Industrial Vending Machine Industry To Gain Traction Due To Growing Adoption By Small And Medium Enterprises

Industrial Vending Machine Industry Overview

The global industrial vending machine market size was valued at USD 2.2 billion in 2019 and is expected to register a CAGR of 9.6% from 2020 to 2027.

Technological advancements in vending machines have enabled companies to improve the efficiency of inventory management and monitor inventory consumption. The adoption of industrial vending machines is expected to increase over the coming years due to cost efficiency, which would enable businesses to generate higher revenue. Moreover, a growing emphasis on employee safety drives the use of personal protective equipment (PPE), subsequently resulting in increased adoption of industrial vending machines for PPE.

The ongoing technological revolution in the vending industry is expected to have a positive impact on market growth. The implementation of RFID and cloud infrastructure in vending systems have enabled the tracking and monitoring of inventory for the prevention of fraudulent activities such as misuse and theft. Furthermore, these technologies provide electronic records of the inventory status and analysis tools to offer insights to the customer for effective inventory management. The technologies further offer real-time visibility of inventory to ensure that products such as manufacturing equipment and tools are not misplaced and are readily available.

Gather more insights about the market drivers, restrains and growth of the Global Industrial Vending Machine Market

The industry is expected to gain traction owing to the growing adoption of these products by small and medium enterprises (SMEs). The availability of these products on a rental basis has enabled SMEs to purchase them at a minimal cost. In addition, the ability to accrue the cost of MRO and PPE on an as-needed basis is expected to help small units minimize costs. Thus, countries in emerging regions such as Asia Pacific are expected to drive market growth over the forecast period.

Industrial vending machines help maintain a record of inventory usage by tracking the time and identification details of the user. Moreover, they improve the company’s productivity by reducing the walk-around time of the employees, thereby increasing employee productivity. Industrial vending machines also enable the reduction of material usage, which, in turn, reduces the company’s expenses. Furthermore, industrial vending machines lower freight and stock outage costs, thereby enabling companies to prevent constant inventory replenishment and save expenses incurred on repeated inventory purchases.

Industrial vending machines can be optimized as per the production of the company to ensure the availability of the right tools and spare parts. Furthermore, increasing adoption of industrial vending machines by small and medium specialty manufacturing units is expected to drive the industrial vending machine market in the coming years. However, high cost of industrial vending machines poses a challenge for several companies, particularly small-scale companies. As the market matures over time, the high cost of industrial vending machines is anticipated to be absorbed by the rental revenue model.

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• Vending Machine Market - The global vending machine market size was valued at USD 30.30 billion in 2018 and is expected to register a CAGR of 9.4% from 2019 to 2025. Growing demand for on-the-go snacks, drinks, etc. due to a hectic lifestyle is boosting product sales. The growth can also be attributed to the machine's ability to deliver goods quickly making it an extremely convenient option for consumers.
• Intelligent Vending Machines Market - The global intelligent vending machines market size was valued at USD 3.34 billion in 2015 and is presumed to gain traction over the forecast period. The increasing penetration of Internet of Things (IoT) and connected device technologies is anticipated to bolster the growth of intelligent vending machines.

Industrial Vending Machine Market Segmentation

Grand View Research has 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
  • Others
• Industrial Vending Machine Product Outlook (Revenue, USD Million, 2016 - 2027)
  • Maintenance, Repair & Operations
  • Personal Protective Equipment
  • Others
• Industrial Vending Machine End-use Outlook (Revenue, USD Million, 2016 - 2027)
  • Manufacturing
  • Oil & Gas
  • Others
• Industrial Vending Machine Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

March 2020: To develop its business operations, Fastenal purchased an unrevealed amount of assets from Apex Industrial Technologies.

March 2019: AutoCrib introduced advanced technology software named Arcturus which helps to keep the track of inventories of the vending machines.

Key Companies profiled:

Some prominent players in the global Industrial Vending Machine market include

• Fastenal Company
• AutoCrib, Inc.
• Apex Industrial Technologies LLC
• Silkron
• SupplyPro, Inc.
• SupplyPoint
• CribMaster
• CMT Industrial Solutions
•  IVM Ltd.
• Brammer
• Grainger, Inc.

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