Industrial Vending Machines Market to Exhibit a CAGR of 7.5% by 2028; Announcement of AutoCrib’s New Regional Partner to Revivify Business Prospects: Fortune Business Insights™
Fortune Business Insights
7 min read
Lists the Main Companies in the Global 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)
Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- The global industrial vending machines market size is predicted to reach USD 4,164.5 million by 2028, exhibiting a CAGR of 7.5% 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, 2021-2028.” the market size stood at USD 2,365.0 million in 2020.
COVID-19 Impact:
Disrupted Manufacturing sector to Diminish Market amid Pandemic
The occurrence of COVID-19 has caused enormous loss for industries in developing and developed nations. The government's stringent COVID guidelines on the manufacturing sector have further diminished the growth of the IVM market. The halt on production activities due to laborers' shortage has resulted in reduced demand for industrial vending machines. However, the introduction of new strategies to stabilize and efficiently run businesses can uplift the IVM market in the forthcoming years.
Click here to get the short-term and long-term impact of COVID-19 on this Industrial vending Machines Market.
Based on type, the Industrial Vending Machines Market is segmented into carousel vending machines, coil vending machines, and others. Based on product, the market is classified into maintenance, repair, and operations (MRO), personal protective equipment (PPE), and others. Based on application, the market is divided into manufacturing, oil and gas, and others. Geographically, the market is organized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The report on theindustrial vending machines marketencompasses:
Complete analysis of all the sections
Useful data and figures on every region
Latest Market trends and drivers
Superior insights into all emerging developments
COVID-19 Impact
Driving Factor:
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 multilingual 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-effective 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 industrial vending machines market growth.
The initial purchasing cost of vending machines can be a crucial factor limiting the demand for the industrial vending machines during the forecast period. Moreover, the COVID-19 outbreak has led to a 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 Industrial Vending Machines Market during the forecast period.
Regional Insights:
Evolving Industrial Automation to Promote Development in Asia Pacific
The Industrial Vending Machines Market in Asia Pacific generated a high revenue in 2020 and is likely to remain dominant during the forecast period. The rising employment of vending machines to enhance productivity and efficiency in manufacturing processes will boost the region's industrial vending machines market share. 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 these type of machine’s industry during the forecast period.
Integration of Advanced Features in Vending Machines to Drive Industry
The prominent companies are focused on integrating advanced features in their vending machines to remain at the forefront among other strong players. Companies are introducing advanced products to cater to their enormous industrial customer base. Besides, the intensifying competition among companies can improve the prospects of the market in the future.
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 the company’s products and services
The Report Lists the Main Companies in the Global 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)
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