Humanoid robot industry expected to reach $138.09 billion by 2033

The global humanoid robot market is on a trajectory of rapid growth, with industry projections estimating a market valuation of US138.09 billion by 2033, according to market research company The Brainy Insights.

This reflects a significant increase from the current valuation of US1.38 billion in 2023.

Labour shortages in industries such as manufacturing and logistics have accelerated the adoption of humanoid robots to perform repetitive and physically demanding tasks, enhancing efficiency and productivity.

The market’s expansion is also fueled by advancements in artificial intelligence (AI), robotics technology and the increasing adoption of humanoid robots across various industries.

The Asia Pacific region emerged as the largest market for the humanoid robot, with a 34.9 per cent share of the market revenue in 2023. Asia Pacific currently dominates the humanoid robot market due to demand in India, China and Japan for humanoids. Likewise, the senior population is also growing in Asia Pacific countries like Japan and China, which will strengthen the market exponentially. Also, the existence of several key players in these countries will boost the humanoid robots market growth.

Europe will also extensively grow in fulfilling the market needs. Elements such as technical advancements and artificial intelligence are driving market growth in the projection years.

Other factors propelling the growth of the humanoid robot market include:

• Technological advancements: Breakthroughs in AI, machine learning and robotics have led to the development of more sophisticated, capable and versatile humanoid robots. These robots are increasingly being deployed in sectors such as health care, education, retail and entertainment.
• Aging population: The rising global elderly population is driving demand for humanoid robots in health care and eldercare settings, where they assist with tasks such as mobility, monitoring and companionship.
• Increased R&D investments: Significant investments in research and development by key players in the robotics industry are leading to continuous innovation, further expanding the market’s potential.

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen.

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