Industrial Vending Machine Market worth $1.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 20, 2021 /PRNewswire/ -- According to a research report "Industrial Vending Machine Market with COVID-19 Impact Analysis, by Type (Vertical Lift Machine, Coil Vending Machine, Carousel Vending Machine, Scale Vending Machine), Offering, Business Model, End-user Industry, and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the Industrial Vending Machine Market is expected to grow from USD 1.1 billion in 2021 to USD 1.8 billion by 2026, at a CAGR of 11.0%. The market growth can be attributed to several factors, such as growing need for high-security industrial vending machines in data centers, increasing use of point-of-use inventory management and tracking solutions for industrial and safety supplies, and integration of IoT and cloud infrastructure into industrial vending machines.
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Vertical lift machines segment to grow with the highest CAGR 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. Designed to deliver stored items to the operator and eliminate walk and search time, the VLM can increase two-third of productivity. The vertical lift machines offer more flexibility than other Automated Storage and Retrieval Systems (ASRSs) solutions. Unlike large ASRS systems that require a complete refurbishment of the warehouse or production area, VLM systems are modularized and easy to implement. The modular construction gives the ability to change the unit's height to meet future needs and capitalize further on the initial investment.
Manufacturing end-user industry to hold the largest share of the market during the forecast period
The use of a vending machine for industrial supply helps eliminate costly restocking delays by predicting tool shortages. With wireless connectivity, customizable configurations, operational reports, and mobility, the industrial vending machines provide actionable data that allow managers to make daily decisions and plans for long-term strategic initiatives to keep operations running at full efficiency. They also provide gauge calibration management and detailed audit trail information for accurate quality control and recall operations. The vending machine used in the manufacturing industry dispenses items such as machine calibration equipment and gauges, precision tools and gauges, and work tools (screwdrivers, wrenches, drills, and saws).
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North America is leading the industrial vending machine market in 2020
North America held the largest share in the industrial vending machine market in 2020. North America is expected to continue to dominate the industrial vending machine market during the forecast period due to the high demand for industrial vending technology in the region, predominantly from the healthcare and manufacturing end-user industries. These end-user industries have a large presence in North America, which is consequently driving the demand for industrial vending machines. The US and Canada are the leading markets in North America due to the rising production of MRO/PPE products and increasing government-led funding.
Some of the key companies operating in the market are AutoCrib, Inc. (US), Fastenal Company (US), Airgas, Inc. (US), BRAMMER (Norway), SupplyPoint (UK), SupplyPro, Inc. (US), SECURASTOCK, LLC. (US), CribMaster (Georgia), IVM, Inc. (US), and Silkron (Malaysia), and so on.
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