Humanoid Robot Market Analysis

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.

To get key market trends

  Download Free Sample

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.
 

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.