Robots that are physically shaped as humans, with opposable thumbs, ability to interact with humans, and walk in an upright position are called humanoid robots.
Major factor driving growth of the global humanoid robot market is increasing adoption of humanoid robots by various sectors such as research, aerospace, retail, education, etc. In addition, use of robots as assistants in space programs, and in medical industry is another factor driving growth of the target market. High cost of humanoid robots and high R&D investments are major factors hampering growth of the global market.
Collaborations, and joint venture projects by major industry players towards deployment of humanoid robots for engineering tasks is expected to further fuel growth of the target market during the forecast period. For instance, Joint Robotics Laboratory, and Airbus Group conducted a joint research project, wherein humanoid robots were used for aircraft manufacturing facilities. Moreover, universities across the globe are conducting research to replicate artificial muscle in humanoid robots, and to infuse new machine learning techniques. These factors are expected to further drive growth of the market to a significant extent over the forecast period.
The global humanoid robot market is segmented on the basis of component, motion type, application, and region. The hardware component segment accounts for highest market share in the global market. Among application segment, the education sector is expected to witness highest growth in terms of revenue over the forecast period.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts for highest revenue share in the global humanoid robot market, whereas the market in Asia Pacific is expected to witness highest growth over the forecast period.
Key players in the global market are SoftBank Robotics, Hanson Robotics, DST Robot Co., PAL Robotics, KAWADA INDUSTRIES INC., Honda Motor Company, Ltd., UBTECH ROBOTICS, ROBOTIS, Hajime Research Institute Ltd., and Toyota Motor Corporation.