Humanoid Robot Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Component (Software, Hardware, Sensor, Control System, Actuator, Others), By Type (Wheel Drive, Biped), By Application (Education, Entertainment, Research And Space Exploration, Medical, Others), And By Geography - Forecasts From 2023 To 2028

Humanoid Robot Market is projected to witness a CAGR of 46.05% during the forecast period to reach a total market size of US$4.143 billion by 2023, increasing from US$0.624 billion in 2018.

The expanding applications of humanoids are the major factor driving this market growth. For instance, there is a growing demand for humanoid robots in the retail industry for personal assistants. Likewise, there is a going trend of using humanoids for medical training; such initiatives augment the market growth. In addition to this, the rapidly aging population, as well as the increasing number of rehabilitation centers, drive the demand for humanoids as they can provide a helping hand to elderly people. Other drivers include rising spending power, high-speed innovations, and the rising trend of autonomous rescue operations. However, high initial cost restraints its adoption and thereby hampers its market growth.

By Application

By Application, the education segment is expecting considerable growth over the projected period. The rapid modernization of the educational system across the world and a growing number of educational institute drives the segment growth. Likewise, the medical sector is also expected to grow at a good rate owing to rising healthcare expenditure. Research and space exploration accounted for a high market share in 2016.   

By Geography

Geographically, North America accounted for the highest market share in 2016 and is also expected to hold a notable position by the end of the forecasted period. The large-scale adoption of humanoid robots for various applications is a major factor driving this market growth. The presence of many major players in the United States further contributes to the high market share. APAC region is expected to grow at a high rate over the projected period. The demand generated by the rapidly aging population in China and Japan drives regional market growth. Continuous R&D and innovation further contribute to regional growth.  

Competitive Insight

The global Humanoid robot market is considerably competitive; however, the market is dominated by a few major players owing to their prior experience. The major players discussed in the report include Engineered Arts Limited, National Aeronautics and Space Administration, Samsung Electronics, Istituto Italiano di Tecnologia, Honda Robots, Robotics Lab, and Robo Garage Co. Ltd.

Segmentation

Thirdly, the Humanoid robot market has been segmented by component, type, application, and geography.  

By Component

Software

Hardware

Sensor

Control System

Actuator

Others

By Type

Wheel Drive

Biped

By Application

Education

Entertainment

Research and Space exploration

Medical

Others

By Geography

North America

South America

Europe

MEA

Asia Pacific