Humanoid Robot Market to Surpass USD 58.95 Billion by 2031, Witnessing 50% CAGR Growth

Skyquest Technology

Humanoid Robot Market was valued at USD 1.53 billion in 2022 and is expected to rise from USD 2.3 billion in 2023 to reach a value of USD 58.95 billion by 2031, at a CAGR of 50% during the forecast period (2024–2031).

In recent times, the global humanoid robot market is experiencing significant growth propelled by factor like advancements in technology. Such development is expanding their capabilities and applications across several industries. Furthermore, the increasing demand for automation along with shortage of labors is driving the market growth. Humanoid robots are also widely used for surveillance and security purposes like identifying unauthorized intrusion and terrorist activities. These robots also help in research and space exploration, allowing connectivity from remote areas. The rapid expansion of autonomous technologies is also further driving the humanoid robot market. It can improve customer interaction and experience significantly.

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Top Players Company Profiles

• SoftBank Robotics (Japan) 
• Honda Motor Co., Ltd. (Japan) 
• Toyota Motor Corporation (Japan) 
• ROBOTIS (South Korea) 
• KAWADA ROBOTICS CORPORATION (Japan) 
• UBTECH Robotics Corp. Ltd. (China) 
• HANSON ROBOTICS LTD. (Hong Kong) 
• PAL Robotics (Spain) 
• HYULIM Robot Co., Ltd (South Korea) 
• Engineered Arts Limited (UK) 
• Hajime Research Institute, Ltd. (Japan) 
• National Aeronautics and Space Administration (NASA) (US) 
• ROBO GARAGE Co., Ltd. (Japan) 
• Istituto Italiano di Tecnologia (IIT) (Italy) 
• Robotics Lab (Spain) 
• Samsung Electronics Co., Ltd. (South Korea) 
• Promobot Corp. (US) 
• EZ-Robot (Canada) 
• Macco Robotics (Spain) 
• Boston Dynamics (US) 
• Advanced Telecommunications Research Institute International (ATR) (Japan) 
• Wowwee Group Limited (Hong Kong) 
• Kindred, Inc. (US) 
• Tesla (US) 
• Agility Robotics (US)

Growing Technological Advancement in Robots to Efficiently Interact with Humans to Boost Humanoid Robots Market Growth

The robotics market is continuously evolving, and humanoid robots have emerged as a technical miracle. These robots can reduce the gap between human and machine interaction. They are integrated with various advanced sensors and electrical components that can imitate human shape and bhavior. The sensors are also armed with different types of sensors like cameras, motors, accelerometers and gyroscope. These helps them in identifying and interacting with their surroundings like humans do. The cameras provide visual awareness helping the robots to differentiate things and humans. The motors allow precise movement and control things. Moreover, sensors like accelerometers and gyroscopes assist with spatial awareness and balance, making sure of steady and agile mobility.

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Segments covered

• Component
  • Hardware (Sensors [Gyroscopes, Microphones, Accelerometers, Tilt sensors, Force/Torque Sensors, Position Sensors, Vision/Image Sensors and Others], Actuator [Electrical, Pneumatic, Hydraulic, Piezoelectric and Ultrasonic], Power Source, Control System/Controller), and Software
• Motion Type
  • Biped, Wheel Drive
• Application
  • Education & Research, Space Exploration, Personal Assistance, Caregiving, and Public Relation

Rising of Labor shortage to Increase Demand for Automation Expands the Humanoid Robot Market

In the last few years, the global manufacturing hubs, warehouses, industries, and other sectors have witnessed substantial shortage of skilled labors. But there has been an increasing demand for automation solutions to enhance efficiency, productivity, and adaptability to transforming market conditions. This massive change has augmented the development of the global humanoid robot market with robots appearing as a substitute to fill the gap of increasing labor shortage. The growth of both labor shortage and high demand for automation has placed the humanoid robots as a crucial solution for business. As industries are trying to adjust with the developing economic situation the global humanoid robot market will experience an exponential growth.

• In July 2024, Tesla proclaimed that it will be manufacturing humanoid robots, which will be available next year. The name of the robots will be Optimus and it will be a humanlike robot that can perform hazardous tasks.
• In April 2024, Beijing Humanoid Innovation Center launched Tiangong. It is China’s first self-developed humanoid robot that can be used for general purposes.
• In April 2024, Boston Dynamics launches its new electric Atlas humanoid robot.
• In February 2024, Kepler Forerunner series was introduced by Kepler Exploration Robot Co. These robots can be used for general purpose works.

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Companies Investing in Humanoid Robot to Improve Customer Experience Drives Market Growth

Many regions are witnessing immense growth in the humanoid robot market due to the emergence of advanced technologies and infrastructure. The demand of these robots is increasing in various sectors like medical care and education for caregiving and teaching. Governments and key market players are also investing massively for increasing applications in various areas, resulting in boosting the market’s revenue. Technological development like advanced sensors and cameras along with increased demand to enhance customer experience is also driving the market. Reducing hardware expenses is also increasing the revenue of the humanoid robot market.

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