The Global Industrial Vending Machines Market is estimated to reach USD 1.43 billion by 2025, according to a new study by Hexa Reports. The growing need for downtime cost reduction in companies is expected to foster the growth of the market over the forecast period.
Industrial vending machines are expected to lower operational downtime by enabling the company to manage its inventory efficiently. Moreover, the equipment is available in different types such as carousel and coil vending machines. The equipment is designed by OEMs as per the end-use. The equipment enables long-term cost saving, thereby improving the company's efficiency.
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The increasing regulations in companies concerning employee safety are expected to stimulate the growth of the market. Vending machines for Personal Protective Equipment (PPE) are increasingly being implemented in manufacturing and oil & gas companies to enable the efficient usage of protective equipment such as gloves, goggles, and helmets, among others. Furthermore, Maintenance, Repair, and Operations (MRO) machines are installed at maintenance facilities in aviation industries, where downtime affects the business operations in a significant way.
OEMs are developing industrial vending machines that are IoT-enabled. For instance, vending machines are connected to the internet that enables data management of the inventory usage and the tracking of inventory to prevent fraudulent activities such as theft. Moreover, these products 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.
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The market comprises a few big players such as AutoCrib, Inc. and Fastenal Company that are mainly involved in the manufacturing and distribution of this equipment. Additionally, these players provide services such as consulting and maintenance.
Further key findings from the study suggest:
- Industrial coil vending machines are expected to be widely adopted over the forecast period due their large inventory holding capacity
- Asia Pacific is expected to be the fastest-growing regional segment, registering a CAGR of 10.3% 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 are increasingly adopting industrial vending equipment owing to its long-term benefits of cost saving
- Manufacturing companies are expected to implement vending equipment on a large scale for the efficient monitoring of inventory
- Personal and Protective Equipment (PPE) is predicted to be the fastest-growing product segment, registering a CAGR of 9.2% over the next eight years owing to the increased emphasis on employee safety
- Key industry participants include AutoCrib, Inc., Apex Industrial Technologies LLC, Silkron, SupplyPro, Inc., Fastenal Company, SupplyPoint, CribMaster, CMT Industrial Solutions, IVM Ltd., Brammer, and Grainger, Inc., among others.
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