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Global humanoid robot market accounted for $336.30 Million in 2017 and is expected to reach $13,337.19 Million by 2026 growing at a CAGR of 50.5% from 2017 to 2026.
Some of the factors such as rising usage as educational robots, high demand from retail industry and rising technological advancements in robotics are some of the key factors driving the global humanoid robots market during the forecast period. However, High research and development expenses are restraining the growth of market.
Humanoid robots are the robots with its body shape built to resemble the human body. The developers of humanoid robots work on solving issues which include bipedal locomotion, dexterous manipulation, audio-visual perception, human-robot interaction, adaptive control and learning, targeted for the application in humanoid robots. The humanoid robot development industry constantly works on making robots that can work in close assistance with humans in the same environments which are intended to suit human needs.
By Application, the education segment is expecting a considerate growth during projected period. The rapid modernization of educational system across the world and growing number of educational institute drives the segment growth. By geography, North America dominated the market due to the large scale implementation of humanoid robots in various applications.