Global Used and Refurbished Robots Market is Pegged to Attain Valuation of US$ 5,080.2 Million by 2031
The used and refurbished robots market has significant potential, driven by cost savings and sustainability concerns. With a growing demand for automation across various industries, refurbished robots offer an affordable alternative to new ones. Additionally, the increasing emphasis on circular economy practices encourages the reuse of products, making the refurbished robot market an attractive option for companies seeking sustainable solutions.
Global used and refurbished robots 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.
The automotive industry is the largest consumer of used and refurbished robots, accounting for a market share of 38.1% in 2022. This is followed by the electrical and electronics industry, which accounted for a share of 21.6%. The food and beverage industry is also expected to witness significant growth in the demand for used and refurbished robots, driven by the need for automation in various manufacturing processes.
In terms of geography, the Asia-Pacific region is expected to dominate the market for used and refurbished robots, accounting for the more than 62% share in terms of both value and volume. This can be attributed to the presence of several developing economies in the region, such as China, India, and South Korea, which are investing heavily in automation solutions to improve their manufacturing processes and remain competitive in the global market.
The growth of the used and refurbished robots market can also be attributed to the increasing adoption of advanced technologies such as machine learning, artificial intelligence, and the Internet of Things (IoT). These technologies are being integrated into refurbished robots to enhance their capabilities and improve their performance. Additionally, the environmental benefits of reusing and recycling industrial equipment are also driving the growth of the market.
Used and Refurbished Robots Market: A Cost-Effective and Sustainable Solution for Assembly Lines, According to Astute Analytica Study
According to a study by Astute Analytica, assembly lines across various industries employ over 37.6% of used and refurbished robots. The examination of these robots reveals that their total cost of ownership (TCO) can be significantly lower compared to new robots; used robots boast up to 30% lower TCO, while refurbished robots can offer up to 50% reduction. The lower initial purchase price for used or refurbished robots contributes to these savings, but the most substantial cost reductions stem from decreased maintenance and operational expenses.
Used and refurbished robots are especially appealing to assembly line end-users across the global used and refurbished robots market due to their exceptional precision, speed, and repeatability—essential factors for achieving production goals in such applications. These robots are often meticulously maintained and outfitted with cutting-edge technology, enabling them to effortlessly execute complex tasks. Since they are typically designed for specific functions and have demonstrated effectiveness in analogous applications, integrating them into existing production lines is a straightforward process.
Moreover, used and refurbished robots present a more sustainable alternative to purchasing new ones in assembly line applications. Astute Analytica’s analysis indicates that a considerable number of these robots are derived from retired or decommissioned equipment that can be repurposed and reused. Consequently, this approach diminishes the demand for new resources and curtails waste, making it an eco-friendly option for manufacturers.
Asia Pacific Emerges as a Major Hub for Used and Refurbished Robots Market, Driven by Import from Western Countries
The Asia-Pacific region has emerged as a major hub for the used and refurbished robots, with the region expected to witness an increase in market share from 62% in 2022 to 66.4% by 2031. This growth can be attributed to the region’s highly cost-sensitive market, where most countries are known to buy used industrial robots at lower costs to save overall expenses and improve profit margins.
Countries such as India, China, Indonesia, and Vietnam are major consumers of used and refurbished robots market in the Asia-Pacific region. India, for instance, has a large manufacturing sector, and the demand for automation in this sector has been growing in recent years. Refurbished robots are often preferred by Indian manufacturers as they offer a cost-effective solution to improve manufacturing processes.
China, on the other hand, is the world’s largest market for industrial robots, with a significant demand for used and refurbished robots in various industries. The country’s industrial sector has been growing rapidly, and the demand for automation solutions is expected to rise further, driving the demand for used and refurbished robots.
Similarly, Indonesia and Vietnam are also witnessing a significant growth in the adoption of used and refurbished robots. These countries are investing heavily in automation solutions to improve their manufacturing processes and remain competitive in the global market.
According to a report by Astute Analytica, most of these countries in the Asia-Pacific region import used and refurbished robots from North American and European countries. This is because these regions have a large inventory of used industrial robots, which are often sold at a lower cost than new robots. Furthermore, the robots imported from these regions are usually of high quality and have been refurbished to meet the required standards.
Market Share Analysis: Top 4 Players Contribute over 39% Revenue to Global Used and Refurbished Robots Market
The global Used and Refurbished Robots market is highly competitive and consists of several players. The market players are adopting various competitive strategies such as mergers and acquisitions to strengthen their market position. The four major players in the market hold a cumulative market share of close to 39.0%, indicating high competition in the market.
ABB is the largest seller of used and refurbished robots, accounting for over 13% market share. Fanuc follows ABB with more than 11% market share. Other key players in the market include Kuka, Autotech, Alliance Robotics, The Robot Company, Kawasaki, Antenen Robotics, MASTER Robotics, CyberWeld, Surplex, Comau, EPSON, Global Robots, and IRSA Robotics, among others.
The global Used and Refurbished Robots market is witnessing intense competition among major players, which is driving market growth. The leading players in the market are adopting various growth strategies to maintain their market position. Some of the strategies adopted by these players include mergers and acquisitions, partnerships, collaborations, and product innovations.
ABB, the largest seller of used and refurbished robots, is focusing on product innovation and strengthening its position in the market. The company is developing new products and technologies to meet the evolving demands of the customers. ABB has also acquired several small-scale manufacturers to expand its market share and strengthen its position in the market. For instance, In 2021, ABB acquired ASTI Mobile Robotics, a Spanish manufacturer of autonomous mobile robots, to expand its position in the mobile robot market.
Some of the Top Market Players Are:
- Autotech Robotics
- Global Robots
- IRSA ROBOTICS
- IRS Robotics
- Other Prominent players