CHICAGO, May 22, 2024
/PRNewswire/ -- The global industrial vending machine
market size is expected to grow from USD 1.6
billion in 2024 to USD 2.5
billion by 2029, at a CAGR of 10.1% from 2024 to 2029
according to a new report by
MarketsandMarkets™. Industrial vending machines reduce the
consumption of supplies by enforcing accountability on a job. By
tracking the usage patterns, employees can get information about
the tools and supplies they use daily. Industrial vending gives the
ability to place usage limits, as well as prevents unauthorized use
and hoarding of tools.
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Browse in-depth TOC on "Industrial Vending Machine
Market"
115 – Tables
65 – Figures
215 – Pages
Industrial Vending Machine Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 1.6 billion
|
Estimated Value by
2029
|
$ 2.5 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 10.1%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type, Product Type,
Offering, Industry and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Complexity of
implementation
|
Key Market
Opportunities
|
Increasing popularity
of carousel vending machines among SMEs
|
Key Market
Drivers
|
Rising use of smart
vending machines with cloud and loT integration
|
The market for hardware segment is expected to gain the largest
market share during the forecast period.
A vending machine is manufactured using galvanized steel and
plastics, such as Lexan, acrylic powder coatings, and polyurethane
insulation. The parts manufactured using these materials are used
both inside and outside a vending machine. Galvanized steel forms a
major part of an industrial vending machine. Its thickness ranges
from 10 to 22 gauge—thick gauges are used to make internal tanks
and external doors, whereas thin gauges are used for making
interior doors and plates, can stacks, coin validators, and product
tray mechanisms. Galvanized steel is known for its protective
coating of zinc. Thus, manufacturers highly use galvanized steel to
protect the machine from rusting. Acrylic powder coatings are used
to paint the vending machines.
Vertical lift machines segment is expected to hold a
substantial market share during the forecast period.
The growing need to optimize warehouse floor space, rising
warehouse rentals, increasing focus on worker safety and security,
and benefits associated with the deployment of VLMs compared to
standard shelving systems are driving the growth of the VLM
segment. The requirements from various end-user industries are
changing rapidly, especially in the oil & gas industry. The
vertical lift module is a flexible system that can cope with the
changes and help in reducing costs. Vertical lift machines provide
inventory accountability, order tracking capability, and efficient
and accurate order management in the oil & gas industry. With
the help of vertical lift modules, one can manage multiple orders
while incorporating batch picking and/or kitting with zero picking
errors and less requirement of storage space and workforce.
Reliable and space-saving vertical lift modules enhance the
efficiency of a warehouse of a manufacturing company, as well as
increase the picking accuracy and help to create a clean and secure
environment to house everything from small parts to large
tools.
Construction industry segment is to grow at an impressive
CAGR during the forecast period.
Construction is one of the fast-growing industries that has the
problem of tool shrinkage. Hence, it is necessary to have smart
inventory management systems to keep track of equipment. The
industrial vending machines not only provide centralized tool
storage and retrieval but also have software that report real-time
data for every item in the inventory to keep track of where items
are, who has checked it out, and what job it has been assigned to.
Industrial vending machines have a prominent usage in the
rail/transit sector. Whether freight, light, transit, or
long-distance passenger rail, all facets of the rail industry have
extensive maintenance tracking requirements and until now had
little means for effective management of these areas.
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Asia Pacific is expected to
hold a significant market share of the industrial vending machine
market during the forecast period.
The industrial vending machine industry in Asia Pacific has been studied for China, Japan,
India, and Rest of Asia Pacific. China is among the fastest-growing economies
in Asia Pacific, owing to its
large population base, followed by India. Japan
is a smaller country with respect to geography but is a developed
country and technologically advanced as compared with most
countries in Asia Pacific. The
industrial vending machine market in Asia
Pacific is growing rapidly owing to the increasing demand
for these systems in countries such as China, Japan,
and India. Technological
advancements, increasing sales of industrial vending machines,
product launches & developments by small- and medium-sized
players, and growing use of coil/helix vending machines for food
and beverage applications are expected to fuel the growth of the
industrial vending machine market in Asia
Pacific.
Key Players
The key players in the industrial vending machine companies
include Fastenal Company (US), Airgas, Inc. (US), RUBIX GROUP (UK),
MSC Industrial Direct Co., Inc. (US), Turtle (US), W.W. Grainger,
Inc. (US), and others.
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