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Humanoid Robot Market Size By Product (Wheel Drive, Biped), By Application (Retail, Hospitality, Education & Scientific Research, Healthcare, Residential, Military & Defense, Construction, Underwater Systems), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

  • Report ID: GMI2200
  • Published Date: Nov 2017
  • Report Format: PDF

Humanoid Robot Market Size

Humanoid Robot Market size valued at USD 450 million in 2016 and will grow at a CAGR of over 35% from 2017 to 2024. The global shipments are expected to reach 1 million units by 2024.
 

The increasing popularity of companion robotic technology in research, healthcare, and hospitality sectors to gain enhanced assistance & operational efficiency is driving the humanoid robot market. These products are finding applications in the healthcare sector as medical assistants & training aids, further adding up to the demand. The rapid development & transformation of the medical infrastructure by implementing robotic & digitally advanced products for enhanced patient care & engagement supports robot deployment. Additionally, changing dynamics in industrial & manufacturing sectors, which include robotic additions to aid employees & workers is adding up to the industry expansion. These products are utilized to perform engineering tasks in various industries to eliminate human involvement in dangerous tasks and allow them to focus on high-value operations.
 

Humanoid Robot Market

The human-like robots face technical and power-related issues, limiting their performance and active time. The low battery life limits prolonged operations in these machines, creating assistance issues in several industries. Due to a limited battery life, these products cannot be utilized in long-term operations and create human dependability concerns. Extended batteries and the use of long lifetime components in manufacturing these products can eliminate quick discharging issues and increase operational efficiency.
 

Humanoid Robot Market Analysis

Biped products are expected to grow at a CAGR of over 30% from 2017 to 2024. Biped models are gaining high popularity as they support human operations and assist them in various tasks such as floor cleaning, automated lawnmowing, etc. These machines have several beneficial features, such as self-maintenance, autonomous learning, security, etc., that provide efficient assistance to human tasks. Humanoid robots are gaining traction across all industry verticals due to the steady decline in prices owing to reduced sensor & actuator costs. However, over the forecast years, the increasing popularity of robotic devices and the need for automated machines will create several opportunities for humanoid robot market demand. Companies are launching new products for various applications that include human assistance capabilities. For instance, in May 2019, Ford announced its plan to develop its robot ‘Digit’ in cooperation with Agility Robotics, which will be used for delivery purposes.
 

China Humanoid Robots Market By Application

The growing focus on the enhancement of the retail industry globally with the implementation of smart technologies and automated & robotic products will add up to the robot demand. Retailers are incorporating high-end technologies to provide enhanced consumer engagement and store knowledge. The human-like robot systems deployed in retail stores, supermarkets, and shopping malls reduce unnecessary employee costs, increase customer interactions, and offer digital proposals. They have several benefits over human employees, such as continuous operability, repetitive tasks, etc., and allow staff to work on higher-value tasks. Manufacturers are developing highly efficient systems for retail-specific applications to offer smarter aid to consumers and better management of the store infrastructure. For instance, in July 2019, CloudMinds, a robotics start-up funded by SoftBank Group announced its preparation for USD 500 million IPO to develop a cloud-based robotic system for products including Pepper.
 

The humanoid robot market growth is attributed to increasing requirements and rapid expansion in the retail & healthcare sector across the globe. These machines perform several tasks in retail outlets and multi-stores such as inventory management, operation extensions, and detecting shelf mistakes. For instance, Nestle announced the development of a humanoid robot, Pepper, along with SoftBank Robotics, which is used in several departmental stores of Nestle in Japan. In the healthcare sector, these machines are used as personal care & assistance robots that provide timely medication and entertainment to patients. They also offer elderly care services and eliminate the need for human caretakers due to high efficiency & automated learning capabilities.
 

North America Humanoid Robot Industry By Country

The North America humanoid robot market is expected to grow at over 37.5% CAGR from 2017 to 2024. The industry is developing at a rapid pace due to the incorporation of automated machines & devices in various industry verticals including government, retail, military & defense, etc. High labor costs and the unavailability of workers to perform basic tasks in retail, construction, and hospitality sectors are creating a high demand for these products. Additionally, the increasing government spending on improvising defense & military and public infrastructure facilities to enhance the segment productivity and serve the citizens better is creating industry growth. High consumer knowledge and awareness related to technological advancements in North America promote the utilization of these products in application industries.
 

Humanoid Robot Market Share

The prominent players operating in the industry include:

  • Softbank Robotics
  • Hajime Research Institute
  • Qihan Technologies
  • DST Robot
  • Robotis
  • Toshiba
  • Ubtech Robotics Inc
  • Honda
  • Hanson Robotics.

The industry players are making significant investments in the research & development of new technologies and sophisticated solutions followed by the increasing demand from governments globally. The companies are launching new robots with enhanced software & hardware capabilities to cater to industry-specific applications and reduce the workload in humans. For instance, in 2017, Dubai police launched Robocop, aimed at assisting individuals in streets and malls, protect the city as well as fight crime.
 

Industry Background

The humanoid robots industry is currently witnessing intense competition among the players. It is characterized by continuous innovations and technical enhancements. With the rising number of new entrants in the market, competition is expected to increase over the years, contributing to a reduction in R&D and manufacturing expenses of humanoid robots. Due to the technically innovative portfolio with new players, they can surpass the competition and gain a higher share than the existing industry leaders. Additionally, with the development of online & e-commerce sales channels, manufacturers are enhancing their product distribution network.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

The market size of humanoid robot valued at USD 450 million in 2016.

The industry share of humanoid robot will grow at a CAGR of over 35% from 2017 to 2024.

The increasing popularity of companion robotic technology in research, healthcare, and hospitality sectors to gain enhanced assistance & operational efficiency is driving the market.

The global shipment is expected to surpass 1 million units by 2024, as per a study by GMI.

Biped robots are expected to register gains at 30% over 2017-2024, driven by the high security, autonomous learning, and self-maintenance features associated with the product.

The demand in North America humanoid robot industry is estimated to grow at a CAGR of 37.5% over 2017-2024. The market is developing at a rapid pace due to the incorporation of automated machines & devices in various industry verticals including government, retail, military & defense, etc.

Humanoid Robot Market Scope

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Premium Report Details

  • Base Year: 2016
  • Companies covered: 13
  • Tables & Figures: 247
  • Countries covered: 16
  • Pages: 180
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