Humanoid Robot Market by Component & Application - Global Forecast 2023

 The humanoid robot market is expected to grow from USD 202.2 Million in 2016 to USD 3,962.5 Million by 2023, at a CAGR of 52.1% between 2017 and 2023. The humanoid robot market is mainly driven by factors such as the introduction of advanced features in humanoid robots, the increasing use of humanoids as educational robots, and growing demand from the retail industry for personal assistance. For this study, the base year considered is 2016, and the forecast period is between 2017 and 2023.

Key players in the humanoid robot market are SoftBank (Japan), ROBOTIS (South Korea), KAWADA ROBOTICS (Japan), Honda Motor (Japan), UBTECH ROBOTICS (China), Hajime Research Institute (Japan), Hanson Robotics (Hong Kong), DST Robot Co. (South Korea), PAL Robotics (Spain), Toyota Motor (Japan), ROBO GARAGE Co. (Japan), Istituto Italiano di Tecnologia (Italy), Engineered Arts (UK), Robotics Lab (Spain), and National Aeronautics and Space Administration (NASA, US).

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The humanoid robot market is segmented on the basis of components into hardware and software. The hardware component is subsegmented into sensor, actuator, power source, control system, and others. The market for software component is expected to grow at a higher CAGR between 2017 and 2023. As the technological advancement will lead to the growing complexity in terms of features such as AI and autonomous operations, the value of the software part in the robot will grow faster than hardware as software will assist the complex functionalities to process efficiently and accurately.

The humanoid robot market is segmented on the basis of motion types into biped and wheel drive. The actual human-like appearance can be realized in humanoids only when the robot is capable of walking on feet like humans; owing to this, a majority of the humanoid robot manufacturers are focusing on their designs to make biped robots. Also, the advancement in technology has made humanoid robots more stable with precise movements, generating demand from almost every application.

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