The global used and refurbished robots market held a market value of USD 1,737.2 million in 2021 and is estimated to reach US$ 3,618.9 million by the year 2028. The market is anticipated to register a CAGR of 10.8% during the forecast period. The market volume was projected to be 51,445 units in 2020.
The refurbished and used robots offer end users an end-to-end solution of usage for all automation needs at the most competitive prices. The industry is witnessing substantial growth due to the elements such as the tremendous growth in industrial automation, coupled with the price benefits of used and refurbished robots over the new industrial robot counterparts.
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The used and refurbished robots are generally dis-assembled, scrutinized, and further tested in order to find any replacement of electrical or mechanical components. The robot is then reassembled back to its original state. In many cases, the refurbished and used robots are fortified with different additional mechanisms and devices, such as GPS, vision system, and advanced sensors, among others. The wide applications and usage of these robots aid in the growth of the used and refurbished robots market in the near future.
The market is expected to get hindered due to the high cost of maintenance of the refurbished robots. Most refurbished robots need timely check-ups and maintenance, usually annually or half-yearly. Many end users in different industries need a high yield, which causes stress on the working conditions of the robots, and might invite preponed repairs and maintenance. Thus, such a factor hampers the growth rate of the market to a limited extent.
Growth in industrial automation
The rise in the industrial internet of things (IoT), especially in the factory automation field, is pushing the implementation and usage of used and refurbished robots. Companies are applying latest technologies to in industrial automation to cater to end users and other stakeholders all across the world.
Price benefits over new industrial robots
The execution of refurbished and used robots witnessed a substantial rate of growth owing to the cost-effective factor of the used robots. The prominent players operating in the industry are focused on providing reconditioned robots to new entrants and startup manufacturers that are price conscious. Many industries are focusing on automation, rather than manual interference, and the benefit of cost over the purchase of new industrial robots increases the preference rate at a substantial level.
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The global used and refurbished robots market is segmented into type and application.
The refurbished robots segment held the largest market share and the volume is expected to cross 71,000 units in 2027 owing to its rising acceptance in these robots and the increased number of vendors in this segment. The used robots is estimated to grow at a CAGR of 9.9% during the forecast period.
Material Handling and Logistics
The assembly line segment held the largest share of about 37% during the base year owing to the rising applications of refurbished robots in assembly line function. The welding application market volume will hit 24,000 units in 2028.
By region, the global used and refurbished robots market is divided into Europe, North America, Asia Pacific, Middle East Africa, and South America.
The Asia Pacific region is expected to hold the largest market share owing to the increasing automation in countries such as Japan, China and India. The region is expected to be the fastest growing during the anticipated period with a CAGR of 11.4%. Since the average lifetime of a robot is 8 to 10 years, there has been a tremendous rise in the number of used robots, thus increasing the requirement as per OEM specifications. Asian countries have a strong hold and presence in this market, which substantially drives the growth of this market in the Asia Pacific region.
The European region is anticipated to grow at a substantial rate due to the rising awareness regarding refurbished and used robots. The North American region is also anticipated to grow at a considerable rate, whereas the Middle Eastern and African market value for used and refurbished robots will cross USD 18.5 million in 2028.
Key players operating in the global used and refurbished robots market include Autotech Robotics, Eurobots, Global Robots, CyberWeld, IRSA ROBOTICS, Surplex, IRS Robotics, and FANUC Corporation, among others.
The prominent seven players in the market hold approximately 23% of the market share. These market players are investing in collaborations, product launches, mergers, acquisitions, and expansions to sustain in the market. For instance, in July 2021, FANUC Corporation, one of the prominent suppliers of automation technology, expanded its market-leading position with the production of its 750,000th industrial robot. The company produces about 8,000 industrial robots every month at its factories in Japan.
The global used and refurbished robots market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers acquisitions, certifications, product launches in the global used and refurbished robots market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development Innovation: The report provides intelligent insights on future technologies, RD activities, and breakthrough product developments
Pricing Analysis: Pricing analysis of various metals and other components used in the manufacturing of used and refurbished robots
Manufacturing Cost Analysis: Cost-share of various components in used and refurbished robots, cost analysis of used and refurbished robots, Unit Cost Analysis of used and refurbished robots, Component Cost Analysis used and refurbished robots
The global used and refurbished robots market report answers questions such as:
What is the market size and forecast of the global used and refurbished robots market?
What are the inhibiting factors and impact of COVID-19 on the global used and refurbished robots market during the assessment period?
Which are the products/segments/applications/areas to invest in over the assessment period in the global used and refurbished robots market?
What is the competitive strategic window for opportunities in the global used and refurbished robots market?
What are the technology trends and regulatory frameworks in the global used and refurbished robots market?
What is the market share of the leading players in the global used and refurbished robots market?
What modes and strategic moves are considered favorable for entering the global used and refurbished robots market?
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