Global Used and Refurbished Robots Market: Driven by growth in industrial automation and price benefits over new industrial robots | CAGR: 11.1%: Astute Analytica

NEW DELHI, April 26, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global used and refurbished robots market from US$ 1,737.2 Million in 2021 to US$ 3,618.9 Million by 2028. The market is anticipated to grow at 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. The refurbished robots have gained significant popularity in recent years as most of the manufacturers try to take benefits of automation with industrial robots to automate the tasks related to manufacturing and automation.

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. Moreover, the international and regional companies create industrial robots, which are utilized in a variety of industries for applications such as material handling and logistics, assembly lines, welding and painting. Also, 8- to 10-year-old used and refurbished robots are obtained from industries where they are no longer suited for industrial applications. However, the used and refurbished robots are fortified with different additional mechanisms and devices such as GPS, vision system and advanced sensors among others.

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On the basis of type, 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. Moreover, based on application, 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 projected to hold the highest CAGR over forecast period as robotic welding is an automated procedure that boosts the productivity, consistency and return on investment. Furthermore, in terms of 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. 

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Market Dynamics and Trends

Drivers

The growth in industrial automation and price benefits over new industrial robots will boost the global used and refurbished robot market during the forecast period. The field of robotics accounts to be a crucial component in the industrial automation and also there is a considerable growth expected in the market of industrial automation in the near future. Moreover, growth in the market size of industrial automation across the globe would increase the demand and adoption of used and refurbished robots in factories, manufacturing facilities and other facilities for considerable amount of cost cutting while receiving all the benefits of industrial automation through the field of robotics.

Furthermore, refurbished robots permit small manufacturers to automate the tasks while sticking to their budget. Large manufacturers requiring automation can also appreciate the savings, which allows them to retain more amount on other aspects of the business. 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.

Restraints

Higher cost of maintenance is a restraining factor which inhibits the growth of the market during the forecast period. Used and refurbished robots incur a higher cost of maintenance as compared to traditional new robots which is the major reason which hamper the growth of global used and refurbished robots market during the forecast period.

Used and Refurbished Robots Market Country Wise Insights

• North America Used & Refurbished Robots Market –
  US holds the major share in terms of revenue in the North America used & refurbished robot market in 2021 seeing huge investments and development in the automotive industry requiring refurbished robots. Whereas, Mexico is projected to grow with the highest CAGR during forecast period. Among the type, refurbished robots type segment holds major share in term of revenue in the North America during the forecast period. Also, the refurbished robots are projected to grow at the highest CAGR over the forecast period.
• Europe Used & Refurbished Robots Market –
  Germany holds a major share in term of revenue in the market in 2021. Whereas, Poland in Europe used and refurbished robot market is expected to grow at the highest CAGR during the forecast period. Based on application, assembly line segment contributed the major share in the Europe used & refurbished robot market owing to the rising applications of refurbished robots in assembly line function. Moreover, the welding segment is growing with the highest CAGR during the forecast period.
• Asia Pacific Used & Refurbished Robots Market –
  China holds the major share in term of revenue in the market in 2021. Whereas, India in Asia-Pacific used and refurbished robot market is growing at the highest CAGR during the forecast period. Among the type, refurbished robots segment holds a major share in term of revenue in the Asia-Pacific used and refurbished robot market in 2021.
• Middle East and Africa (MEA) Used & Refurbished Robots Market –Turkey in Middle East and Africa (MEA) used and refurbished robot market is growing at the highest CAGR during the forecast period. Based on application, the welding segment is expected to grow with the highest CAGR during the forecast period due to the advantages of automating welding system such as faster and more consistent cycle time, no production disruptions and overall better weld quality.
• South America Used & Refurbished Robots Market
  Brazil holds the major share in term of revenue in the market in 2021. In terms of type, the refurbished robots type segment is expected to project the highest CAGR during the forecast period owing to its rising acceptance in these robots and the increased number of vendors in this segment.

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Browse Press Release, Used and Refurbished Robots Market Size Worth US$ 3,618.9 Million by 2028 | CAGR: 11.1%

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:
• 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

Browse the Detail Report "Global Used and Refurbished Robots Market- (By Type– Used Robots and Refurbished Robots; By Application- Material Handling and Logistics, Assembly Line, Welding and Painting; and By Region) - Industry Dynamics, Market Size and Opportunity Forecast, 2028" with in-depth TOC:
https://www.astuteanalytica.com/industry-report/used-and-refurbished-robots-market

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