The humanoid robot market is estimated to be valued at USD 46.31 Billion in 2031

Image Credit, Frank Rietsch

A newly published report by Coherent Market Insights reveals a sustainable growth opportunity in the humanoid robot market. Coherent Market Insights’ analyst projected the humanoid robot market to be valued at USD 46.31 Bn in 2031. It is expected to exhibit a CAGR of 48.6% over the forecast period 2024 -2031.

Demand in the market drives growth through increases in growing demand for the investment in research and development activities. For example, Anthropic is an AI safety startup that has raised USD 135 million in funding in 2021 for developing self-supervised learning techniques for humanoid robots.

Moreover, growing adoption of humanoid robots for senior care, public relations, and companion applications is also driving the market growth. Humanoid robots are able to interact with humans quite naturally since they mimic human capabilities and gestures. This makes them an alternative opportunity for elderly care and assistance applications.

Key market trends include Healthcare Trend: The key market trends include healthcare trend: because of the aging population, increasing demand for elderly and disabled care assistive technologies is witnessed, and assistive humanoid robots are trending in the healthcare industry as it can provide patients with physical and cognitive assistance.

Robotics as a Service Trend: More companies are adopting “Robotics as a Service” (RaaS) business model where users can rent or lease capable humanoid robots for varied applications from logistics to healthcare. This trend is allowing more SMEs and individual users to leverage capabilities of humanoid robots in an affordable pay per use model. RaaS model is gaining popularity especially for industrial inspection, delivery and elderly assistance applications.

Humanoid Robot Market Opportunities: By component -The hardware segment is anticipated to hold a significant market share over the forecast period. Humanoid robots are equipped with various hardware components such as sensors, processors, actuators, end-effectors, power sources, and controllers to perform complex tasks autonomously. Advancements in hardware technologies such as increased processing power, miniaturization of components, and improved sensing capabilities are supporting the growth of this segment.

The software segment is expected to witness substantial growth during the forecast period. Development of advanced software solutions for application programming, simulation, robot operating systems, and integration of artificial intelligence and machine learning is boosting the adoption of humanoid robots across industries. Software plays a vital role in enabling human-like behaviours, decision making, adaptive learning, and seamless interaction with humans for these robots.

Key Market Takeaways: The global humanoid robot market is anticipated to witness a CAGR of 48.6% during the forecast period 2024-2031. This is owing to increasing focus on automation, rising investments in robotics technologies by key players, and growing demand for social and personal companionship robots.

On the basis of component, the hardware segment is expected to hold a dominant position. This is owing to continuous technological advancements in areas such as sensors, actuators, power sources, and miniaturization of components.

On the basis of application, the personal assistance & caregiving segment is anticipated to grow at a significant rate over the forecast period. This is attributed to the growing elderly population globally and increasing demand for assistive robots to improve quality of life.

North America is expected to hold a dominant position over the forecast period. This is due to presence of major players, growing R&D investments, and rapid adoption of advanced technologies across industries in the region.

Competitor Insights: Key players operating in the humanoid robot market include Samsung Electronics, SoftBank Corporation, Hanson Robotics, Ubtech Robotics, Honda Motor Co. Ltd, Toyota Motor Corporation, ROBOTIS, Engineered Arts, WowWee Group, Qihan Technology, Pal Robotics, Toshiba, Kawada Robotics, DST Robot, Robo Garage, and Instituto Italiano Di Technologia.

Recent Developments: In March 2023, Promobot introduced the Robo-C2, a humanoid robot companion that can interact with humans. The Robo-C2 can communicate, express emotions, move its arms, and take on either a male or female body. It can function as a receptionist, consultant, or promoter for firms. More information in full report