(MENAFN- America News Hour)
The Humanoids Market was valued at USD 579.1 million and is expected to register a CAGR, which is expected to be greater than 40%, during the period. With the rapid rate of technological developments and the emergence of players in the market, there has been a growth in the field of Robotics.
– The increase in commercial investment, the emergence of international players, reduced hardware cost, and popularity of the existing robots are significant signs indicating the field of Robotics is going through significant transformation and development.
– Despite the considerable advances in several fundamental and technical aspects of humanoid robotics research, public and private subsidy funds became more demanding for the motivations and perspectives behind research in humanoids. Besides pure robotics, humanoid robotics can be useful in research related to embodiment and consciousness and, more generally, neuro and cognitive sciences. They are also envisioned in entertainment sectors, as receptionists and in various social interactions, such as assistants for frail persons. This is part of the business plan of companies like SoftBank Robotics of Japan and PAL robotics of Spain.
– Other services like disaster emergencies, nuclear power plant dismantling, space exploration, and space extra-vehicular activities also consider to some extent humanoids as remote intervention robots. Yet, no industrial sector has shown needs in terms of humanoid robots for manufacturing. The exception is the Glory factory at Saitama, Japan, where the assembly of money handling machines and alike, incorporates humanoid (torso) robots for manufacturing, the Nextage robots.
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Key Market Trends
Technological Advancements in Humanoids is Expected to Drive the Market Growth
– Humanoid robots are witnessing an increase in applications in customer engagement roles, armed with advanced facial recognition, speech recognition, and emotion recognition capabilities, and driven by recent improvements in artificial intelligence (AI). This technology leap is occurring against the backdrop of the smartphone, web, and social media, becoming primary customer engagement channels.
– With a faster rate of development, these robots have been witnessing adoption in many fields, varying from education to entertainment, among various others.
– For instance, in February 2019, for the first time, two humanoid robots, the CNRS-LIRMM's position-controlled HRP-4, and DLR's torque-controlled TORO accessed the Airbus civilian airliner manufacturing plant at Saint- Nazaire, France, and achieved the final demonstration of the EU collaborative project Comanoid1.
– The goal of Comanoid is to path the way toward the eventuality, the feasibility, and the plausibility of deploying humanoid robotic technology as an automation solution to achieve specific non added value tasks in aircraft manufacturing operations. Such developments indicate the readiness of end-users and researchers to develop industry-specific and market-ready solutions.
– Misty Robotics has also developed a robot that can not only see and talk, but it can even smell and touch. It is now empowering over 23 million software developers to get involved in the code. Misty II is equipped with a significant number of features, including facial recognition, voice, capacitive touch, path planning, spatial mapping, and environmental sensors. The robot has a 3D and a 4K camera, two Qualcomm chips, and a wide-angle fisheye lens and operates on Microsoft Windows IoT Core. The company's ten-year plan aims to turn Misty into a genuine personal robot that cleans and cooks.
Asia-Pacific to Witness the Highest Growth
– Asia-Pacific has been an active player in the robotics market. Countries such as Japan, China, and South Korea, are significantly contributing to its large share. The presence of the companies involved in design humanoids in the region makes it one of the forerunners in the adoption. It is also one of the few regions where the players in the major countries have made advancements in humanoids, such as Softbank of Japan, Robotis of Korea, Invento Robotics of India, and various other companies.
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– Japan is rolling out robots in offices, schools, and nursing homes, as its population ages and workforce shrink. According to the World Economic Forum, nearly one-third of Japan'sJapan's population is aged over 65; there are 2.3 billion people in their 70s.
– In Japan, many are actively embracing the robot age, from suburban nursing homes to the highest government levels, which announced an investment of JPY 100 billion in robot development a few years ago. Some organizations are even highlighting robotic colleagues as a selling point to young recruits.
– Further, the significant outbreak of the COVID-19 pandemic in the region has increased the opportunities for the market studied. Indian robotics startup Invento built humanoids, these humanoids have been equipped to do more than hand out sanitizers. They engage with visitors to collect patient information, including possible exposure to the SARS-Cov-2 virus, which causes COVID-19. They're equipped with a thermal imaging device to take a patient's temperature without sticking a thermometer in the mouth.
The humanoids market is competitive, with few players currently dominating the market. The market is moving toward a consolidated stage with few active players. The major players are Toyota Motor Corporation, Softbank Robotics, and Honda Motor Co. Ltd. Some of the key developments in the market are:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Value Chain Analysis
4.3 Industry Attractiveness – Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
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