Early Impacts of COVID-19 on Humanoid Robot Market in 2020: Challenges and Frontiers of Growth

Post COVID-19 Impact on Humanoid Robot Market - 

With the emergence of the COVID-19 crisis, the world is fighting a health pandemic as well as an economic emergency, almost impacting trillions of dollars of revenues. Research Dive' group of skilled analysts provide a solution to help the companies to survive and sustain in this economic crisis. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. 

Our study helps to acquire the following:

• Long-term and short-term impact of Covid-19 on the market

• Cascading impact of Covid-19 on Humanoid Robot Market, due to the impact on its extended ecosystem

• Understanding the market behavior Pre- and Post-COVID-19 pandemic

• Strategy suggestions to overcome the negative impact or turn the positive impact into an opportunity

• We’ll help you fight this crisis through our business intelligence solutions.

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Pre COVID-19 Analysis of Humanoid Robot Market -

Humanoid robots have human characteristics, and these resemble humans in, both, behavior and appearance. Elecktro is the first humanoid robot in the world. Humanoid robots have advantages like safe load carrying, great efficiency, high accuracy and accomplish workin less time. Humanoid robots can be used for practical purposes including interacting with humans, experimental analysis, automation of production processes and other purposes. Female type humanoid robots are called gynoids and male type humanoid robots are called androids.

According to humanoid robot market analysis by Research Dive, the global market forecast will surpass $9,630.0 million in2026, at a 36.4% CAGR, growing from $803.7 million in the year 2018.

Humanoid Robot Market drivers: The growing advancements in robot manufacturing coupled with rising adoption of humanoid robots from retail sector to enhance the user experience and engagement are considered as major driving aspects for the humanoid robots’ market growth. Furthermore, growing importance of personalized robots to support in the consumer’s daily activities is driving the demand for humanoid robots in the forecast time. In addition, there is rising acceptance of humanoid robots with enabled internet of things (IoT) from hospitality sector to improve the guest experience; for instance, Henn-na hotel in Nagasaki replaced front desk employees with robots. This factor is estimated to impel the growth of the market in the forecast period. In addition, continuous increasing technological developments for the improvement of cost effective and efficient robots is expected to create significant opportunities for the growth of the humanoid robot market. 

Furthermore, swift growth in the implementation of humanoid robots in the military & defense sector for enemy activities on war fields is also projected to enhance the market growth in the near future. However, huge initial prices of robots coupled with high R&D expenses are required for robots manufacturing are major restraints for the growth of humanoid robot market. Furthermore, lack of high-level interfacing systems and unpredictable performance are estimated to still challenge the manufacturers, which is expected to hinder the humanoid robot market growth. 

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The major humanoid robot market players including HYULIM Robot Co., Ltd, Engineered Arts Limited, HANSON ROBOTICS LTD, ROBOTIS, Honda, SoftBank Robotics, KAWADA Robotics Corporation, Sanbot Co, Toshiba Corporation,Willow Garage, Hajime Research Institute, Ltd, UBTECH Robotics, Inc. and Trossen Robotics. These major players are adopting several strategies such as R&D investments, new technology introductions, geographical expansions and mergers & acquisitions to increase their market size in the global humanoid robot industry.

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Porter’s Five Forces Analysis for Humanoid Robot Market:

• Negotiating Power of Providers: Humanoid robot market contains high concentration of small & medium and large sizeproviders and negotiatingpower is anticipatedto be high. The costof the robot models is changing from one provider to another. However, growinguser demand is producing huge growthprospects in the market.The negotiating power of providersis HIGH.

• Negotiating Power of Consumer: Humanoid Robot Marketcontains huge number of consumers, but pricerelatedto advanced robots is high. Similarly, inclination towards computerization of the industry verticals is projected to drive the demand for humanoid robots.The negotiating power of the consumeris HIGH.

• Risk of New Contestants: This marker requires high investments for the manufacturing of robot models. In addition, dearth of high-level infrastructure required for the maintenance of humanoid robots is predicted to be a hindrance for new contestants in the industry.The risk of new contestants is LOW.

• Risk of Substitutes: This market has fewer number of substitutes and provides significant demand for the humanoid robots. The risk of substitutes is LOW.

• Competitiveness in the industry: Humanoid robot industry contains large number of key manufacturers. These manufacturers are underlining on novel technology introduction, R&D activities and new product launches to produce most compact and cost-effective robots. These are most the frequent tactics flowed by key manufacturers. The competition in the market is HIGH.