In the recent times, Humanoid Robot Market has gained an exceptional prominence owing to the extensive demand for automation across the globe. Leading companies have been developing computerized machines to cater a diverse end-use arena for decades, however, rapid progression in technological and research space, since last few years, has enabled industry players to manufacture advanced robots that are capable of executing complex tasks. In consequence, this has led to a dynamic and swift evolution of industry that now boasts of producing robots which are adept in utilizing emotion recognition technology to provide personalized recommendations to the customers of various business verticals.
Furthermore, these robots are now being deployed to entertain and guide the customers with futuristic precision, which has indeed proved to be the pivotal driving force for humanoid robot industry growth. It would be prudent to mention that the global shipments of humanoid robot stood over 90,000 units in 2016 which further affirm the aforementioned statements.
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.
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Growing demand from the education and research sector is anticipated to surge the adoption of humanoid robots over the future. The popularity of such robots providing humanly interaction is on the rise among students of various age-groups further contributing to the market growth. However, concerns such as high prices might limit the humanoid robot market growth. In addition, the reluctance of consumers to adopt such robots pose a major challenge to the industry demand.
Healthcare has emerged as a key arena for the expansion of humanoid robot market, as the field seen a surge of use in these machines in the form of surgical robots. Ultra-precise robot surgeons are being used for complicated surgeries like knee replacements or simple surgeries like removal of uterine fibroids with minimal blood loss and quick recovery time. Da Vinci for instance, is one of the many humanoid robot industry firms developing surgical robots that have already conducted more than two million procedures worldwide. Surgical robots however, are not here to replace human surgeons, as critical operations require the presence of a skilled medical expert. However, they would function as assistive robots, and considering the expansion in the field of healthcare, it is certain that humanoid robot market share from healthcare would soar great heights in the years ahead.
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.