Intelligence (AI) techniques and algorithms are used to develop humanoid robots for increased efficiency in performing extreme tasks including space exploration missions. In the creation of humanoid robots, multiple sensors (such as exteroceptive and proprioceptive sensors) and actuators are often used to assess the surrounding characteristics in assisting the robots to operate effectively.

Major contenders impacting global humanoid robot market dynamics are UBtech Robotics Corp., Trossen Robotics LLC, Toshiba Corporation, SoftBank Robotics Corp., Qihan Technology Co. Ltd., Kawada Robotics Corp., Honda Robotics - ASIMO, Hanson Robotics Limited, Hajime Research Institute Ltd., Engineered Arts Limited, and DST Robot Co. Ltd.

The COVID-19 outbreak has surged the utility of humanoid robots owing to technological improvements in the field, in consort with their employment for handling huge staffing deficiencies in healthcare and supply chain, on account of social distancing to avert the virus from spreading further, hence stimulating the market outlook.

However, hefty cost of initial setup and heavy research & development expenses are anticipated to hamper global humanoid robot industry remuneration scale over the assessment period.

Considering the regional terrain, prominent regions considered for worldwide humanoid robot industry analysis are Asia Pacific, Europe, Latin America, North America, and Rest of the World. North America presently leads the overall market and is reckoned to accrue notable gains over the forecast timespan, attributable to existence of considerable number of vendors, and increased adoption of humanoid robots in scientific research and retail verticals.

Meanwhile, Asia Pacific humanoid robot market forecast is slated to record a substantial growth through 2027, on account of incorporation of humanoid robots for personal support and caregiving applications in emerging economies like India and China. Frequently Asked Questions (FAQ) :

What are the major growth catalysts of global humanoid robot market?

Rising demand from retail and educational sectors, along with various technological innovations and new product launches are accelerating the expansion of global humanoid robot market.

What is the growth rate forecast for global humanoid robot market during 2020-2027?

Global humanoid robot market is expected to grow with a CAGR of 35% through 2027.

Which are the major contenders in global humanoid robot market?

Major contenders in global humanoid robot market are Ubtech Robotics, Inc., Trossen Robotics (Interbotix), Toshiba Corporation, SoftBank Robotics Corporation, Qihan Technology Co., Ltd., Kawada Robotics Corporation, Honda Robotics (ASIMO), Hanson Robotics Limited, Hajime Research Institute Limited, Engineered Arts Limited, and DST Robot Co.

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