The global industrial vending machine market size is projected to reach USD 4.6 billion by 2027, according to Million Insights. Increasing need for cost reduction among companies is anticipated to drive the market growth in the next few years. These machines help to reduce operational downtime by managing their inventories efficiently. These systems are available in various types such as coil and carousel vending machines and manufactured by OEMs to fulfill the increasing demand from several end-use verticals.
Growing regulations in companies for employee safety is expected to fuel market growth. In manufacturing as well as oil & gas industries, vending machines for personal protective equipment (PPE) are widely used that enables usage of helmets, goggles, and gloves. Moreover, in the aviation industry, maintenance, repair, and operations (MRO) machines are mounted at maintenance facilities, where downtime is not acceptable for business operations. Market players are developing IoT enabled vending machines that help to manage data of inventory usage as well as reduce the risk of fraudulent activities. IoT technology helps to prevent excessive expense on replenishment of inventory and supports for efficient inventory management.
The major players which are engaged in the manufacturing and equipment distribution are Fastenal Company, Auto Crib, and Grainger. In addition, these market players offer services like consulting & maintenance and supplier-agnostic solutions. Companies are striving to update their existing offerings with new technologies such as cloud-based tracking capabilities, thereby, expected to drive the industrial vending machine market growth.
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Further key findings from the report suggest:
• Industrial coil vending machine market is expected to get traction during the forecast period owing to its high inventory holding capacity
• Asia Pacific is estimated to grow with the highest CAGR of over 11%, from 2020 to 2027 owing to rising adoption of automation process across several industries.
• Specialty manufacturing units and small and medium enterprises (SMEs) are extensively installing industrial vending systems, as it saves cost for long term.
• In manufacturing industry, industrial vending machine is expected to witness significant growth, as it helps to monitor inventory efficiently.
• Personal & protective equipment is estimated to grow with the CAGR of over 10.0% during the forecast period due to increasing awareness about employee safety.
• Apex Industrial Technologies LLC; Fastenal Company; AutoCrib, Inc.; Silkron; SupplyPro, Inc.; Grainger, Inc.CribMaster; CMT Industrial Solutions; IVM Ltd.; Brammer; SupplyPoint; are major players operating in this industry.
Million Insights segmented the global industrial vending machine market on the basis of type, product, end use, and region:
Industrial Vending Machine Type Outlook (Revenue, USD Million, 2016 - 2027)
• Carousel Vending Machine
• Coil Vending Machine
Industrial Vending Machine Product Outlook (Revenue, USD Million, 2016 - 2027)
• Maintenance, Repair & Operations
• Personal Protective Equipment
Industrial Vending Machine End-use Outlook (Revenue, USD Million, 2016 - 2027)
• Oil & Gas
Industrial Vending Machine Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Latin America