Industrial Vending Machine Market Size Worth USD 3.72 Billion By 2025
The global industrial vending machine market size is estimated to reach USD 3.72 billion by 2025 registering a CAGR of 8.9% from 2019 to 2025, according to a new study by Grand View Research, Inc. rising need for downtime cost reduction in companies is expected to foster the growth of this market over the forecast period. These machines help lower operational downtime while improving efficiency by enabling companies to manage their inventory efficiently. Moreover, the equipment is available in different types, such as carousel and coil machines.
Strict regulations concerning employee safety are expected to stimulate the market growth. Vending machines for Personal Protective Equipment (PPE) are increasingly being implemented in manufacturing and oil & gas companies to enable efficient usage of protective equipment, such as gloves, goggles, and helmets. Furthermore, Maintenance, Repair and Operation (MRO) machines are installed at maintenance facilities in aviation industries, where downtime affects the business operations in a significant way. Original Equipment Manufacturers (OEMs) are developing advanced machines that are IoT-enabled.
For instance, vending machines are connected to the internet that enables data management of the inventory usage and tracking of inventory to prevent fraudulent activities, such as theft. Moreover, these products are connected to the cloud to enable remote data access. Thus, companies can carry out effective inventory management and prevent unnecessary expenses on inventory replenishment. Some of the prominent manufacturers and distributors in the global market are W. W. Grainger, Inc.; Fastenal Company; and AutoCrib, Inc. These companies also provide services, such as consulting and maintenance, and offer either supplier-managed or supplier-agnostic solutions.
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Further key findings from the study suggest:
- Increasing product usage in many small- and Medium-sized Enterprises (SMEs) and specialty manufacturing units owing to long-term benefits of cost saving will boost the market growth
- Manufacturing companies are implementing vending equipment on a large scale for the efficient monitoring of inventory
- Coil machines is expected to be the largest and fastest-growing type segment over the forecast period due their large inventory holding capacity
- Asia Pacific is expected to witness the fastest CAGR of 10.8% from 2019 to 20025 due to increasing adoption of automation processes across various industries in this region
- PPE is predicted to be the fastest-growing product segment at a CAGR of 9.7% over the next six years on account of increased emphasis on employee safety
- Key companies in the industrial vending machine market are AutoCrib, Inc.; Fastenal Company; Apex Industrial Technologies LLC; Silkron; SupplyPro, Inc.; SupplyPoint; CribMaster; CMT Industrial Solutions, Inc.; IVM Ltd.; Grainger, Inc.; and Brammer
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.