The Global Used and Refurbished Robots Market is estimated to witness a rise in revenue from US$ 1,737.2 Mn in 2021 to US$ 3,618.9 Mn by 2028. The market is registering a CAGR of 11.1% during the forecast period 2022-2028. In terms of volume, the market is registering a CAGR of 10.8% during the forecast period.
A refurbished robot, much like a used car is a machine with a past. It has been previously used by another company and when it comes to a robotics integrator, it needs some tender loving care. However, unlike a used car, a used robot can easily be restored. When properly refurbished, a robot's life is extended to a comparable lifespan of a new robot. It can then be re-integrated into the manufacturing world performing the same or different tasks as before. Refurbished robots should undergo thorough inspections, be stripped down and properly cleaned, worn or faulty parts replaced, grease replaced, wiring and cables checked, and finally tested and repainted.
The major factors responsible for the growth of the used and refurbished robots market include growth in industrial automation and price benefits over new industrial robots. The field of robotics accounts to be a crucial component in industrial automation and there has been a significant rise in the adoption and deployment of industrial robots across the globe which also contributes to a growth in industrial automation. Moreover, used and refurbished robots can cost on average 50% less as compared to the cost associated with a brand-new industrial robot, as per the Association for Advancing Automation.
Also, apart from the benefits of cost savings, used and refurbished robots also offer a quicker return on investment. Since the used and refurbished robot is less expensive upfront as compared to the new ones, companies and industries are able to earn their return on investment quickly. Therefore, such cost savings offered by the used and refurbished robots are expected to increase their demand and adoption which is likely to promote market growth during the forecast period. However, the higher cost of maintenance restricts the market growth over the forecast period. Used and refurbished robots incur a higher cost of maintenance as compared to traditional new robots, which is one of the major reasons expected to hinder the market growth during the forecast period.
Report Summary
The study of the Global Used and Refurbished Robots Market considers various market determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the used and refurbished robot industry for the period 2017-2028, where the base year is 2021 and the forecast period is 2022-2028. The report provides a detailed analysis of the Global Used and Refurbished Robots Market across 13 Chapters and 136 pages. The report includes data presentation across 37 tables and 49 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein the bargaining power of buyers is the low and competitive rivalry is moderate.
The subsequent section provides details of the market analysis based on different segments such as type, application, and region. The report includes a detailed study of the value chain of the industry. It includes components suppliers, used and refurbished robot manufacturers, sales channels, robot manufacturers, and end-user companies. The report also covers extensively the key competitors in the market for used & refurbished robots market.
COVID-19 impact on Global Used and Refurbished Robots Market
The global Used & Refurbished Robots Market is expected to witness a growth of approx. 9.7% in 2020, in the recent outbreak of the COVID-19 pandemic. During the pandemic, companies across a variety of industries are increasing their use of robots and self-driving robots to deliver contactless care to patients, check grocery store supplies and connect the elderly to their loved ones. Early evidence suggests that a COVID-19-induced rise in automation could outlast the virus, after economic downturns, such as the great recession.
Businesses attempt to strike a balance between leveraging technology-driven cost savings and reskilling humans to work with robots as automation continues to grow. Various robot technologies such as cleaning and disinfection service robots were used to combat COVID-19. Increased hygienic expectations gave service robots a new market. As a result, many manufacturers have filed new disinfection robot registration for 2020. Food delivery services, as well as other types of purchases, are in high demand. The global rise of food and pharmaceutical delivery robots is projected to be witnessed in 2021 as a result of this ever-increasing interest. This desire would fuel the demand for robots to assist with last-mile deliveries.
Key Takeaways from the Global Used and Refurbished Robots Market Report
Competitive Landscape
The key players in the Global Used and Refurbished Robots Market are Kuka, Autotech Robotics, Eurobots, Global Robots, CyberWeld, IRSA ROBOTICS, and Surplex among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Segmentation Overview
Global Used and Refurbished Robots Market is segmented based on type, application, and region. The industry trends in the global used and refurbished robot market is sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Used and Refurbished Robots Market:
By Type segment of the Global Used and Refurbished Robots Market is sub-segmented into:
By Application segment of the Global Used and Refurbished Robots Market is sub-segmented into:
By Region segment of the Global Used and Refurbished Robots Market is sub-segmented into:
Report Attribute | Details |
---|---|
Market Size Value in 2021 | US$ 1,737.2 Mn |
Expected Revenue in 2028 | US$ 3,618.9 Mn |
Historic Data | 2017-2020 |
Base Year | 2021 |
Forecast Period | 2022-2028 |
Unit | Value (USD Mn) |
CAGR | 11.1% |
Segments covered | By Type, Application, and Region |
Leading players | Kuka, Autotech Robotics, Eurobots, Global Robots, CyberWeld, IRSA ROBOTICS, and other prominent players. |
Customization Scope | Get your customized report as per your preference. Ask for customization |
Used robots are typically disassembled, inspected and tested for any mechanical or electrical components that need to be replaced and then reassembled to their previous state. These robots are subjected to component replacement and specification testing.
Global Used and Refurbished Robot Market was valued at US$ 1,737.2 Mn in 2021.
The Global Used and Refurbished Robot Market is estimated to expand at a CAGR of 11.1% over the forecast period.
Growth in industrial automation and price benefits over new industrial robots are propelling the market growth.
Higher cost of maintenance is hampering the market growth.
Introduction of Industry 4.0 and adoption of collaborative robots are presenting a lucrative opportunity for market expansion.
The segmentations considered to analyze the Global Used and Refurbished Robot Market are based on type, application and region.
Refurbished Robot type segment holds the highest share in the Global Used and Refurbished Robot market.
The global used and refurbished robot market is studied from 2017-2028.
Asia Pacific region held the major share in terms of revenue, in the global used and refurbished robot market in 2021.
US holds the major share in terms of revenue in the North America used and refurbished robot market in 2021.
The key players operating in the market include Kuka, Autotech Robotics, Eurobots, Global Robots, CyberWeld, IRSA ROBOTICS and Surplex among others.