Humanoid Robots Market Prognosticated For A Ravishing Growth By 2028 | by SoftBank Robotics (Japan), ROBOTIS (South Korea), KAWADA ROBOTICS CORPORATION (Japan)

New Jersey, United States - Analysis of Humanoid Robots Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The market for humanoid robots was valued at USD 1.5 billion in 2022 and is anticipated to grow to USD 17.3 billion by 2028, a CAGR of 63.5%. The development of humanoid robots with more sophisticated features, an increase in the use of humanoids as educational robots, soaring demand for humanoid robots from the retail industry for personal assistance, and soaring demand for humanoid robots from the medical sector are all factors contributing to the market's growth. The development of advanced robotics requires significant upfront costs as well as ongoing research and development costs, which is limiting industry expansion. On the other hand, the majority of wealthy countries' fast expanding geriatric populations, increased need for humanoid robots in the logistics industry, and rising demand for In the upcoming years, it is anticipated that robots in various resource activities would open up a lot of prospects for the use of humanoid robots. Additionally, a challenge for the market for humanoid robots is the lack of high-level interface, which results in unexpected performance of robots in untested environments.

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The worldwide economy and all global industries have been greatly impacted by COVID-19. Lockdowns have been enacted by governments around the world to stop the epidemic's spread. In the early stages of the pandemic, the total worldwide lockdown had a devastating effect on people's quality of life and means of subsistence in many countries. The supply chain has been disrupted as a result all around the world. The global economy has suffered due to a significant fall in the products. Due to a shortage of raw materials brought on by the pandemic, production across all industries has been constrained. The main causes of the output reduction are the decline in exports and the supply chain interruptions.
Robotics demand has changed as a result of technological improvements, which have also accelerated its use in a variety of applications.

Humans treat humanoids as companions because they can emulate people, making humanoid robots the finest interface for human-robot interactions. All of these are the outcome of ongoing technical development and expanding robotics research. Artificial intelligence, robot hardware development, the implementation of biped or wheel drive locomotion, and human-robot interaction are the primary categories for research on humanoid robots.

Division segment:

In 2022, hardware will rule the market for humanoid robots. It is anticipated that the market for the hardware category would continue to hold the greatest share over the projection period. The hardware parts significantly improve the humanoid robots' ability to resemble people. The main sub-component of a humanoid is the control system, which processes the data from the sensor system and instructs the actuators to respond in accordance with the results of the decision-making process.

The market share leader in 2022 will be the application for personal assistance and caregiving. In hospitals and in homes, humanoid robots are widely used to provide personal care and aid to patients. Biped humanoid robots are being widely adopted by hospitals throughout the world in COVID-19 wards, which is promoting the expansion of this market. Humanoids care for patients and the elderly in homes and hospitals and help them go about their everyday lives by, for example, giving them their medications on time. Assisting with feedings, checking vital signs, providing medication, and contacting medical personnel in case of an emergency are all common activities that carers are typically in charge of.

Regional analysis:

The primary creators and innovators of the technology are the humanoid robot market participants in APAC, hence the region is anticipated to hold the second-largest market share of 31.4% in 2022. Almost all of the primary applications for humanoids are projected to be adopted in APAC throughout the projection period. APAC nations like China and Japan, where the senior population is growing, are likely to use humanoids for personal support and nursing purposes.

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Competitive analysis:

SoftBank Robotics (Japan), ROBOTIS (South Korea), KAWADA ROBOTICS CORPORATION (Japan), Honda Motor Co., Ltd. (Japan), UBTECH Robotics Corp. Ltd. (China), HANSON ROBOTICS LTD. (Hong Kong), PAL Robotics (Spain), and TOYOTA MOTOR CORPORATION (Japan), are a few major players in the humanoid robot market.

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