The global industrial vending machine market was valued at USD 2.08 billion in 2020 and is expected to reach USD 4.3 billion by 2028, expanding at a CAGR of 9.2% during the forecast period, 2021 – 2028. The growth of the market is attributed to growing need for cost reduction and increasing awareness about employee safety in the companies.
Industrial vending machines are devices, which provide employees involved in the manufacturing process with tools and materials to perform their duties efficiently on time. Industrial vending machines supply, store, and maintain an automatic inventory of components and tools used in manufacturing.
Industrial Vending Machine Market Trends, Drivers, Restraints, and Opportunities:
- Continuous technological revolutions in the vending industry are estimated to drive the market.
- Integration of cloud and RFID infrastructure in the vending system has enabled monitoring and tracking of inventory for minimizing fraudulent activities such as theft and misuse. This is expected to boost the market.
- Industrial vending machines provide real-time visibility of inventory to confirm that products such as tools and manufacturing equipment are readily available and not misplaced. Moreover, they can be optimized to confirm the availability of spare parts and tools. These factors fuel the market.
- The vending machine industry is anticipated to expand, due to rising adoption of these products by small and medium enterprises.
- Availability of vending machines on rental basis has helped SMEs to purchase them at minimum cost, which in turn, has propelled the market.
- These machines increase productivity by minimizing the walk around time of the employees.
- Industrial vending machines help to reduce the material usage, which in turn, reduces the expenses of the company.
- High costs of the vending machines hinder the market growth.
Scope of the Industrial Vending Machine Market Report:
The report on the industrial vending machine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Industrial Vending Machine Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Coil and Carousel), Products (Maintenance and Repair & Operations (MRO), and Personal Protective Equipment), End-Use (Manufacturing, Oil & Gas, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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AutoCrib, Inc., Silkron, Fastenal Company, Apex Industrial Technologies LLC, CMT Industrial Solutions, SupplyPro, Inc., Grainger, Inc., SupplyPoint, IVM Ltd., CribMaster, and Brammer.
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Industrial Vending Machine Market Segment Insights:
The coil segment held a major share of the total revenue in 2019
Based on types, the global industrial vending machine market is bifurcated into coil and carousel. The coil segment is expected to expand at a robust CAGR during the forecast period. The coil-based machines are easy to maintain and consume less power. These features make the machines economical. As a result, this segment is anticipated to boost the market during the forecast period.
Carousel vending machines are used for cutters, small testing equipment, and tools. These machines occupy less floor space and are therefore largely accepted by SMEs. Additionally, this machine is cost-efficient and economical for companies. Other types of machines involve lockers and cabinets that are custom designed based on consumer usage.
The personal protective equipment segment is expected to expand at a rapid pace during the forecast period
On the basis of products, the global industrial vending machine market is segregated as maintenance, repair & operations (MRO), and personal protective equipment. Increasing awareness about employee safety has led to the implementation of industrial vending machines to store personal protection equipment.
The maintenance and repair and operations (MRO) segment consist of tools, sealants, coatings, spare parts, testing equipment, and tool kits that are required during downtime. MRO supplies are an important part of the floor inventory. Keeping track of them is crucial for many industries such as oil & gas, aviation, and manufacturing. MRO equipment are maintained and stocked on a large scale in industries, where there is frequent downtime. These factors are responsible for the market growth.
The manufacturing segment held a major share of the total revenue in 2019
In terms of end-use, the global industrial vending machine market is fragmented as manufacturing, oil & gas, and others. The manufacturing segment is expected to expand at a high CAGR during the forecast period. Industrial vending machines are extensively used in the manufacturing sector, due to high costs associated with operational downtime. Industrial vending machines help to keep a track on the supply and ensure operational efficiency.
The oil & gas segment is projected to expand at a rapid pace during the forecast period. Growth of the segment is attributed to high cost of equipment such as PPE and drilling tools. Additionally, employee safety is of high priority in this industry, due to the hazardous work environment. The others end-use segment includes military, aviation, and defense.
The market in North America held a major share of around 40% of the total revenue in 2019
Based on regions, the global industrial vending machine market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to expand at a robust CAGR during the forecast period, owing to presence of several distributors and OMEs in the region. Companies in North America are pioneers in most technologies in the manufacturing sector, which is expected to boost the market in the region.
The market in Asia Pacific is projected to expand at a robust CAGR during the forecast period. Rising number of SMEs in the region fuels the demand for industrial vending machines. Countries such as India, South Korea, and China are adopting progressive production and manufacturing practices.
Segments
The global industrial vending machine market has been segmented on the basis of
Products
- Maintenance and Repair & Operations (MRO)
- Personal Protective Equipment
Types
End Use
- Manufacturing
- Oil & Gas
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key players
- AutoCrib, Inc.,
- Silkron,
- Fastenal Company,
- Apex Industrial Technologies LLC,
- CMT Industrial Solutions,
- SupplyPro, Inc.,
- Grainger, Inc.,
- SupplyPoint,
- IVM Ltd.,
- CribMaster,
- Brammer
Competitive Landscape
Key players in the global industrial vending machine market include AutoCrib, Inc., Silkron, Fastenal Company, Apex Industrial Technologies LLC, CMT Industrial Solutions, SupplyPro, Inc., Grainger, Inc., SupplyPoint, IVM Ltd., CribMaster, and Brammer. The market is highly competitive and entry for new players is difficult, as high investment is required for manufacturing. Small players in the market merge and collaborate with the major players to enter the industry.
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