The global operational stock of industrial robots rose 9% to roughly 5.08 million units, while annual installations increased 11% to 603,000, according to the International Federation of Robotics’ World Robotics report. China remained the dominant market with 354,000 installations, or 59% of global deployments, while the United States overtook Japan with almost 38,500 units. Europe expanded more slowly: the European Union’s operational stock reached 712,000 robots in 2025, but new installations fell 11% to 60,500. Germany accounted for 41% of EU installations, although its deployments declined 8% to below 25,000 as automotive demand weakened. The established industrial robotics market contrasts with the still-small humanoid segment. About 7,000 humanoids were sold for industrial and professional use last year, many for AI training rather than productive work. Boston Dynamics remains unprofitable and is unlikely to pursue a stock listing next year, while Unitree Robotics’ shares rose more than fivefold on their Shanghai debut before falling 55% from their peak. Industry analysis indicates that specialised physical AI, including robot arms and autonomous vehicles, is likely to capture value sooner than humanoids, which continue to face challenges involving dexterity, autonomy, liability, insurance and a lack of a defining commercial application.