Market for Humanoid Robots is Set for Rapid Expansion
Humanoid robots are professional service robots built to mimic human motion and interaction. Like all service robots, they provide value by automating tasks in a way that leads to cost-savings and productivity. Humanoid robots are a relatively new form of professional service robot. While long-dreamt about, they’re now starting to become commercially viable in a wide range of applications.
The humanoid robots market is poised for signficant growth. It’s projected the market for humanoid robots will be valued at $3.9 Billion in 2023, growing at a staggering 52.1% compound annual growth rate (CAGR) between 2017 and 20231. Of all the types of humanoid robots, bipedal robots are expected to grow at the fastest CAGR during the forecasted period. The rapid expansion of the humanoid robots market is due primarily to the quickly improving capabilities of these robots and their viability in an ever-widening range of applications.
Humanoid robots are being used in the inspection, maintenance and disaster response at power plants to relieve human workers of laborious and dangerous tasks. Similarly, they’re prepared to take over routine tasks for astronauts in space travel. Other diverse applications include providing companionship for the elderly and sick, acting as a guide and interacting with customers in the role of receptionist, and potentially even being a host for the growth of human transplant organs.
There’s a wide range of tasks a humanoid robot can automate, from dangerous rescues to compassionate care. The ways in which these robots are deployed are constantly expanding, and as the underlying technology improves, the market will follow suit.