Humanoid Robot Market Analysis Report & Growth Outlook 2030

Coverage: Humanoid Robot Market covers analysis By Component (Hardware, Software); Motion Type (Biped Robot, Wheeled Robot); Application (Education , Research and Space Exploration, Search and Rescue, Personal Assistance and Caregiving, Entertainment, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Mar 2024

  • Report Code : TIPTE100001180
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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[Research Report] The Humanoid Robot market is expected to grow from US$ 869.96 million in 2022 to US$ 34,432.93 million by 2030; it is estimated to grow at a CAGR of 52.2% from 2022 to 2030.

Analyst Perspective:

With the rapid growth of technological developments and an increasing number of players in the market, there has been a development in the field of Robotics. The surge in commercial investment, the emergence of global players, decreased hardware prices, and the growing popularity of the current robots are noteworthy signs signifying that the field of Robotics is undergoing substantial development and transformation. The worldwide market for humanoid robots is anticipated to experience significant growth potential owing to the rapid technological improvements in producing more affordable and effective robot models. Furthermore, the humanoid robot market is projected to grow in the coming years owing to the swelling adoption of humanoid robots for defense & military applications to deliver battlefield intelligence. Furthermore, the increasing trend of industry automation is expected to surge the demand for humanoid robots during the forecast period.

Companies in the humanoid robot market are investing heavily in producing humanoid robots with advanced technology. For instance, in May 2020, Hanson Robotics collaborated with CereProc, a Scottish company based in Edinburgh. This collaboration aimed to enable Hanson Robotics to make live human-like expressive performances from its robots. Further, market players are also focusing on delivering humanoid robots, specifically in the healthcare industry, as the significant COVID-19 pandemic has amplified the opportunities for the market. For instance, in April 2020, Invento Robotics joined forces with startups, such as Niramai and Healthians, to turn its customer engagement humanoid into one that gathers patient data, takes temperature, and guides a person in the hospital during the COVID-19 outbreak. On the other hand, substantial barriers to the humanoid robot market growth include the high initial cost of the robots and investments in R&D activities. Further, the lack of progressive infrastructure essential for the production and design of humanoid robots is also expected to affect the humanoid robot market size adversely.

Market Overview:

Humanoid robots have human-like characteristics and look like humans in appearance and behavior. Humanoid robots have benefits such as high efficiency, safe load carrying, high precision, and the capability to carry out tasks in less period. Humanoid robots can be employed for several practical reasons, such as conducting experiments, interacting with humans, and automating industrial processes. Humanoid robots have applications in numerous end-user industries, like personal assistance, education, and entertainment. Personal assistance is the key application of humanoid robots as they are programmed to conduct the regular duties that caretakers are in charge of, like giving medication, monitoring vital signs, and helping with feedings, among others.

Further, key market players in the humanoid robot market focus on research and development activities to boost technological advancement. For instance, in December 2022, Hanson Robotics Limited agreed with The Hong Kong Polytechnic University (PolyU), a Hong Kong, Asia-based University. Under this agreement, Companies agreed to establish the Centre for Humanistic Artificial Intelligence and Robotics (CHAiR) for translational research activities to boost the well-being of humanity.

Humanoid robots observe increased applications in customer engagement roles, emotion recognition capabilities, and speech recognition driven by novel developments in artificial intelligence (AI) technology. With a faster rate of development, these robots have been observing approval in numerous fields, varying from entertainment to education, among numerous others. For instance, in April 20323, SoftBank Robotics Australia partnered with Sushi Machines, a wholesale supplier of Sushi Machines across Australia. Through this partnership, Sushi Machines Australia would deliver tray-delivery robots with other SoftBank Robotics (SBR) solutions that would help alter the food and beverages sector through smart, savvy, and effective restaurants. Such developments are expected to boost the growth of the humanoid robots market during the forecast period.

Strategic Insights

Market Driver:

Increasing Development of Humanoids with Advanced Features to Drive Growth of the Humanoid Robot Market

Robotics are in demand and being implemented in several applications due to technological innovations. Humanoid robots provide the idyllic interface for human-robot interactions as they can imitate a person. These are all outcomes of development in robotics research and continuing technical development. Artificial intelligence, wheel drive locomotion application, robot hardware formation, and human-robot interaction are the four crucial categories under which humanoid robot research activities are classified. These commercial developments are anticipated to aid the expansion of the humanoid robots market. For instance, in November 2022, KAWADA Robotics Corp. teamed up with ExaWizards Inc., a company developing AI-enabled services to resolve social issues. Under this collaboration, both companies agreed to develop exaBase Robotics Powder Weighing for NEXTAGE, a humanoid dual-arm robot to support operations in the manufacturing sector.

Market Driver:

Segmental Analysis:

Based on components, the humanoid robots market is classified into hardware and software. The hardware segment held the maximum revenue share in the humanoid robots market 2022. Humanoid robots can collaborate with individuals more efficiently due to hardware components. More complex robots with improved accuracy and efficiency may carry out a comprehensive range of activities owing to materials science, robotics engineering, and control system design developments. Hardware components, in particular, enhance humanoid robots’ capability to interact with individuals.

By application, the humanoid robot market is segmented into research & space exploration, education & entertainment, personal assistance & caregiving, hospitality, search & rescue, and others. The hospitality segment garnered a significant revenue share in the humanoid robots market in 2022. The hospitality sector focuses on installing robots to assist with customer care procedures, from auxiliary robots to artificial intelligence chatbots. Robots in hotels are deployed to improve guest satisfaction. Further, front desk robots have made ordering easier in the hospitality sector. Deploying robots in restaurants and hotels is beneficial since COVID-19’s impacts on the hospitality sector have made it essential to avert human-to-human contact and employee shortages.

By motion type, the humanoid robot’s market is bifurcated into biped and wheel drive. In 2022 the wheel drive segment dominated the humanoid robots market with the maximum revenue share. The wheel-drive robots are easy to manufacture. Compared to two-legged robots, they are less likely to collapse as they can keep balance on solid groundwork. At science fairs, theme parks, and amusement parks, wheel-drive humanoid robots are regularly used as entertainment. These elements are projected to boost the humanoid robots market growth during the forecast period.

Regional Analysis:

North America holds a substantial share of the humanoid robot market. The development of humanoid robot technology and enhanced infrastructure is accountable for the humanoid robot market expansion. In North America, there is an augmented demand for humanoid robots for providing care and teaching in the educational and healthcare sectors. The government and major businesses are increasing their investments, powering the growth of the humanoid robot market.

Asia-Pacific is an active player in the robotics market. The presence of prominent competitors and the acceptance of automated systems by the mainstream industry verticals is anticipated to result in a substantial development in the Asia-Pacific humanoid robot market. Additionally, labor shortage which has led to high labor costs are increasing the demand for humanoid robots to perform manufacturing, construction, and retail tasks, which is anticipated to fuel market growth in the Asia-Pacific region. Countries such as China, Japan, and South Korea contribute significantly to its large share. The presence of the market players involved in designing humanoids in the region makes it one of the important regions in the adoption. It is also one of the regions where the market players in key countries have made improvements in humanoids, such as Robotis of Korea, Softbank of Japan, Invento Robotics of India, and several other companies. The region has observed demand for humanoid robots in the aerospace sector. For instance, in January 2020, The Indian Space Research Organisation (ISRO) began its human spaceflight program, intending to carry its first half-humanoid" robotic astronauts starting in 2022.

Regional Analysis:

Key Player Analysis:

The Humanoid Robot market landscape consists of the players such as Hanson Robotics, Honda Motor Co. Ltd, Pal Robotics, Ubtech Robotics Inc., Kawada Robotics Corporation, SoftBank Robotics Group Corp., Promobot, Invento Robotics, Toyota Motor Corporation, Robotis Co. Ltd are the top two players owing to the diversified product portfolio offered.

Recent Developments: 

Companies in the humanoid robot market highly adopt inorganic and organic strategies such as mergers and acquisitions. A few recent key market developments are listed below: 

  • September 2021: SoftBank Robotics Europe partnered with United Robotics Group, an ecosystem of experts and partners. Following this collaboration, United Robotics Group would open a new office in Paris, France to manage and develop new sales, services support and operate in European countries for Pepper & NAO humanoid robots.
  • March 2021: Hanson Robotics Limited partnered with Immervision Inc., a Provider that provides panoramic imaging technology solutions. Under this partnership, Immervision’s JOYCE, a Humanoid robot to unify the circle of computer vision, would work with Hanson Robotics Limited’s Sophia, a humanoid Robot, to grow and evolve machine perception to help provide human-like vision and beyond.
  • November 2020: SoftBank introduced a new feature: telepresence to its humanoid robot Pepper. This feature is developed to streamline smooth communication among people. In addition, it also consists of the function of teleoperation that allows customers to operate the robot remotely.
  • September 2020: SoftBank Robotics collaborated with Bear Robotics, an artificial intelligence and robotics company. Under this partnership, the companies introduced Servi to the food service and hospitality sectors.
  • December 2019: Toshiba Machine Co. launched THE600 SCARA robot, the humanoid collaborative robot with 60% larger payload capacity than contending SCARA models in an equivalent price range.

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REGIONAL FRAMEWORK
World Geography

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MARKET PLAYERS
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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Motion Type, Application, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1. Hajime Research Institute, Ltd.
2. HYULIM Robot
3. HANSON ROBOTICS LTD
4. Honda Motor Co., Ltd.
5. KAWADA Robotics Corporation
6. PAL Robotics
7. SAMSUNG CORPORATION
8. SoftBank Robotics
9. TOYOTA MOTOR CORPORATION
10. UBTECH Robotics, Inc.
11. Dobot
12. Boston Dynamics
13. Portescap
14. Ximpatico
15. ElectroCraft, Inc.
16. Hyundai Motor Company
17. Inker Robotics
18. aarmtech
19. ICS International GmbH
20.Asimov Robotics
21. Pilz GmbH and Co. KG
22. Hitachi, Ltd
23. KUKA AG
24. ABB
25. Sastra Robotics India Pvt Ltd
26. SRI INTERNATIONAL
27. Hansen Corporation
28. Robosen Robotics, Inc.
29. Ez-Robot
30.Macco Robotics

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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