The rising demand for automation has set the pace for the growth of humanoid robot market in recent times. Pertaining to the extensive requirement of computerized machines for a variety of end-use sectors, humanoid robots are being developed on a large scale to perform tasks that may perhaps be nearly impossible for humans to perform even under ordinary circumstances. Manufacturing companies have been deploying robotic arms for decades, however, in recent times, tech advancements have enabled preprogrammed robots to depict more than mere hand movements, giving rise to the widespread evolution of humanoid robot market.
Increasing deployment of robots enabled with advanced features across retail and hospitality applications to enhance the customer experience is projected to augment demand. Emerging trend of digitization across these sectors followed by the growing adoption to reduce costs associated with various business operations significantly contributes to the industry demand. Deployment in the hospitality industry to augment the operational efficiency, perform multiple tasks and boosting the overall productivity is expected to fuel the humanoid robot market growth.
Surging adoption across applications such as security, education and healthcare is anticipated to fuel the humanoid robot market growth. These machines use interactive demonstrations and animations to entertain the customers, guide them through the service & product offerings in a business establishment. It helps in reducing efforts resulting in optimizing the performance of the sales force. Healthcare sector provides lucrative growth opportunities to the humanoid robot market. It can be credited to the rising adoption of such robots for providing care to elderly persons reducing the burden of nursing care.
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Wheel drive robots are expected to witness significant growth in the humanoid robot market over the forecast timeline. This growth can be accredited to the growing demand of such robots for enhancing customer engagement across various industrial sectors. The incorporation of robots with advanced technology such as AI is an emerging trend in serving experiences as part of the product offerings. Humanoid robots enable retailers to upgrade the ability to provide experiences to their customers in terms of personalized recommendations. In addition, they utilize emotion recognition technology to enhance the customer interaction.
Asia Pacific is forecast to be one of the leading avenues for the growth of humanoid robot industry. Many Chinese manufacturing companies are replacing humans with robots for processes involving repetitive movements. Multilingual androids, for example, are being used to greet customers in the Bank of Tokyo-Mitsubishi, while at the Hen-na hotel in Nagasaki, robots are used to check in guests. A humanoid robot called Ri-Man has been developed in Japan to help the elderly as well – Ri-Man apparently can lift the disabled people out of wheelchairs and into beds and help in household work. China and Japan thus, have emerged as the leaders when it comes to deploying humanoids to help the elderly population, thus stimulating APAC humanoid robot market outlook.
Companies in the humanoid robot market comprise Softbank Robotics, Ubtech Robotics, Qihan Technology, DST Robot, Robotis, Engineered Arts, Bluefrog Robotics, Kawada Robotics, Honda, Hanson Robotics, Toshiba, Hajime Research Institute and Trossen Robotics. The industry is characterized by increasing competition followed by the rising number of new entrants. The industry players are heavily investing on R&D and focusing on incorporating advanced technologies and next generation robotics.