Yahoo Finance Industrial Vending Machines Market Size to Grow Worth USD 4,164.5 Million by 2028 | Fortune Businesses Insights
The global industrial vending machines market was valued USD 2,365.0 million in 2020. The market size for industrial vending machines is expected to reach USD 4,164.5 million by 2028, and expand at a compound annual growth rate (CAGR) of 7.5% during this forecast period.
Pune, India, Feb. 08, 2023 (GLOBE NEWSWIRE) --
In 2020, the global industrial vending machines market size was valued at USD 2,365.0 million. Despite the impact of COVID-19, the market saw modest growth, increasing by 6.5% in 2020. The market is expected to continue its upward trajectory, reaching USD 4,164.5 million by 2028 with a projected compound annual growth rate (CAGR) of 7.5% between 2021 and 2028. This growth is attributed to the demand for industrial vending machines returning to pre-pandemic levels as the pandemic subsides.
The rise of advanced technologies is driving growth in the industrial vending machine (IVM) industry. These machines can be integrated with RFID tags and cloud infrastructure to create a multi-language display system. This makes them ideal for dispensing a variety of items without the need for staff intervention and providing secure access through security codes.
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The Report Lists the Main Companies in the Industrial Vending Machine Market:
Fastenal Company (Minnesota, United States)
AutoCrib, Inc. (California, United States)
IVM Ltd. (Indiana Polis, United States)
Apex Industrial Technologies LLC. (Ohio, United States)
Silkron (Penang, Malaysia)
SupplyPro, Inc. (California, United States)
SupplyPoint (Rugby, United Kingdom)
CribMaster (Marietta, Georgia)
CMT Industrial Solutions (South Carolina, United States)
Brammers (London, United Kingdom)
COVID-19 Impact:
Disrupted Manufacturing sector to Diminish Market amid Pandemic
The occurrence of COVID-19 has caused enormous loss for industries in developing and developed nations. The government's stringent COVID guidelines on the manufacturing sector have further diminished the growth of the industrial vending machine (IVM) market. The halt on production activities due to laborers' shortage has resulted in reduced demand for industrial vending machines. However, the introduction of new strategies to stabilize and efficiently run businesses can uplift the industrial vending machine (IVM) market in the forthcoming years.
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Market Driving Factor:
Advanced Technology Integrated Vending Machines to Foster Growth
The market has gained enormous impetus from the advent of advanced technologies. The integration of RFID tags and cloud infrastructure for a multi-lingual display system will create enormous opportunities for the market in the forthcoming years. For instance, IVM’s vending machines are integrated with SaveLog software that records each transaction using RFID tags, along with multi-language displays and alerts for filling up the stock. The automatic vending machines can be used to dispense all types of items without the need for staff intervention. Thus, heavy demand for smart machines will enable speedy expansion of the market. The growing adoption of industrial vending machines in small and medium manufacturing facilities owing to its benefits such as cost-effective and low energy consumption, will further uplift market sales in the foreseeable future. The rising focus of industries towards lessening the management inventories and improving performance will subsequently propel the industrial vending machine market growth
Market Restraint:
High Initial Investment to Restrict Market Growth
The initial purchasing cost of vending machines can be a crucial factor limiting the demand for the industrial vending machine during the forecast period. Moreover, the COVID-19 outbreak has led to a temporary shutdown of manufacturing sectors, which further reduces the adoption of such machines in industries. Nonetheless, the high maintenance associated with vending machines alongside its excessive operational downtime will consequently retard the growth of the industrial vending machine market during the forecast period.
Market Segments:
Based on type, the market is segmented into carousal vending machine, coil vending machine, and others. Based on product, the market is classified into maintenance, repair, and operations (MRO), personal protective equipment (PPE), and others. Based on application, the market is divided into manufacturing, oil and gas, and others. Geographically, the market is organized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Report Scope and Segmentation:
Report Coverage | Details |
Forecast Period | 2021-2028 |
Forecast Period 2021-2028 CAGR | 7.5% |
2028 Value Projection | USD 4,164.5 million |
Base Year | 2020 |
Market Size in 2020 | USD 2,365.0 million |
Historical Data | 2017 to 2019 |
No. of Pages | 140 |
Segments covered | Type, Product, End-User, Region |
Growth Drivers | Increasing Emphasis for Employee Safety Uplifts the Use of Personal Protective Equipment (PPE) Across the World |
Rising Adoption of Industrial Vending Machines by SME Manufacturing Units |
Regional Insights:
Evolving Industrial Automation to Promote Development in Asia Pacific
The market in Asia Pacific generated a high revenue in 2020 and is likely to remain dominant during the forecast period. The rising employment of vending machines to enhance productivity and efficiency in manufacturing processes will boost the region's industrial vending machine market share. The increasing focus towards improving inventory management will aid the expansion of the market in the region. North America is predicted to witness a high growth rate during the forecast period. The growth in the region is attributed to the rising concerns regarding worker safety, which is boosting the adoption of vending machines in the region. Europe is predicted to rise excellently in the forthcoming years due to the emphasis on high productivity and accountability in manufacturing plants. The increasing purchase of cutting-edge machines in Italy, the UK, France, and Russia will bolster the healthy growth of the industrial vending machine industry during the forecast period.
Competitive landscape:
Integration of Advanced Features in Vending Machines to Drive Industry
The prominent companies are focused on integrating advanced features in their vending machines to remain at the forefront among other strong players. Companies are introducing advanced products to cater to their enormous industrial customer base. Besides, the intensifying competition among companies can improve the prospects of the industrial vending machine market in the future.
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Key Industry Development:
June 2018: AutoCrib Inc, a world leader in automated inventory vending machines, announced its new regional partner, AutoCrib South Asia to provide full delivery of the company’s products and services.
Table of Content:
Introduction
Definition, By Segment
Research Approach
Sources
Executive Summary
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
PESTLE Analysis
Porter’s Five Force Analysis
Global Industrial Vending Machine Market Share Analysis and Matrix, 2020
Key Market Insights and Strategic Recommendations
Profiles of Key Players (Would be provided for 10 players only)
Overview
Key Management
Headquarters etc.
Offerings/Business Segments
Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
Employee Size
Key Financials
Past and Current Revenue
Gross Margin
Geographical Share
Business Segment Share
Recent Developments
Primary Interview Responses
Annexure / Appendix
Global Industrial Vending Machine Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
Continued...
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