Humanoid Robot Market worth $34.43 Billion by 2030 - Exclusive Report by The Insight Partners

The global humanoid robot market is growing at a CAGR of 52.2% from 2022 to 2030.

Pune, India, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Humanoid robots look like humans. Humanoids that look like females are called gynoids, and those that look like males are called androids. These robots are constructed to feign human motion and cooperate like human beings. Humanoid robots are still in the development phase. With the introduction of artificial intelligence (AI), several smart humanoid robots have been developed, ready to assist as helpers for humans in everyday life. Humanoids fall under the group of service robotics, performing professional services such as space and research exploration, search and rescue, education and entertainment, personal assistance and caregiving, and manufacturing & maintenance, among others.

Humanoid Robot Market in terms of revenue was estimated to be worth $0.869 billion in 2022 and is poised to reach $34.43 billion by 2030, growing at a CAGR of 52.2% from 2022 to 2030 according to a new report published by The Insight Partners.

The rapid development of innovative robots to surge customer experience and interaction and the increasing demand for robots in retail applications are significant drivers of the humanoid robot market.

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Global Humanoid Robot Market Scope:

Report CoverageDetails
Market Size Value inUSD 0.86996 Billion in 2022
Market Size Value byUSD 34.43293 Billion by 2030
Growth rateCAGR of 52.2% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
Segments coveredComponent, Motion Type, Application, and Geography
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America.
Country scopeArgentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Report coverageRevenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

The worldwide coronavirus disease of 2019 (COVID-19) pandemic resulted in growth for humanoid robots. Several countries deployed humanoids as hospital support staff to assist nurses. For example, the Smart Field Hospital, staffed by robots, opened in Wuhan, China, early March 2020. In this hospital, CloudMinds Technology donated humanoid robots to monitor temperatures, disinfect the facility, and distribute food & medicine.

The higher cost of humanoid robots is a significant barrier to their adoption. Owing to this, a few companies have been focusing on offering their humanoids for rental to encourage the adoption of the technology. For instance, in December 2019, CloudMinds developed a smart robot rental program that provides intelligent cloud service humanoid robots for entertainment at weddings, special events, conferences, trade shows, and offices. The rental program started with the Cloud Pepper robot, widespread across several industry verticals globally, with plans including Cloud Patrol, Cloud Cleaning, Cloud Assistant, and Cloud Vending robots. Therefore, increased the awareness regarding technology's advantages, helping increase their adoption rate.

Growing Technological Advancement to Provide Lucrative Opportunities for Humanoid Robot Market:
Humanoid robots are used to interact like human beings. Robotic process automation has been implemented for periods, but humanoid robotics is still a developing technology that has gained excellent prominence over the past few years. Though humanoid robots presently represent a small part of the service robot market, this market has enormous potential to become the engineering tool of the future. The humanoid robot market is effective in public relations applications, closely followed by personal assistance and caregiving applications. These two application areas, collectively, are expected to hold almost two-thirds of the market share throughout the forecast period. The huge adoption of humanoid robots for these applications can be accredited to the ability of a humanoid robot to autonomously interact with humans, serving the role of human communicator.

Ever-advancing technological developments make humanoid robots more usable and consumer-friendly by adding new features and functionalities, ultimately boosting the adoption of these robots. Humanoid robots are in huge demand from retail store owners, who have already started procuring and deploying humanoid robots in stores to combat the post-pandemic situation and attract and serve customers. During early 2020, humanoid robots handled COVID-19 panic situations at healthcare facilities by assisting and relieving over-burdened medical staff. There is a growing trend toward adopting these robots in hazardous environment industries, natural disaster recovery and military and defense fields.

Humanoid Robot Market: Segmental Overview
Based on components, the market is bifurcated into hardware and software. The hardware segment held the principal share of the market in 2022, whereas the software segment is anticipated to register the highest CAGR in the market during the forecast period. Hardware components are vital in building humanoid robots because they are the components that make the structure of the robot's body. Hardware parts involve sensors, motors, actuators, and control systems. Additionally, hardware components boost humanoid robots' capacity to mimic humans greatly. The Humanoid Robot market is bifurcated based on motion type into biped and wheeled robots. The wheel drive sub-segment accounted for the highest revenue share in 2022. Wheel-drive robots are commonly more cost-effective to build as they require fewer components and are easier to repair and replace. Based on application, the market is segmented into education, research and space exploration, search and rescue, personal assistance and caregiving, entertainment, and others. The personal assistance and caregiving segment had a prominent market share in 2022. One of the most prominent applications of this technology is the work of humanoid robots for personal care and support. With an aging population and augmented demand for in-home care, there is a huge potential market for humanoid robots that can provide basic aid to the disabled or elderly.

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Humanoid Robot Market Analysis: Competitive Landscape and Key Developments
Hanson Robotics, Honda Motor Co. Ltd, Pal Robotics, Ubtech Robotics Inc., Kawada Robotics Corporation, SoftBank Robotics Group Corp., Promobot, Invento Robotics, Toyota Motor Corporation, and Robotics Co. Ltd are a few of the key companies operating in the Humanoid Robot market. The market leaders focus on expansion and diversification, new product launches, and acquisition strategies, which allow them to access prevailing business opportunities.

Recent Developments:

  • January 2020: sCloudMinds, known for its intelligent robot system, developed a smart robot rental program that serves intelligent cloud service humanoid robots. The robot is designed for entertainment at weddings, trade shows, conferences, special events, and offices. Well-equipped with advanced NLP systems and sophisticated task ability, the robots are available to everyday people through smart interactions. The robots can interact in multiple languages and entertain people through dancing and gestures while delivering a customized brand experience.
  • February 2019: CloudMinds Technology, a pioneer, developer and operator of cloud AI and robotic solutions, launched its cloud AI-based, highly compliant service robot, the XR 1. Developed by CloudMinds, the XR-1 is a highly intelligent service-oriented humanoid robot, representing a new level of technology development and commercialization in intelligent robotics. The XR-1 is powered by two ground-breaking technologies: intelligent robot joints - Smart Compliant Actuators (SCAs), and a cloud brain – Human Augmented Robotic Intelligence with Extreme Reality (HARIX), a cloud platform that organically integrates AI capabilities such as vision processing, natural language processing, robotic motion control, vision-guided grasping and manipulation. By leveraging these new technologies, the XR-1 provides a significant leap toward the realization of truly intelligent assistants for humans.

Go through further research published by The Insight Partners:
Airport Robots Market - Global Analysis and Forecast to 2028.
Healthcare Assistive Robot Market - Global Analysis and Forecast to 2030.
Educational Robot Market - Global Analysis and Forecast to 2028.

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