The global industrial vending machine market size is estimated to reach USD 4.6 billion by 2027, registering a CAGR of 9.6% from 2020 to 2027, according to a new study by Grand View Research, Inc. The increasing need for downtime cost reduction in companies is expected to drive the growth of the market over the forecast period. Industrial vending machines are expected to lower operational downtime by enabling companies to efficiently manage their inventory. Moreover, these systems are available in different types such as carousel and coil vending machines and are designed by original equipment manufacturers (OEMs) to cater to diverse requirements across various end-use industries.
Increasing regulations in companies concerning employee safety are expected to drive the growth of the market. Vending machines for personal protective equipment (PPE) are increasingly being implemented in manufacturing and oil and gas companies to enable the efficient usage of protective equipment such as gloves, goggles, and helmets. Furthermore, maintenance, repair, and operations (MRO) machines are installed at maintenance facilities in aviation industries, where downtime is unfavorable for business operations.
OEMs are developing industrial vending machines that are IoT-enabled. For instance, vending machines are connected to the internet enable data management of inventory usage and tracking of inventory to prevent fraudulent activities such as theft. Moreover, these systems are connected to the cloud to enable remote access to data. Thus, the company can carry out effective management of the inventory and prevent unnecessary expenses on inventory replenishment.
The market comprises a few major players such as Fastenal Company, Grainger, and AutoCrib, which are mainly involved in the manufacturing and distribution of this equipment. Additionally, these players provide services such as consulting and maintenance, and offer either supplier-managed solutions or supplier-agnostic solutions. Numerous solution vendors are also upgrading their existing offerings with cloud-based tracking capabilities, which is expected to further drive the market.
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Industrial Vending Machine Market Report Highlights
• Industrial coil vending machines are expected to be widely adopted over the forecast period due to their large inventory holding capacity
• Asia Pacific is expected to be the fastest-growing regional industrial vending machine market, registering a CAGR of 11.1% over the forecast period. The growth can be attributed to the increasing adoption of automation processes across various industries in this region
• Small and medium enterprises (SMEs) and specialty manufacturing units are increasingly adopting industrial vending systems owing to long-term benefits of cost saving
• The market is expected to gain significant traction in the manufacturing end use segment owing to the benefits of efficient monitoring of inventory
• Personal and protective equipment is estimated to be the fastest-growing product segment, registering a CAGR of more than 10.0% over the forecast period owing to increased emphasis on employee safety
• Key industry participants include Fastenal Company; AutoCrib, Inc.; Apex Industrial Technologies LLC; Silkron; SupplyPro, Inc.; SupplyPoint; CribMaster; CMT Industrial Solutions; IVM Ltd.; Brammer; and Grainger, Inc.
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