Market Analysis: Adoption of Humanoid Robots

The biggest indicator shows that this humanoid robotics trend will continue to rise.

With the evolution of the fourth industrial revolution, the world has come to the edge of a seismic shift in robotics, from machines that are just used for the design, construction, operation, and control to industrial robots capable of performing heavy work. The emergence of collaborative robots (Cobots) also have made them significant to the real world, working together with human workers in a shared space.

The latest iteration in robots now even talk, walk, and express a wide range of gestures like humans such as Sophia – the humanoid robot. Sophia, was introduced by Hong Kong-based company Hanson Robotics two years ago. She is the most developed model in the ongoing trend of robotics. Currently, Sophia is treated like a star and has become the biggest indicator showing that this robotics trend will continue to rise.

According to Analytics Insight, the global market of humanoid robots is projected to reach from US$765.54 million in 2019 to US$8027.53 million by 2026, growing at a CAGR of 34.1% throughout the estimated timeframe.

On the basis of region, Asia Pacific is leading the humanoids market with a 62% adoption rate, followed by Europe (18%), North America (16%), and ROW (4%). In the Asia Pacific, the humanoid robot market was accounted for US$474.64 million in 2019 and is predicted to worth US$5571.60 million by 2026, at a growing CAGR of 36.1%. Conversely, in Europe, the market is expected to reach from US$137.80 million in 2019 to US$1365.68 million in 2026, at a CAGR of 33.2%.

In North America, the market will be worth US$122.49 million to US$1010.29 million, with a CAGR of 30.2%, while in ROW, it will reach from US$30.62 million to US$79.96 million, at a CAGR of 12.7% during the period of 2019-2026.