Used and Refurbished Robot Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Market Scenario 

Global used and refurbished robot market is estimated to witness a rise in revenue from US$ 1,909.7 Mn in 2022 to US$ 5,080.2 Mn by 2031 at a CAGR of 11.5% during the forecast period 2023-2031. In terms of volume, the market is expected to grow at a CAGR of 11.2% during the forecast period. 

The global used and refurbished robot market has been experiencing substantial growth in recent years. The adoption and deployment of industrial robots across the globe have been increasing, which is one of the primary factors contributing to the growth of this market. Additionally, cost savings associated with used and refurbished robots over new industrial robots is another key driver of the market growth.

According to the Association for Advancing Automation, used and refurbished robots can cost on average 50% less than new robots. This cost savings offers a significant advantage for companies and industries looking to reduce costs and increase their return on investment. Moreover, used and refurbished robots can offer quicker return on investment, as they are less expensive upfront as compared to new robots.

However, the higher cost of maintenance associated with used and refurbished robots is one of the major factors expected to hinder the market growth during the forecast period. Used and refurbished robots require thorough inspections, cleaning, parts replacement, and testing, which can increase the cost of maintenance.

Therefore, this market research report aims to provide an in-depth analysis of the used and refurbished robot market. The report will cover the current market trends, market size and growth potential, major players in the market, key drivers, challenges, and opportunities, and market segmentation based on robot type, application, and geography.

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Market Dynamics 

Driver 

Cost Savings Associated with Used and Refurbished Robots

One of the key drivers of the used and refurbished robot market is the cost savings associated with these robots over new industrial robots. According to the Association for Advancing Automation, used and refurbished robots can cost on average 50% less than new robots. This offers a significant advantage for companies and industries looking to reduce costs and increase their return on investment.

The cost savings associated with used and refurbished robots also offer quicker return on investment. As these robots are less expensive upfront as compared to 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 is expected to increase its demand and adoption, which is likely to promote the market growth during the forecast period.

Growing Adoption of Industrial Automation

Another key driver of the used and refurbished robot market is the growing adoption of industrial automation across various industries. The adoption and deployment of industrial robots have been increasing, which is one of the primary factors contributing to the growth of this market. The field of robotics accounts to be a crucial component in the industrial automation, and it has been observed that there has been a significant rise in the adoption and deployment of industrial robots across the globe.

The growing adoption of industrial automation is driven by the need for increased productivity, efficiency, and quality in manufacturing processes. Used and refurbished robots offer a cost-effective solution for companies looking to automate their manufacturing processes. These robots can help companies improve their efficiency, reduce labor costs, and increase production output.

Restraint

Higher Cost of Maintenance

One of the core restraints of the used and refurbished robot market is the higher cost of maintenance associated with these robots. Used and refurbished robots require thorough inspections, cleaning, parts replacement, and testing, which can increase the cost of maintenance. This is one of the major reasons expected to hinder the market growth during the forecast period.

The higher cost of maintenance can make used and refurbished robots less attractive to companies looking to reduce costs. Companies may be hesitant to invest in these robots if the maintenance costs are significantly higher than the cost savings associated with the initial purchase.

Segmental Analysis of Global Used and refurbished robot market 

By Type:

The used and refurbished robot market can be segmented by type into two categories: refurbished robots and used robots. Refurbished robots refer to robots that have been previously used but have undergone thorough inspections, cleaning, and replacement of worn or faulty parts. These robots are restored to a condition that is comparable to that of a new robot. On the other hand, used robots refer to robots that have been previously used and are sold as-is without undergoing any refurbishment process.

The refurbished robot segment is expected to hold the highest CAGR and market share during the forecast period. This is owing to the rising acceptance of these robots and the increased number of vendors in this segment. As the cost of new robots continues to rise, refurbished robots offer a cost-effective alternative for companies looking to automate their manufacturing processes. Additionally, advancements in technology have led to the improvement of the repeatability of refurbished robots, making them more reliable than before.

By Application:

On the basis of application, the used and refurbished robot market can be segmented into various categories such as welding, material handling, assembly line, painting, and others. The assembly line segment holds the largest share in 2022, owing to the rising applications of refurbished robots in assembly line functions. The use of refurbished robots in assembly line functions can help companies improve their efficiency, reduce labor costs, and increase production output.

The welding segment is projected to hold the highest CAGR over the forecast period. Robotic welding systems have become increasingly popular due to their ability to quickly shift from one weld to the next, improving the overall speed and quality of the welding process. This has led to increased adoption of refurbished welding robots by various industries such as automotive, aerospace, and manufacturing. Additionally, the use of refurbished welding robots can help companies improve the quality of their welds and reduce defects, leading to cost savings and increased efficiency.

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Regional Analysis

By Region, the used and refurbished robot market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is dominating the used and refurbished robot market in 2022, due to the presence of major players and their product offerings in the market. Additionally, Asia Pacific is expected to grow at the highest CAGR over the forecast period, owing to the increasing automation in countries such as Japan, China, and India.

The increasing need for cost-effective solutions and high-quality products in the manufacturing industry is driving the adoption of used and refurbished robots in Asia Pacific. The presence of a large number of manufacturing industries in the region, such as automotive, electronics, and aerospace, is also driving the demand for used and refurbished robots. Moreover, the increasing focus on reducing labor costs and improving production efficiency is driving the demand for used and refurbished robots in the region.

Furthermore, the governments of countries such as China, Japan, and South Korea are actively promoting the adoption of industrial automation to improve their manufacturing competitiveness. For instance, China's "Made in China 2025" initiative aims to upgrade the country's manufacturing industry by promoting the use of advanced technologies such as robotics and automation. This has led to increased investments in the automation industry and is expected to drive the growth of the used and refurbished robot market in Asia Pacific.

In addition, the presence of major players such as Fanuc Corporation, Yaskawa Electric Corporation, and Mitsubishi Electric Corporation in the region is contributing to the growth of the market. These companies offer a wide range of used and refurbished robots, catering to the diverse needs of various industries in the region.

Competitive Landscape

• Autotech Robotics
• Eurobots
• Global Robots
• CyberWeld
• IRSA ROBOTICS
• Surplex
• IRS Robotics
• Kuka
• ABB
• Fanuc
• Other Prominent players

Segmentation Overview 

Global Used and refurbished robot market is segmented based on type, application and region.

By Type:

• Used Robots
• Refurbished Robots

By Application:

• Material Handling and Logistics
• Assembly Line
• Welding
• Painting

By Region:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Taiwan
  • South Korea
  • ASEAN
  • Indonesia
  • Thailand
  • Malaysia
  • Philippines
  • Vietnam
  • Rest of ASEAN
  • Australia & New Zealand
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • Turkey
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America