According to a new report, published by KBV research, 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.
The Oil & Gas market is showcasing a CAGR of 10.8% during (2023 - 2029). Due to the requirement for precise inventory management systems to monitor the expensive drilling equipment and PPE, the oil and gas industry has seen increased demand for industrial vending machines. In addition, the industry is heavily dependent on IVM due to the up-to-date reporting of each employee's use of equipment for maintaining and organizing stocks.
The Personal Protective Equipment (PPE) market acquired the maximum revenue share in the Global Industrial Vending Machine Market by Product in 2022 thereby, achieving a market value of $2.2 billion by 2029. Due to the growing significance of worker safety, industrial vending machines are now employed to store personal protective equipment. It is also projected that increased workforce safety regulations will increase demand for these PPE machines. In addition, the need for industrial vending machines for PPE equipment is fueled by the rules that specify the type of PPE needed for protection during various procedures.
The Carousel Vending Machine market has shown the high growth rate of 10.5% during (2023 - 2029). Carousel vending machines have become more sophisticated and effective due to technological advancements. They can now be customized for each customer by adding touch screens, cashless payment methods, and sometimes facial recognition technologies. These are utilized for tools, cutters, and small testing apparatuses. SMEs often use carousel vending machines since they require less floor space.
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. The Europe market is anticipated to grow at a CAGR of 9.8% during (2023 - 2029). Additionally, The Asia Pacific market would witness a CAGR of 11.1% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/industrial-vending-machine-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Ipsen Pharma Biotech SAS, Merz Pharma GmbH & Co. KGaA, Suneva Medical, Inc., Medytox Inc., Sinclair Pharma Ltd., Bloomage Biotechnology Corporation Limited (Bloomage International Investment Group), Anika Therapeutics, Inc., Prollenium Medical Technologies Inc., Galderma S.A., and Allergan PLC (AbbVie, Inc.).
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