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The humanoid robot market size is estimated to increase by $16.05 billion from 2022 to 2027, according to a new report form Technavio. The market is estimated to grow with a CAGR of 53.45%, according to the market study.
According to the report, the increasing demand for improved visibility and flexibility in industrial operations is driving the humanoid market growth. Humanoid robots are gaining traction with the increasing adoption of cutting-edge technologies in the manufacturing process, including increasing demand for automation in several countries such as China, Japan, South Korea, India, the US, Germany, and Spain. For example, in April 2022, The West Japan Rail Company utilized a Giant virtual reality-operated humanoid robot to fix power lines in Japan.
Smart manufacturing, which leverages the use of cutting-edge computing, analytics, low-cost sensing, and new levels of communication, is supporting several industrial advancements, the report says. The proper functioning of smart manufacturing requires industrial robots which are integrated with IoT microprocessors, microcontrollers, sensors, and switches that can enhance production efficiency. Hence, such factors are expected to drive the humanoid robot market growth during the forecast period.
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