Title: Top 16 Innovators in Humanoid Robot Technology
In the next decade or so, we might see humanoid robots stepping into our homes for duties such as laundry, cleaning, and dish washing, even in the beta testing phase, according to futurist and engineer Peter Diamandis. By 2040, the number of these robots worldwide could reach an astounding 10 billion, working across various sectors, with labor costs potentially reaching as little as $10 a day.
During a recent TechFirst podcast, Diamandis spoke about the potential of these robots, stating, "And that translates amazingly to $10 a day and 40 cents an hour. So you’ve got labor that’s waiting for whatever your wish is."
Currently, robot manufacturers focus on building tools for labor-intensive tasks, such as warehousing, logistics, and manufacturing. Companies like Digit by Agility Robotics and Figure's latest shipping model, Figure 02, have recently made strides in this field.
In the future, these robots could find a place in various sectors, such as healthcare, manufacturing, service industries, public and urban spaces, transport, and even entertainment. The potential impact of this transformation is enormous, and the value these robots bring to the economy is expected to reach staggering figures. Goldman Sachs predicts that the market for selling humanoid robots will be a $38 billion space by 2035, while Ark Invest suggests the economic value of their labor could reach as high as $24 trillion.
However, these value projections are dependent on the types of jobs these robots will take over, which analysts are still trying to determine. If robots prove to be highly effective, the economic potential is astronomical, with 50% of the global domestic product currently being human labor.
Diamandis has identified 16 major companies leading this global transformation, including Tesla, Boston Dynamics, Figure AI, and Agility Robotics. A large majority of these companies hail from the United States and China, with a few operating in the UK and Canada.
As the race to develop these humanoid robots heats up, the stakes are high. The companies and countries that crack the code on effective and efficient humanoid robotics will have the economic and societal advantage, particularly for nations with aging populations.
Perhaps the most compelling aspect of this emerging trend is the potential to drastically reduce labor costs, as robots can work 24/7 without incurring additional expenses like sick days or labor disputes. In fact, Diamandis suggests that countries with high labor costs, such as California, are prime candidates to leverage humanoid robots.
Another anticipated area for humanoid robots is elder care, as the UN predicts a dependency ratio of 25% by 2030, with 25 people over 70 years old for every 100 people aged 24 to 69 in the United States. However, the use of humanoid robots must be balanced to maintain a strong human connection with the elderly.
As we navigate this post-labor society, it's crucial to consider the impact on societal norms and values, moving beyond the basic need for survival to create a world where technology serves as a tool for improvement and progress.
These autonomous humanoid robots, capable of performing tasks like laundry and cleaning, are being developed by robot manufacturers for various sectors. By 2040, these machines, including figures like Figure 02 by Figure's, could potentially reduce labor costs to as little as $10 a day, significantly impacting industries worldwide.
The rise of humanoid robots in labor-intensive fields, such as healthcare, manufacturing, and service industries, could lead to an estimated $38 billion market by 2035, according to Goldman Sachs. Analysts are still determining the jobs these robots will take over, but if successful, the economic potential is astronomical, considering 50% of the global domestic product relies on human labor.
Governments and companies are racing to develop effective humanoid robots for economic and societal advantages, with countries like the US and China leading this global transformation. In fact, Diamandis suggests that high-labor-cost regions, such as California, stand to benefit significantly from the integration of humanoid robots, especially in elder care, due to the projected dependency ratio of 25% by 2030.
