NEWS PROVIDED BYTechnavio
May 23, 2024, 17:40 ET
NEW YORK, May 23, 2024 /PRNewswire/ — The global humanoid robot market size is estimated to grow by USD 16.99 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 45.57% during the forecast period.
For more insights on the forecast market size and historic data (2018 – 2022) – Download Free sample report in minutes
| Forecast period | 2024-2028 |
| Base Year | 2023 |
| Historic Data | 2018 – 2022 |
| Segment Covered | Application (Personal assistance and caregiving, Research and space exploration, Education and entertainment, Search and rescue, and Public relations), Component (Hardware and Software), and Geography (North America, APAC, Europe, Middle East and Africa, and South America) |
| Region Covered | North America, APAC, Europe, Middle East and Africa, and South America |
| Key companies profiled | Engineered Arts Ltd., EZRobot Inc., Figure AI Inc., HAHN Group GmbH, HANSON ROBOTICS Ltd., Hasbro Inc., Honda Motor Co. Ltd., Hyundai Motor Co., Invento Research Inc., Kawada Robotics Co. Ltd., Macco Robotics, PAL Robotics, Promobot LLC, ROBO GARAGE CO. LTD., Robosen Technologies Ltd, ROBOTIS Co. Ltd, Toyota Motor Corp., Trossen Robotics, UBTECH Robotics Inc., and United Robotics Group GmbH |
Key Market Trends Fueling Growth
In the realm of advanced manufacturing, humanoid robots are a significant advancement, integrating Internet of Things (IoT) technology, artificial intelligence (AI), and simulation software. These robots, equipped with microprocessors, microcontrollers, sensors, and switches, optimize production in industries such as automotive and aerospace.
Objectives include flow optimization, asset tracking, predictive maintenance, and real-time inventory management. The growth of automation, electrification, data integration, and human-machine interaction fuels their adoption. In Jalisco, Mexico, Ameca Robotics, using Ansys simulation software, develops autonomous humanoid robots for various applications, including assisted living and cognitive science.
Market Challenges
- The humanoid robot market faces ethical challenges, including potential unemployment due to automation, privacy concerns, data accuracy issues, and control and liability problems. These factors, along with the lack of human decision-making, can hinder market growth. Key areas of application include aerospace, assisted living, exploration, and customer engagement, among others.
- Humanoid robots are used in various sectors, such as healthcare, education, and entertainment, and have applications in fields like mathematics, neuroscience, and art. Despite these benefits, ethical concerns must be addressed to ensure a responsible and sustainable market.
Research report provides comprehensive data on impact of trend, driver and challenges – Download Free sample report in minutes
Segment Overview
- Application
- 1.1 Personal assistance and caregiving
- 1.2 Research and space exploration
- 1.3 Education and entertainment
- 1.4 Search and rescue
- 1.5 Public relations
- Component
- 2.1 Hardware
- 2.2 Software
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and Africa
- 3.5 South America
1.1 Personal assistance and caregiving- The humanoid robot market exhibits diverse application segments, particularly in the realm of personal assistance and caregiving. This sector attracts substantial investment due to its relevance to addressing the needs of the elderly and disabled, enabling them to perform activities of daily living (ADL). Humanoid robots serve multiple functions, including companionship, mental health support, and medication administration. The Latin community, for instance, may find comfort in robots that offer social relations and motivation through music and neuroscience.
In isolation wards, humanoid robots can provide companionship and surveillance, while in marketplaces, they can offer payment and simulation software services. In the realm of learning, humanoid robots can serve as product samples and training tools for mathematics and science. Strategic management in startup companies utilizes humanoid robots for simulation and policy development. Ultraviolet humanoid robots can be employed in medicine for sterilization purposes.
In the area of security, humanoid robots can be used for surveillance and anti-terrorism measures. In the context of transportation, humanoid robots can be designed to assist with tire maintenance. The topography of certain regions may necessitate the use of humanoid robots for exploration and mapping. Overall, the humanoid robot market’s application segments are vast and multifaceted, offering significant potential for growth and innovation.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report
Research Analysis
The humanoid robot market is experiencing significant growth due to advancements in AI for Good applications, particularly in sectors such as aerospace and assisted living. In Jalisco, Ameca’s autonomous robots are being utilized for exploration and elder care. Ansys software is essential for designing and simulating the cognitive functions of these robots, including embodied cognition and consciousness.
The future of humanoid robots lies in customer engagement and satisfaction, with applications ranging from amusement parks to hospitality and grocery stores. Duties once performed by astronauts, such as operating electric generators and elevators, are now being automated. Foreign language capabilities and autonomy are also crucial features, enhancing the versatility of these robots. The market’s expansion is driven by the need for improved efficiency, safety, and behavioral sciences research.
Market Research Overview
The Humanoid Robot Market encompasses advanced robotic systems designed to replicate human movements and functions. These robots are engineered with artificial intelligence, sensors, and actuators to perform various tasks in industries such as healthcare, education, entertainment, and manufacturing. The market is driven by technological advancements, increasing demand for automation, and growing applications in diverse sectors. The robots are used for tasks like patient care, education, assembly line work, and even entertainment.
The market is expected to grow significantly due to the rising need for efficient and precise humanoid robots in various industries. The robots are designed to be versatile, adaptive, and capable of learning and improving over time. They offer numerous benefits including increased productivity, improved accuracy, and reduced labor costs. The market is witnessing continuous innovation with new developments in materials, design, and functionality.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
- Personal Assistance And Caregiving
- Research And Space Exploration
- Education And Entertainment
- Search And Rescue
- Public Relations
- Component
- Hardware
- Software
- Geography
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
SOURCE Technavio