Used and Refurbished Robots Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2028

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

• Based on type, the refurbished robot segment is expected to hold the highest CAGR and market share during the forecast period owing to its rising acceptance of these robots and the increased number of vendors in this segment. Moreover, the number of used robots, technological advancement, and repeatability of robots are impacting the used and refurbished robot market.
• On the basis of application, the assembly line segment holds the largest share in 2021 owing to the rising applications of refurbished robots in assembly line function. Whereas, the welding segment is projected to hold the highest CAGR over the forecast period as robotic welding systems can quickly shift from one weld to the next, improving the welding process's overall speed and quality.
• By Region, Asia Pacific is dominating the used and refurbished robot market in 2021 due to the presence of major players and their product offerings in the market. Also, 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.

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:

• Used Robots
• Refurbished Robots

By Application segment of the Global Used and Refurbished Robots Market is sub-segmented into:

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

By Region segment of the Global Used and Refurbished Robots Market is sub-segmented into:

• 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