Humanoid Robot Market Set to Garner Staggering Revenues and Demand by 2020-2027

The global humanoid robot market is predicted to observe a noteworthy growth in forecast period owing to the increasing demand for advanced robots to enhance consumer engagement & experience. The North America region to lead the industry by 2026.

As per a latest report published by Research Dive, the global humanoid robot market is anticipated to grow at a CAGR of 36.4% and generate a revenue of $9,630.0 million during the forecast period from 2019 to 2026. The North America humanoid robot market is projected to dominate the global industry and generate $3,052.7 million by the end of 2026. The presence of significant players and the increasing adoption of automated systems in the region are the major factors expected to bolster the regional market growth throughout the forecast.

Market Dynamics

The growing demand for advanced robots to enhance the consumer experience & engagement coupled with the rising demand from retail application are the major factors expected to foster the growth of the global humanoid robot market in the forecast period. In addition, the rising adoption of humanoid robots for the military & defense applications is another factor predicted to drive the market growth by 2026. Moreover, technological advancements for development of cost-effective and more efficient robot models is likely to provide lucrative opportunities for the global market growth in the coming years. Conversely, heavy R&D investments and high initial costs of robots are expected to restrict the market growth in the near future.

Key Segment Findings of the Market:

The report segments the global humanoid robot market into Product, Application, and Region.

By product, the biped segment valued for $417.9 million in 2018 and is predicted to witness significant growth during the period of forecast. This is mainly because biped products are gaining high attractiveness owing to increasing usage of biped humanoid robots in production, construction, and other industries.
By application, the retail application segment is projected to hold the majority of market share and generate a revenue of $2,060.8 million over the forecast period. This growth is majorly due to growing emphasis on enhancement of the retail sector around the world.
By region, the overall industry is divided into Asia Pacific, North America, LAMEA, and Europe. Europe humanoid robot market is estimated to surpass $2,783.8 million and witness significant growth by 2026, owing to swift growth in industrialization & modernization of various industry verticals in the region.

Prominent Market Players

The major players of the global humanoid robot market include –

HYULIM Robot Co., Ltd
HANSON ROBOTICS LTD
Engineered Arts Limited
Honda
KAWADA Robotics Corporation
SoftBank Robotics
Sanbot Co
ROBOTIS
Willow Garage
Toshiba Corporation
Trossen Robotics
Hajime Research Institute, Ltd
UBTECH Robotics, Inc.

Further, the report outlines and presents several aspects of these key players such as financial performance, SWOT analysis, recent strategic moves & developments, and product portfolio.

Increasing R&D investments, technological advancements, and novel product launches are some of the strategies adopted by these market players to obtain a strong position in the global industry. For instance, in March 2020, Hitachi Ltd. announced to launch “EMIEW4” humanoid communication robot. This robot is primarily used for the offices, care facilities, and hospitals.

Reference: https://www.researchdive.com/press-release/humanoid-robot-market.html

Mr. Abhishek Paliwal
Research Dive
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