The industrial vending machine market is expected to grow from USD 1.1 billion in 2021 to USD 1.8 billion by 2026, at a CAGR of 11.0%. The market growth can be attributed to several factors, such as the growing need for high-security industrial vending machines in data centers, increasing use of point-of-use inventory management and tracking solutions for industrial and safety supplies, and integration of IoT and cloud infrastructure into industrial vending machines.
The industrial vending machine market witnessed a significant decline in its size in 2020 owing to the spread of the virus. The pandemic has adversely impacted the supply chain of the industrial vending machine market, as some of the prominent market players are based in China, which was the epicenter of the COVID-19. Moreover, in the wake of the current situation, the key players are focusing on maintaining and generating operating revenues. This led to a reduction in the number of developments in the industrial vending machine market in 2020. A number of scheduled product launches and related developments have been delayed due to the pandemic. However, the impact of COVID-19 is expected to reduce during the forecast period.
The software segment is expected to exhibit a higher CAGR of the industrial vending machine market during the forecast period
Based on the offering, the industrial vending machine market has been divided into hardware and software. The software integrated into the industrial vending machine reports real-time data for every item in the inventory to track where it is, who has checked it out, and what job it has been assigned. Industrial vending machines and inventory control systems allow 24/7 access to safety gear and PPE supplies at the point of use. Employees have immediate access to these crucial items, while the inventory management software automatically maintains inventory quantities and purchase orders to prevent stock-outs.
Manufacturing segment to hold the largest share of industrial vending machine market during the forecast period
Industrial vending machines are automated devices that provide employees involved in a manufacturing process with the tools and materials to correctly and efficiently perform their duties on a timely basis. Industrial vending machines store, supply, and perform automatic inventory of tools and components used in the manufacturing process. The use of a vending machine for industrial supply helps eliminate costly restocking delays by predicting tool shortages. However, the outbreak of the COVID-19 pandemic has resulted in a temporary shutdown of manufacturing sites and facilities, which has hampered the purchasing power and financial condition of companies. This has adversely affected the growth of the industrial vending machine market for the short term.
The market for vertical lift machines to grow at the highest CAGR during the forecast period
On the basis of type, the market is categorized into vertical lift machines, coil vending machines, carousel vending machines, scale vending machines, and others. Rapid industrialization in emerging Asian economies, such as India and Vietnam, expanding e-commerce industry, and growing need for automated warehousing operations are the key factors fueling the demand for single-level delivery type vertical lift machines. Besides, there has been an increase in the adoption of vertical lift machines in various industries, such as semiconductor & electronics, aerospace, healthcare, and automotive, to store and retrieve components and raw materials.
APAC is expected to register the highest CAGR in the market during the forecast period
Among all regions, APAC is expected to register the highest growth in the industrial vending machine market during the forecast period. The entry of new players, increasing sales of industrial vending machines, and growing adoption of inventory management systems in the food, manufacturing, and healthcare industries are also driving the growth of the APAC market. However, the sudden outbreak of the COVID-19 pandemic has affected economic conditions and the adoption rate of inventory & asset management machines in many industries due to the high cost of industrial vending machines. However, the market’s growth is expected to pick up pace in the coming years with a gradual recovery of the region’s economy.
Breakdown of primary participants:
- By Company Type: Tier 1 = 45%, Tier 2 = 30%, and Tier 3 = 25%
- By Designation: C-Level Executives = 40%, Directors = 35%, and Others = 25%
- By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
Some of the major players in the industrial vending machine market include AutoCrib, Inc. (US), Fastenal Company (US), Airgas, Inc. (US), BRAMMER (Norway), SupplyPoint (UK), SupplyPro, Inc. (US), SECURASTOCK, LLC. (US), CribMaster (Georgia), IVM, Inc. (US), and Silkron (Malaysia), and so on.
In this report, the industrial vending machine market has been segmented on the basis of offering, type, end-user industry, and geography. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions?North America, Europe, APAC, and RoW. Value chain analysis has been included in the report, along with the key players and their competitive analysis in the industrial vending machine ecosystem.
Key Benefits to Buy the Report:
- This report includes statistics for the industrial vending machine market based on offering, type, end-user industry, and geography, along with their respective market sizes.
- Value chain analysis and key industry trends have been provided for the market.
- Major drivers, restraints, opportunities, and challenges for the industrial vending machine market have been provided in detail in this report.
- This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market.
- The competitive landscape section includes the competitor ecosystem and the recent development strategies adopted by the key players in the market, such as product launches/developments, partnerships/acquisitions/contracts.