Outstanding CAGR of 53.10% anticipated for Humanoid Robot Market till 2024
The rising trend of digitalization in the various industries is projected to augment the growth of humanoid robot market worldwide. These robots are used for numerous activities like assembling products, detecting and defusing bombs, surgical operations, product inspection, and space missions. Deployment in the healthcare industry to perform multiple tasks is likely to fuel the market in near future. In addition, rising demand for educational and research & development is likely to upsurge the market as per market study “Global Humanoid Robot Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017 to 2024”. With the evolving advanced technology in the emerging countries, the humanoid robot has been adopted in the various end-use industry such as defense, aerospace, automotive and infrastructure. Healthcare industry is likely to provide lucrative growth opportunity to this market.
As per the study available with DecisionDattabases.com the global humanoid robot market will grow at a CAGR of 53.1% during the forecast period of 2017 to 2024, reaching a valuation of US$6052.24 MN by 2024, up from its evaluated worth of US$306.97 Mn in 2017.
A humanoid robot is basically a robot with its body shape built to resemble a human body. The design can be used for functional purposes, such as interacting with human tools and environments, for experimental purposes, such as the study of locomotion, or for other purposes.
Rising demand for automation in industries has provoked the adoption of robotics technology, especially in the automotive sector. The evolving R&D activities, innovations, and marketing strategies will enhance the market overall. The humanoid robot allows the organization to avoid risks and reduce the number of work accidents, thus prompting the various sectors to upgrade to the robotic system. The rising concern over delivering high-quality products among organization has impelled the utilization of robotics technique in their process of production. Moreover, the emerging robotic employment in the diverse application has led to heightening the market growth.
With the rising need of automation in every sector use of humanoid robot has increased thus pushing the overall market. The multitasking capability of the humanoid robot has resulted in its growing demand for robotics system among the people. At the same time, the government is focusing on replacing human security staff with robots in response to growing concern of safety among the citizens. Also, the emerging advanced technology like artificial intelligence is a major root, booming the platform at a significant pace. Ever-growing businesses witnessing the rise in adoption of technology to enhance the productivity will favor more launching of robots in near future.
Rapid urbanization in Asian countries will boost the market followed by North America due to the rapid employment of robotics technology in various field in order to reduce their expenditure in the production process. Overall, the rising competition among the various organizations to deliver the best quality products will keep providing room for the growth of this market in the future. However, high initial and installment cost of robotics system is likely to hamper the market growth.
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