The Global Industrial Vending Machine Market size is expected to reach $5 billion by 2029, rising at a market growth of 10.2% CAGR during the forecast period.
Personal Protective Equipment (PPE) is the major contributor to the market as PPE can help to shield a worker from the health and safety risks present at the workplace. Hence, PPE generated approximately 45% share of the market in 2022. Since the Occupational Safety and Health Act of 1970 established industry-specific safety standards for the maritime, manufacturing, and construction industries, workplace accidents have decreased steadily in the United States. These devices provide PPE items like eye protection goggles, safety helmets, safety harnesses, footwear, and respiratory protective equipment to reduce risks to workers while simultaneously tracking and maintaining each worker's access to tools, which spurs market expansion. Some of the factors impacting the market are rising demand for high-security IVMs in data centers, smart factories are adopting IVMs for digitalization of supply chains, and high cost of equipment and IVMs.
Critical spare parts are frequently distributed during downtime via industrial vending machines. Incorporating a high-security IVM with storage management software to track valuable IT equipment helps solve the problem of storage resource management (SRM) that facilities face. The development of Industry 4.0 and the increased focus on waste reduction and sustainability are fueling this market's expansion. Businesses in the market can satisfy the expanding need for technology and automation in both the manufacturing and industrial sectors, which would also support market growth.
However, Due to the high cost of equipment, such as drilling and cutting tools and PPE, the market for has only been able to expand in developed and significant industrial economies. In addition, this product's high maintenance and installation expenses may be a problem and a barrier to the entry of new players for many firms, particularly small ones.
Based on type, the market is fragmented into carousel vending machine, coil vending machine, cabinet vending machine, and others. In 2022, the coil vending machine segment held the highest revenue share in the market. These machines are more efficient since they use less energy, can be easily maintained, and can contain more inventory than other varieties. The sector is therefore expected to fuel market growth. The coil vending machines offer excellent storage density and enable the inventory to be piled front to back.
On the basis of product, the market is segmented into maintenance, repair, & operations (MRO) tools, personal protective equipment (PPE), and others. The maintenance, repair, & operations (MRO) tools segment covered a considerable revenue share in the market in 2022. Many MRO supplies are needed during downtime, including spare parts, tools, sealants, tool kits, coatings, and testing equipment. Therefore, MRO tools are supplied and maintained in large quantities in industries with high downtime costs.
By end-use, the market is bifurcated into manufacturing, oil & gas, construction, aerospace, and others. In 2022, the manufacturing segment dominated the market with the maximum revenue share. Vending machines are often employed in manufacturing to reduce operating downtime and expedite maintenance and repair. Additionally, industrial vending machines aid in increasing operational effectiveness and inventory management. In addition to the advancement of electronic payment systems and the significant rise in machine demand in recent years, IoT solutions are becoming increasingly popular globally.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 2.6 Billion |
| Market size forecast in 2029 | USD 5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2029 |
| Revenue Growth Rate | CAGR of 10.2% from 2023 to 2029 |
| Number of Pages | 224 |
| Number of Table | 380 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Type, End-use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. This is because there are many OEMs and distributors in this region. Furthermore, the demand for industrial vending machines is accelerating due to rising awareness of workplace safety in hazardous areas. Additionally, enterprises in North America are responsible for the majority of manufacturing industry advances, which promotes regional advancement. Another important driving aspect is the growing awareness of dangerous workplaces and worker safety.
Free Valuable Insights: Global Industrial Vending Machine Market size to reach USD 5 Billion by 2029
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apex Industrial Technologies, LLC, AutoCrib, Inc., SecuraStock, CribMaster (Stanley Black & Decker, Inc.), Fastenal Company, IVM, Inc., Rubix Group International Limited (Brammer), SupplyPro, Inc., Silkron, and Air Liquide S.A. (Airgas, Inc.).
By End-use
By Product
By Type
By Geography
The Market size is projected to reach USD 5 billion by 2029.
Smart factories are adopting IVMs for digitalization of supply chains are driving the Market in coming years, however, High cost of equipment and IVMs restraints the growth of the Market.
Apex Industrial Technologies, LLC, AutoCrib, Inc., SecuraStock, CribMaster (Stanley Black & Decker, Inc.), Fastenal Company, IVM, Inc., Rubix Group International Limited (Brammer), SupplyPro, Inc., Silkron, and Air Liquide S.A. (Airgas, Inc.).
The Personal Protective Equipment (PPE) market acquired the maximum revenue share in the Market by Product in 2022 thereby, achieving a market value of $2.2 billion by 2029.
The Carousel Vending Machine market has shown the high growth rate of 10.5% during (2023 - 2029).
The North America market dominated the Global Industrial Vending Machine Market by Region in 2022 thereby, achieving a market value of $1.7 billion by 2029.
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