The global Industrial Vending Machine Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
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.
Key Players:
- Airgas, Inc.
- Apex Industrial Technologies, LLC
- AutoCrib, Inc.
- Brammer
- CMT Industrial Solutions
- CribMaster
- Fastenal Company
- MSC Industrial Direct Co., Inc.
- IVM Ltd.
- Silkron
- SupplyPoint
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Growth Drivers:
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.
Type Outlook:
- Carousel Vending Machine
- Coil Vending Machine
Product Outlook:
- Maintenance, Repair & Operations
- Personal Protective Equipment
End-use Outlook:
- Manufacturing
- Oil & Gas
Regional Outlook:
North American industrial vending machines market held the largest market share of more than 40.0%in 2019. This higher revenue market share is attributed to the presence of various OEMs &distributors in this region. The companies operating in the manufacturing sector are pioneers in adopting new technologies, thereby, expected to drive the regional market growth over the forecast period. Further, increasing awareness regarding hazardous work environments and worker safety will boost the product demand in North America.
The Asia Pacific is projected to emerge as the highest growing region during the forecast period due to an increasing number of small and medium businesses. In this region, developing countries like South Korea, India, and China are widely shifting towards the automation process, which is expected to propel the demand for these machines in the next few years.
Impact of COVID-19
Due to the sudden outbreak of COVID-19, industries such as manufacturing, aviation, and oil & gas have been disrupted in terms of social, financial, and operational consequences. To recover this situation, market players are solving several challenges on an immediate basis to bring their business to a normal level. Wherein, the industrial machine plays an important role in automatically tracking all information, prevent from fraud activities, and cost data such as customer numbers, cost centers, and other custom fields. In addition, during this situation, employee safety becomes a more important concern, wear PPE and MRO supply is expected to gain traction. PPE through industrial vending machines helps employees to provide a safe and clean environment to mitigate safety risks. Thus, several benefits of industrial vending machines allow employees to focus on their jobs and prevent them from hazardous situations, thereby, expected to drive the market growth during this pandemic period.
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