Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The global industrial vending machine market size is predicted to reach USD 3.68 billion by 2027, exhibiting a CAGR of 6.9% during the forecast period. The increasing adoption of personal protective equipment (PPE) in numerous industries will have a positive impact on the market during the forecast period, states Fortune Business Insights, in a report, titled “Industrial Vending Machines Market Size, Share & Industry Analysis, By Type (Carousel Vending Machine, Coil Vending Machine, and Others), By Product (Maintenance, Repair and Operations (MRO), Personal Protective Equipment (PPE), and Others), By End-User (Manufacturing, Oil & Gas, and Others) and Regional Forecast, 2020-2027” the market size stood at USD 2.17 billion in 2019.
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The current COVID-19 pandemic has brought most businesses worldwide to a complete standstill. Import and export transportation is at a halt, further impacting international businesses. The fact that we are not aware of the continuity of this lockdown period is not only creating chaos among people worldwide but also affecting the world economy at large. However, we soon hope to overcome this obstacle with the help of government support.
We, at Fortune Business Insights, are offering in-depth analytical reports on various markets impacted by the COVID-19 pandemic and their future outlooks. These reports are a prediction study of the current situation on multiple exchanges and what steps can be adapted to make the most benefit, thereby directing stable revenue to these markets in the foreseeable future.
The report on the industrial vending machines market encompasses:
- Through analysis of all the sections
- Informative data and figures on every region
- Latest Market trends and drivers
- Superior insights into all emerging developments
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Market Driver:
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-effectiveness 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 growth of the market.
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 market during the forecast period. Moreover, the COVID-19 outbreak has led to 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 market during the forecast period.
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Market Restraint:
Evolving Industrial Automation to Promote Development in Asia Pacific
The market in Asia Pacific generated a revenue of USD 0.67 billion in 2019 and is likely to remain dominant during the forecast period. The rising employment of vending machines to enhance the productivity and efficiency in manufacturing processes will boost the market in the region. 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 market during the forecast period.
Key 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 company’s products and services
The Report Lists the Main Companies in the Industrial Vending Machines 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)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- COVID-19 Outbreak: Industrial Vending Machine Industry Impact
- Global Industrial Vending Machines Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Carousel Vending Machine
- Coil Vending Machine
- Others (Cabinet Vending Machine, etc.)
- Market Sizing Estimations and Forecasts – By Product (Value)
- Maintenance, Repair, and Operations (MRO)
- Personal Protective Equipment (PPE)
- Others (Cutting Tools, etc.)
- Market Sizing Estimations and Forecasts – By End-User (Value)
- Manufacturing
- Oil & Gas
- Others (Military & Defense, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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