The new report by Expert Market Research titled, ‘Global Industrial Vending Machine Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global industrial vending machine market, assessing the market based on its segments like applications, manufacturing process and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 2.38 billion
- Forecast CAGR (2023-2028): 8%
- Forecast Market Size (2026): USD 3.78 billion
Over the forecast period, increasing demand for PPE kits and carousel vending machine is expected to favor the industry growth. The evolution in technological advancements is predicted to be a significant trend in the coming years. Companies have been able to increase inventory control performance and track inventory usage thanks to technological advances in vending machines. Due to their cost effectiveness, industrial vending machines are projected to become more common in the coming years, allowing companies to produce more sales. Furthermore, a growing focus on employee safety encourages personal protective equipment (PPE), which leads to a rise in the use of commercial vending machines for PPE. The increasing acceptance of these goods by small and medium businesses is projected to propel the industry forward. Over the forecast period, increasing demand for PPE kits and carousel vending machine is expected to favor the industry growth. The rise in technological advancements is expected to be a major trend in the coming years.
Industrial Vending Machine Industry Definition and Major Segments
An industrial vending machine is a 24-hour-a-day, seven-day-a-week solution for manufacturing sites that automatically dispenses required maintenance, repair, and operation goods while still maintaining electronic records. The machine may be configured to allow a single employee or a group of employees to use it for a certain amount of time in exchange for a certain amount of money. This aids the organization in reducing inventory overuse. It can be equipped to accommodate irregular-sized and molded supplies, such as gloves and wrenches, eliminating the need to repackage or reform objects before returning them. Vending machines are included in the auto-replenishment option.
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By type, the market is divided into:
Based on product, the industry can be segmented into:
- Personal Protective Equipment
- Maintenance, Repair, and Operations (MRO)
The product finds wide applications in the following:
- Engineering Services
- Oil and Gas
By region, the industry is categorised into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Industrial Vending Machine Market Trends
The rising need to reduce production downtime costs in various industry verticals is a key factor propelling the demand for industrial vending machines. An industrial vending machine is a 24-hour-a-day, seven-day-a-week solution for manufacturing sites that automatically dispenses required maintenance, repair, and operation goods while still maintaining electronic records. The machine may be configured to allow a single employee or a group of employees to use it for a certain amount of time in exchange for a certain amount of money. The adoption of more reliable record management strategies is rising in the manufacturing, aerospace, engineering services, and oil and gas industries. This aids the organization in reducing inventory overuse. It can be equipped to accommodate irregular-sized and molded supplies, such as gloves and wrenches, eliminating the need to repackage or reform objects before returning them. Vending machines are included in the auto-replenishment option. This is further aiding in the accelerated development of the market. Consistent technological progress in industrial vending machines is advancing their performance in MRO and inventory supervision. Numerous manufacturing industries increasingly demand them to keep real-time visibility on the use and purchase of tools and equipment. The advent of machines incorporated with RFID and cloud has aided the growth in the global market. The numerous industrial applications are expected to boost the market in the coming years.
North America’s intelligent vending machine market revenue is witnessing high growth due to the rise in demand for self-service technologies at retail terminals to automate the transaction process. Local outlets in the U.S. and Canada have seen accelerated adoption of these systems across supermarkets, retail stores, shopping malls, etc. Technological progress and alterations in these systems aid in automating the business processes in their application segments. Moreover, favorable initiatives and the need for enhanced consumer experience will drive the regional market demand. Moreover, the rising adoption of these machines by medium and small manufacturing units is projected to surge the market growth during the Asia-Pacific region’s forecast period. Growing tourism in countries like the UAE, Saudi Arabia, and South Africa will also positively influence the market growth in the MEA region.
Key Market Players
The major players in the market are IVM Ltd., CMT Industrial Solutions, SupplyPoint, Silkron, MSC Industrial Direct Co., Inc, AutoCrib, Inc, Airgas, Inc., Fastenal Company, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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