Industry Verticals: Humanoid Robot Market Is Expected To Grow with a Healthy CAGR During 2020-2027
Pune, New York, USA, November 25 2020 (Wiredrelease) Research Dive –:According to humanoid robot market analysis by Research Dive, the global market forecast will surpass $9,630.0 million in 2026, at a 36.4% CAGR, growing from $803.7 million in the year 2018.
Humanoid Robot Market drivers: The growing advancements in robot manufacturing coupled with rising adoption of humanoid robots from retail sector to enhance the user experience and engagement are considered as major driving aspects for the humanoid robots’ market growth. Furthermore, growing importance of personalized robots to support in the consumer’s daily activities is driving the demand for humanoid robots in the forecast time. In addition, there is rising acceptance of humanoid robots with enabled internet of things (IoT) from hospitality sector to improve the guest experience; for instance, Henn-na hotel in Nagasaki replaced front desk employees with robots. This factor is estimated to impel the growth of the market in the forecast period. In addition, continuous increasing technological developments for the improvement of cost effective and efficient robots is expected to create significant opportunities for the growth of the humanoid robot market. Furthermore, swift growth in the implementation of humanoid robots in the military & defense sector for enemy activities on war fields is also projected to enhance the market growth in the near future.
However, huge initial prices of robots coupled with high R&D expenses are required for robots manufacturing are major restraints for the growth of humanoid robot market. Furthermore, lack of high-level interfacing systems and unpredictable performance are estimated to still challenge the manufacturers, which is expected to hinder the humanoid robot market growth.
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Biped product segment generated $417.9 million in the global humanoid robot market in 2018 and is expected to grow significantly at a CAGR of 37.6% during the forecast timeframe. This growth over the global market is accredited to extensive utilization of biped robots in the manufacturing and assembling application in the automotive, electronics and other industry verticals. Besides biped product, the market for wheel drive product segment will witness to grow at a remarkable rate and is projected to produce substantial revenue opportunities in the forecast period. Growing utilization of wheel drive models for entertainment purposes at theme parks, amusement parks and science events, will enhance the market size in the upcoming years.
The market for retail application segment registered for largest humanoid robot market size in 2018 and is estimated to generate a revenue of $2,060.8 million by 2026 at a growth rate of 35.9% CAGR in the forecast timeframe. Most of the retailers are using humanoid robots in the supermarkets, shopping malls and retail stores to improve consumer experience and engagement. The humanoid robot market for hospitality application segment accounted for second highest market size; it will witness to grow at a CAGR of 36.6% and is projected to register for $1,752.7 million till 2026.
Europe humanoid robot market will witness to rise at a remarkable rate of 37.3% and is estimated to register for $2,783.8 million by the end of 2026. This enormous growth is majorly because of growing number of end use industries such as manufacturing, automotive and other industries in the Europe. Moreover, increasing adoption of humanoid robots by the industrial verticals due to modernization and industrialization in Europe is anticipated to propel the market size in the forecast time.North America generated for a significant humanoid robot market share in 2018, which was 31.2% and is anticipated to grow enormously throughout the forecast time. This dominance in the humanoid market is attributed to the presence of key manufacturers and growing adoption of automated machines by industries. Moreover, heavy labor prices and unavailability of workers are driving the requirement of humanoid robots to achieve tasks in the several industries including retail, construction and manufacturing industries; this aspect is anticipated to enhance the growth of the market in North America.
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The major humanoid robot market players including HYULIM Robot Co., Ltd, Engineered Arts Limited, HANSON ROBOTICS LTD, ROBOTIS, Honda, SoftBank Robotics, KAWADA Robotics Corporation, Sanbot Co, Toshiba Corporation,Willow Garage, Hajime Research Institute, Ltd, UBTECH Robotics, Inc. and Trossen Robotics. These major players are adopting several strategies such as R&D investments, new technology introductions, geographical expansions and mergers & acquisitions to increase their market size in the global humanoid robot industry.
• Porter’s Five Forces Analysis for Humanoid Robot Market:
– Negotiating Power of Providers:Humanoid robot market contains high concentration of small & medium and large size providers and negotiating power is anticipated to be high. The cost of the robot models is changing from one provider to another. However, growing user demand is producing huge growth prospects in the market. The negotiating power of providers is HIGH.
– Negotiating Power of Consumer: Humanoid Robot Market contains huge number of consumers, but price related to advanced robots is high. Similarly, inclination towards computerization of the industry verticals is projected to drive the demand for humanoid robots. The negotiating power of the consumer is HIGH.
– Risk of New Contestants: This marker requires high investments for the manufacturing of robot models. In addition, dearth of high-level infrastructure required for the maintenance of humanoid robots is predicted to be a hindrance for new contestants in the industry. The risk of new contestants is LOW.
– Risk of Substitutes: This market has fewer number of substitutes and provides significant demand for the humanoid robots. The risk of substitutes is LOW.
– Competitiveness in the industry: Humanoid robot industry contains large number of key manufacturers. These manufacturers are underlining on novel technology introduction, R&D activities and new product launches to produce most compact and cost-effective robots. These are most the frequent tactics flowed by key manufacturers. The competition in the market is HIGH.
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