RoboAICon2023: The market for humanoid robots is expected to grow quickly.

 Professional service robots called humanoids are made to move and interact like people. They add value by automating processes in a way that boosts productivity and reduces costs, just like all service robots do. A relatively recent development in professional service robots are humanoid robots. Although long envisioned, they are now beginning to show promise in a variety of applications.

The market for humanoid robots is anticipated to develop significantly. With a staggering 52.1 percent compound annual growth rate (CAGR) between 2017 and 20231, it is predicted that the market for humanoid robots will be worth $3.9 billion in 2023. Bipedal robots are anticipated to experience the quickest CAGR of any type of humanoid robot during the estimated timeframe. The rapidly evolving capabilities of these robots and their feasibility in an ever-widening range of applications are mostly to blame for the market for humanoid robots' rapid expansion.

At order to relieve human workers of difficult and risky duties, humanoid robots are utilised in power plants for inspection, maintenance, and emergency response. They are also ready to perform the normal duties that astronauts perform while in space. Providing companionship for the elderly and sick, serving as a guide and engaging with clients in the capacity of a receptionist, and possibly even serving as a host for the development of human transplant organs are just a few of the many additional different applications.

A humanoid robot can automate a wide range of jobs, from risky rescues to tender care. The applications for these robots are continuously growing, and as the underlying technology advances, the market will follow.



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