Yahoo Finance Industrial Vending Machine Market Size, Share & Trends Analysis Report By Type, By Product, By End-use, By Region And Segment Forecast, 2022 - 2030
Industrial Vending Machine Market Size, Share & Trends Analysis Report By Type (Carousel, Coil), By Product (MRO Tools, PPE), By End-use (Manufacturing), By Region, And Segment Forecast, 2022 - 2030
New York, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Vending Machine Market Size, Share & Trends Analysis Report By Type, By Product, By End-use, By Region And Segment Forecast, 2022 - 2030" - https://www.reportlinker.com/p05785372/?utm_source=GNW
Industrial Vending Machine Market Growth & Trends
The global industrial vending machine market size is expected to reach USD 5.8 billion by 2030. expanding at a CAGR of 9.7% from 2022 to 2030. Technological advancements in vending machines have enabled companies to improve inventory management efficiency and monitor inventory consumption with real-time data analysis, thereby driving the market growth.
The adoption of industrial vending machines is expected to increase during the coming years due to cost efficiency, which would enable businesses to generate higher revenues. 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.
Key industry sectors such as automotive, construction, aviation, manufacturing, and oil and gas are the prominent end-use industries that are highly dependent on the use of MRO tools, personal protective equipment, and other consumables and durables. The increasing expansion of these industries due to rising industrialization and globalization is expected to drive the demand for industrial vending machines.
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, which is expected to drive market expansion.
Industrial vending machines help save costs by saving employee job hours.Efficient inventory management enables employees to work productively within fixed hours, thereby preventing the wastage of employee work hours.
Moreover, industrial vending machines enable the lowering of freight costs and stock outages, which is anticipated to drive demand for these machines and subsequently aid market growth.
Manufacturers of the product adopt several strategies, including acquisitions, mergers, and joint ventures to enhance their market penetration.For instance, in April 2020, Fastenal Company bought a stake in Apex Industrial Technologies.
It is expected to boost the company’s reach and build a stronger portfolio over the coming years.
Industrial Vending Machine Market Report Highlights
• The coil vending machine segment accounted for 37.9% of the global revenue share in 2021, owing to its higher penetration across various end-use industries such as construction, manufacturing, and oil & gas
• The PPE segment accounted for the largest share of 41.4% in 2021 owing to factors such as increased use of protective items, including hard hats, safety goggles, and safety gloves across various industries
• The manufacturing industry is expected to witness growth at a rate of 9.8% during the forecast period. This is credited to the strong growth in the manufacturing sector worldwide, especially in emerging economies
• North America region accounted for the largest share of 35.0% in 2021, owing to the strong presence of the key players and distributors, along with high awareness about these machines across various industries
• Key players are opting for various strategies, including product development, expansion to new geographic locations, and joint ventures, in order to increase sales and improve market share
Read the full report: https://www.reportlinker.com/p05785372/?utm_source=GNW
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