June 20, 2024
Humanoid Robot Market

Humanoid Robot Market Witnessing Growth Driven by Rising Adoption in Healthcare and Education Sectors

The humanoid robot market has been witnessing significant growth over the past few years owing to the rising adoption of humanoid robots across various industry verticals such as healthcare, education and hospitality among others. Humanoid robots are anthropic robots that are designed to resemble the human physique and movement. These robots use sensing, feedback, vision, and pattern recognition algorithms to interpret a variety of environmental stimuli and provide responsive motor feedback. The increasing investments in robotics and artificial intelligence technologies by major technology companies such as Samsung Electronics, Qihan Technology, Toshiba, Honda Motor Co. Ltd, Instituto Italiano Di Technologia, Toyota Motor Corporation, Ubtech Robotics, Pal Robotics, Hanson Robotics, DST Robot, Kawada Robotics, Robo Garage, Engineered Arts, WowWee Group, ROBOTIS, SoftBank Corporation. is anticipated to drive the growth of the market.

The Global humanoid robot market is estimated to be valued at US$ 46.31 Bn in 2024 and is expected to exhibit a CAGR of 48% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Humanoid Robot Market Growth are Samsung Electronics, Qihan Technology, Toshiba, Honda Motor Co. Ltd, Instituto Italiano Di Technologia, Toyota Motor Corporation, Ubtech Robotics, Pal Robotics, Hanson Robotics, DST Robot, Kawada Robotics, Robo Garage, Engineered Arts, WowWee Group, ROBOTIS, SoftBank Corporation. The increasing investments by these players to develop more advanced and affordable humanoid robots is driving the market growth.

The growing demand for humanoid robots across various industry verticals such as healthcare, education, and hospitality has created numerous growth opportunities for market players. Healthcare and education sectors have particularly emerged as lucrative end-use segments owing to the increasing adoption of humanoid robots for patient care, elderly assistance, and teaching assistance tasks.

Geographically, Asia Pacific captured a significant share of the global humanoid robot market in 2022. However, North America is expected to witness the fastest CAGR over the forecast period driven by high investments in robotics technologies by companies based in countries like the US and Canada.

Market Drivers

Rising adoption of humanoid robots across healthcare and education sectors is a key factor driving the market growth. Healthcare sector is increasingly deploying humanoid robots for tasks such as patient monitoring, elderly assistance, pharmacy automation, and rehabilitation assistance. Similarly, humanoid robots are proving beneficial in education sector for visual teaching, language learning, and special education assistance. These applications are supporting the increased demand for humanoid robots globally.

In addition, the increasing investments by major technology companies in development of affordable and efficient humanoid robots compatible with artificial intelligence is further fueling the adoption. With continued technology advancements, humanoid robots are gaining penetration across various other application areas as well which is anticipated to propel the market on a positive growth trajectory over the coming years.

PEST Analysis

Political: Regulations regarding development and deployment of humanoid robots are evolving. Few countries have banned certain applications due to safety and ethical concerns.

Economic: Growth in manufacturing and adoption across industries is driving demand. Automation is reducing costs.

Social: Ambiguous attitudes – concerns around job losses but benefits of assistance. Ageing populations increasing need for caregiving robots.

Technological: Advancements in AI, sensors, actuators enabling more human-like mobility and interactions. Miniaturization improving affordability.

Geographical concentration

Over 50% of the market value is held by Asia Pacific region led by countries like Japan, South Korea and China. This is attributed to presence of major manufacturers and growing domestic demand from industries and consumers. North America and Western Europe are other prominent regions.

Fastest growing region

The market is expected to witness highest growth in Asia Pacific region during the forecast period. This can be accredited to rising economies, growing working population and increasing industrial automation in countries like China and India. Favorable government initiatives and investments in robotics sector will further accelerate the growth

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it