The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global used and refurbished robots market from (US)$ 1.74 billion in 2021 to $ 3.62 billion by 2028.
The market is anticipated to grow at a compound annual growth rate (CAGR) of 11.1 per cent during the forecast period 2022-2028. In terms of volume, the market is registering a CAGR of 10.8 per cent 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, eight- 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.
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.
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