Summary
Barclays analyst Todorova presents the bank’s latest research projecting the humanoid robotics market will grow from its current $2–3 billion to $200 billion by 2035, with the broader physical AI ecosystem — encompassing drones, autonomous vehicles, and advanced industrial robots — potentially reaching $1 trillion by 2045. The interview frames physical AI as the second wave of AI investment, distinct from the first digital wave, and driven by structural labor shortages stemming from aging populations and urbanization.
Key deployment numbers: approximately 60,000 humanoid robots are expected to be deployed worldwide in 2026, up from 15,000 in 2025, with projections of 13 million annual deployments by 2035. Todorova attributes this acceleration to improvements across what she calls the ‘three Bs’ — brawn, brain, and batteries — which are simultaneously reducing unit costs. A critical bottleneck highlighted is the shortage of physical AI training data; despite YouTube holding an estimated 280,000 years of video footage, only a fraction is useful for teaching robots real-world actions.
On the competitive map, China currently installs nearly half of global industrial robots and more than 90% of humanoids, built on a decade of state-guided investment. The US holds advantages in AI models and advanced chips, while Europe’s opportunity lies in high-precision actuators and manufacturing components — Germany alone accounts for roughly 10% of global precision actuator supply, with Europe overall producing about a third.
📺 Source: Bloomberg Tech · Published August 17, 2026
🏷️ Format: Interview
