Humanoid Robot Market worth $13.25 billion by 2029 - Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 9, 2024 /PRNewswire/ -- The humanoid robot market to grow from USD 2.03 billion in 2024 and is expected to reach USD 13.25 billion by 2029, growing at a CAGR of 45.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. The key factors leading to the growth of the humanoid robot market include the increasing demand for humanoid robots for medical applications. There is an increasing demand of humanoid robots in the healthcare industry as they offer assistance to medical professionals as well as enhance the quality of care to the patients. Humanoid robots are being widely deployed in hospitals and medical centers, where they perform a variety of tasks and functions such as collection of patient information, allowing humanoid robots to interact with patients and gather vital data.
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Browse in-depth TOC on "Humanoid Robot Market"
258 – Tables
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280 – Pages
Humanoid Robot Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 2.03 billion |
Estimated Value by 2029 | $ 13.25 billion |
Growth Rate | Poised to grow at a CAGR of 45.5% |
Market Size Available for | 2020–2029 |
Forecast Period | 2024–2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Offering, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Performance limitations of humanoid robots in complex environments |
Key Market Opportunities | Rapidly growing geriatric population in developed countries |
Key Market Drivers | Integration of advanced features in humanoid robots |
Wheel driven humanoids to hold second largest share of humanoid robot market from 2024 to 2029.
Wheel-driven humanoids are increasingly favored for applications requiring efficient movement over flat surfaces, such as warehouses, factories, and hospitals. This hybrid design allows robots to navigate smoothly and quickly in controlled environments, where legs may be less practical. Enhanced robotics engineering has enabled these humanoids to transition between wheels and legs, providing versatility in terrain navigation.
Control Systems/Controllers segment to hold largest share in 2023.
Control Systems/Controllers sub-segment accounted for the largest share of the humanoid robot industry for hardware in 2023. The control system is the brain of a humanoid robot. It processes the data received by the sensor system and provides commands to the actuators to act accordingly based on the output of the decision process. The controller is the most essential and valuable part of a humanoid robot. Its price increases based on the complexity of the robot, resulting in maximum value addition to the overall humanoid robot hardware circuitry.
Personal Assistance & Caregiving to grow at second fastest CAGR from 2024 to 2029
The personal assistance & caregiving segment accounted for the second fastest CAGR during forecast period 2024 to 2029. Humanoid robots are ideal for personal assistance and caregiving to patients and old people at hospitals and homes. Both biped and wheel-drive humanoid robots are being highly used in personal assistance and caregiving applications. Humanoid robots use equipment and tools designed for humans to carry out similar tasks. They also engage in meaningful social interactions with elderly people and provide a psychological perspective of caregiving.
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Asia Pacific is expected to achieve the fastest CAGR during the forecast period.
The adoption of humanoid robots is rising for the caregiving and personal assistance across the Asia Pacific region due to the increasing elderly population in countries like China and Japan. Also, the region is home to a number of well-established humanoid robot manufacturers with high investments into research and development, which enables these companies to maintain their edge over the competition and expand the market in that region. SoftBank Robotics (Japan), ROBOTIS INC (South Korea), KAWADA ROBOTICS CORPORATION (Japan), Honda Motor Co., Ltd. (Japan), and UBTECH Robotics Corp. Ltd. (China) are among the key manufacturers operating in the region.
Key Players
SoftBank Robotics (Japan), ROBOTIS (South Korea), Agility Robotics (US), UBTECH Robotics (China), and Pal Robotics (Spain) are the major players in humanoid robot companies. These players have implemented various strategies to extend their global reach and enhance their market shares.
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