Insight
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September 3, 2024
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3 minute read
Robotics are the new frontier of rare earths demand
From one of the smallest end-use segments today led by industrial and consumer service robots, we forecast that robotics will grow to become the single largest NdFeB demand driver by 2040 on the back of soaring growth in professional service robot production for manufacturing, hospitality, transportation and logistics sectors.
By the 2040s, Tesla CEO Elon Musk projects there will be 1 billion humanoid robots operational on Earth. David Holz, the founder of artificial intelligence lab Midjourney, agrees with Musk but himself foresees growth to 100 billion humanoid robots in operation by the 2060s, mostly operating in outer space.
