According to the study undertaken by Astute Analytica the global used and refurbished robot market was valued at US$ 1,737.2 Million in 2021 and is forecasted to reach US$ 3,618.9 Million by 2028. The market is expected to register 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 however, 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 wherein it performs the same or different task as before. Automation being a competitive factor is essential not only in large industries but also increasingly important for the small and medium-sized enterprises around the world, requiring low-cost robots. 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.
Factors such as growth in industrial automation and price benefits over new industrial robots drives the growth in the global used and refurbished robot market. Advanced systems in robotics are primarily deployed for the transformation of industrial operations as such robots possess superior integrability, perception, adaptability as well as mobility. Also, such improvements enable faster commissioning, setup, reconfiguration and are also responsible for more stable and efficient operations. Moreover, regardless of whether the industry is a small or large manufacturer, the refurbished robots offer significant benefits and one of them is cost benefits over new industrial robots. Also, apart from the benefits of cost savings, used and refurbished robots also offer quicker return on investment. 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. However, the higher cost of maintenance as compared to traditional new robots are expected to hinder the market growth during the forecast period. Furthermore, the adoption of collaborative robots and emergence of artificial intelligence enabled robots increase the demand and adoption of used and refurbished artificial intelligence enabled robots and thus is expected to have a positive impact on the market growth during the forecast period.
Segments Overview -
Used and Refurbished Robots Market Insights by Type
Based on type, the used and refurbished robot market is bifurcated into used robots and refurbished robots. The number of used robots, technology advancement and repeatability of robots is impacting the used and refurbished robot market. The refurbished robot segment is expected to hold the highest CAGR and market share during the forecast period owing to its rising acceptance in these robots and the increased number of vendors in this segment.
Used and Refurbished Robots Market Insights by Application
The global used and refurbished robot market, by application is segmented into material handling and logistics, assembly Line, welding and painting. The assembly line segment holds the largest market share in 2021 owing to the rising applications of refurbished robots in assembly line function. Whereas, the welding segment is growing with the highest CAGR over the forecast period due to the advantages of automating the welding system such as faster and more consistent cycle time, no production disruptions and overall better weld quality.
Used and Refurbished Robots Market Insights by Regional Outlook
By region, Asia Pacific is the dominating region in the used and refurbished robot market in 2021 due to the presence of major players and their product offering in the marketplace. Also, Asia-Pacific has the highest number of robot manufacturers as it proves to be an opportunistic market to become one of the top technological industrial regions. Moreover, Asia Pacific is expected to grow at the highest CAGR over forecast period owing to the increasing automation in countries such as Japan, China and India.
Strategic Outlook of the key Companies
The company works as an independent system integrator, with customer base not only in the UK but also in overseas such as Bulgaria, Canada, Australia, France, Germany, Holland, China, Ireland, India, Libya, Malta, Poland, Spain, Turkey & USA which allows the company to consolidate its position as a global leader.
Under the strategic businesses segment of used and refurbished robots, the company proposes itself on the market of automation with dynamic and fresh ideas to meet the demand for more industrialization and automation of production processes.
The mission of the company is to make automation through industrial robots achievable for any kind of business. The company intends to achieve this by the implementation of a refurbished industrial robot which cost about one/fourth as compared to the price of a new industrial robot.
The company aims to supply the correct process within the consumer’s budget. The aim of the company is total customer satisfaction and it will advise the customer on the most cost-effective solution for the production requirements.
Competitive Insight
Global Used and Refurbished Robots Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global used and refurbished robots market include Kuka, Autotech Robotics, Eurobots, Global Robots, CyberWeld, IRSA ROBOTICS and Surplex among others.
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 are 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:
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below:
https://www.astuteanalytica.com/request-sample/used-and-refurbished-robots-market
