Barclays Brief Rise of the humanoid robots
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Jan 20, 2026 Zornitsa Todorova, Head of Thematic FICC Research and robotics expert, dives into the future of humanoid robots. She explores how the market, presently worth $2-3 billion, could skyrocket to ~$200 billion by 2045. Zornitsa breaks down the importance of 'brains, brawn, and batteries' in robotics, emphasizing that mechanics significantly impact costs. She also discusses demographic shifts driving demand, particularly in sectors like healthcare and agriculture, making humanoids a viable solution for labor shortages.
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Humanoids Are Becoming Practical
- Humanoid robots are leaving labs and entering the real economy as AI lets them contextualize environments.
- Zornitsa Todorova says improved AI fixes past failures like watering people instead of plants.
Massive Long-Term Market Potential
- The current humanoid market is small at $2–3bn but could grow massively over decades.
- Zornitsa projects up to $200bn by 2045, ~30x today's valuation.
The Three Bs Drive Costs
- Humanoid supply chains hinge on three pillars: brains, brawn, and batteries.
- Zornitsa finds brawn accounts for ~50% of unit production costs, a market blindspot.
