Global Industrial Vending Machine Market was valued at US$ 1.72 Bn in 2019 and is expected to reach US$ 3.93 Bn by 2027, at a CAGR of 10.89% over forecast period 2020-2027.
Global Industrial Vending Machine Market Drivers and Restrains:
Industrial vending machines assist to view inventory levels in real time, help to keep track of accurate inventory counts preventing overstocking and release the burden of inventory management.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The growing regulations in companies concerning employee safety are expected to stimulate the growth of the market. Vending machines for Personal Protective Equipment (PPE) are progressively being implemented in manufacturing and oil & gas companies to enable the efficient usage of protective equipment for instance goggles, gloves, and helmets, among others.
Constant technological advancements such as automation, cloud implementation and IoT in industrial vending machines are improving their performance in MRO and inventory management.
However, higher operation and maintenance cost is restraining the growth of industrial vending machine market over forecast period.
An increasing adoption of these machines in SMEs is expected to create lucrative opportunities for market over forecast period.
Global Industrial Vending Machine Market Segmentation Analysis:
Global Industrial Vending Machine Market is segmented by type, by Product, by Application, and by Region.
By type, carousel segment is expected to hold highest market share over forecast period. Carousel type machines are used for products, like tools, cutters, and small testing equipment. These products occupy less floor space and are so, largely adopted by SMEs. Additionally, the cost of equipment is lower than the other types. Other types of equipment involve cabinets and lockers that are custom-designed as per the consumer requirements. Cabinets and lockers are typically used for MROs, which are stocked in comparatively higher quantities and volumes.
By Product, The Personal Protective Equipment (PPE) segment held 46% market share in 2019 and is expected to keep its dominance over forecast period. Strict regulations regarding worker safety are expected to stimulate the demand for PPE equipment. PPE is followed by MRO with 36% market share. MRO Products are also an important part of the floor inventory and hence tracking them is essential for many industries, such as manufacturing, oil & gas, and aviation.
By Application, Global Industrial Vending Machine Market is segmented into Manufacturing, Oil & Gas and Others. Among all of these manufacturing application segment holds 53% market share over forecast period. Industrial vending machines are largely used in manufacturing industry as they help in increasing operational efficiency.
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Global Industrial Vending Machine Market Regional Analysis:
Region-wise, market is segmented into North America, APAC, Europe, MEA& Africa and Latin America. Among all of these North America is expected to hold 38.54% market share over forecast period thanks to large number of OEMs and distributors based in this region. North America-based companies are inventors in most of the technologies in the manufacturing industry, thereby contributing to the growth of the North America region. Higher awareness regarding worker safety and hazardous environments is also a significant factor in driving the market in this region. North America is fooled by APAC and Europe.
The Asia Pacific is expected to hold 27.21% of market share over forecast period at a CAGR of 10.3% over forecast period. The growth can be attributed to the growing adoption of automation processes across numerous industries in this region.
Global Industrial Vending Machine Market Competitive Landscape:
The global industrial vending machine market is highly competitive. Market is dominated by some major players such as Airgas, Inc., Apex Industrial Technologies, Brammer, IVM, Apex Industrial Technologies, LLC, AutoCrib, Inc., Brammer, Fastenal Company and CMT Industrial Solutions. By using various inorganic and organic growth strategies such as merger& acquisition, expansion, joint ventures, new product launches and diversification these players are increasing their regional presence and business operations.
Among all of these players Fastenal Company is dominating the market. Fastenal Company deployed of 100,000-plus active industrial vending machines across various regions. They have 14 regional distribution centers, 8,000+ delivery vehicles, 3,200+ in-market servicing locations, and 14,000+ local sales/service personnel.
The objective of the report is to present a comprehensive analysis of the Global Industrial Vending Machine Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors in the market have been presented in the report.
External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Industrial Vending Machine Market dynamics, structure by analyzing the market segments and project the Global Industrial Vending Machine Market size. Clear representation of competitive analysis of key players by End-User Industry, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Industrial Vending Machine Market make the report investor’s guide.
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