The Worldwide Humanoid Robots Industry is Expected to Reach $12 Billion by 2027 - ResearchAndMarkets.com

The "Global Humanoid Robots Market: Analysis By Component, By Motion Type, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.

The global humanoid robots market in 2021 was valued at US$1.53 billion. The market is expected to reach US$12.07 billion by 2027.

Humanoid robots are service robots, with their body shape built to resemble the human body. Humanoid robots are being used in the inspection, maintenance and disaster response at power plants to relieve human workers of laborious and dangerous tasks. Similarly, they are prepared to take over routine tasks for astronauts in space travel.

Humanoid robots with artificial intelligence algorithms find large application in the healthcare sector as medical assistants, training aids as these robots can execute tedious, and complex task from various body position.

Therefore, surging demand from healthcare sector is one of the main factors that would drive the demand for humanoid robots in the forthcoming years. The market is expected to grow at a CAGR of approx. 41.21% during the forecasted period of 2022-2027.

Impact Analysis of COVID-19 and Way Forward:

In 2020, the pandemic affected growth of the humanoid robot market by halting the export of humanoid robot components, impacting the production of humanoid robots during the initial phase of 2020. However, the demand for humanoid robots increased in the healthcare sector in the second half of 2020. Humanoid robots handled COVID-19 panic situations at healthcare facilities by assisting and providing relief to over-burdened medical staff. They were used in hospitals to ensure the safety of the medical staff and supply food and medicines to the patients affected by the virus.

Market Dynamics

Growth Drivers

• Rapid Urbanization
• Accelerating Adoption for Educational Purposes
• Rising Income Levels
• Increasing Geriatric Population
• Surging Demand from Healthcare Sector

Challenges

• High Initial Cost and Research & Development Expenses
• Lack of High Level Interfacing
• Privacy & Security Concerns

Market Trends

• Rising Adoption in Aviation Industry
• Growing Demand from Retail Industry for Personal Assistance
• Expansion of Construction Industry
• Technological Advancements
• Increasing Rental Offerings of Humanoid Robots

Competitive Landscape:

The global humanoid robots market is consolidated, with a few companies accounting for majority market revenue share.

The key players in the global humanoid robots market are:

• Toyota Motor Corporation
• Honda Motor Co., Ltd.
• SoftBank Group Corp.
• Toshiba Corporation
• Kawada Technologies, Inc. (Kawada Robotic Corporation)
• Hyulim Robot Co., Ltd.
• Hanson Robotics Limited
• Agility Robotics Inc.
• Engineered Arts Limited
• Hyundai Motor Group (Boston Dynamics)
• UBTECH Robotics Inc.
• Qihan Technology Co., Ltd.
• Hajime Research Institute Ltd.

Some of the strategies among key players in the market for humanoid robots are product launches, mergers, acquisitions, and collaborations. For instance, in 2021, SoftBank Robotics signed a partnership agreement with Keenon Robotics to widen the applications of robotics systems in the service industry. Whereas, UBTECH Robotics, Inc., partnered with Ricoh USA, Inc., during the same year, to combine the deployment and maintenance of UV-C power disinfection system.

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