Industrial Vending Machines Market Size was valued at USD 3.2 Billion in 2022. The Industrial Vending Machines Market industry is projected to grow from USD 3.5 Billion in 2023 to USD 7.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.50% during the forecast period (2024 - 2032). Increasing automation in industries and the need for efficient inventory management solutions are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for industrial vending machines is being driven by the rising need for high-security industrial vending machines in data centers. Industrial vending machines serve a crucial role in providing critical parts during downtime. Facilities can overcome the difficulty of storage resource management (SRM) by implementing a high-security industrial vending machine with storage management software to track critical IT equipment.
The industrial vending machine provides the benefit of 24-hour access management. Instead of pulling from unmanaged storage closets, technicians can get drives and other important spare components from an industrial vending machine. When a drive is checked out for a work order, the system assigns it to a certain cluster and rack, and when the drive reaches the end of its service life, the system updates. Data centers can regulate access in a variety of methods, ranging from limiting the number of drives per technician to allowing users to take specific equipment from the computer.
Moreover, the operational capabilities of smart industrial vending machines are based on the hardware, software, microprocessors, and controllers used in their design. These intelligent vending machines provide a wide range of advanced features, including operations and inventory management, consumer analytics, software and platform oversight, and digital advertising and content management systems. Tailored software analytics and cloud-based servers are used to handle massive real-time data streams from this equipment efficiently. Furthermore, a common trend in the industrial vending machine (IVM) market is the expansion of real-time data collecting via intelligent machines.
As a result, the addition of cutting-edge capabilities such as real-time data collection is expected to increase the value and sales volume of these machines. These technological advances are expected to increase demand for vending machines, accelerating the growth trajectory of the industrial vending machine market over the forecast period.
Also, the fast-moving consumer goods (FMCG) business is rapidly expanding as a result of food supply chain integration and ongoing FMCG product innovation. Customers' tastes for organic and plant-based products are shifting as a result of increased health awareness and busy lifestyles. However, to remain competitive, FMCG companies are investing in new products. Using industrial vending machines reduces inventory costs, increases staff efficiency, and automates procurement in FMCG manufacturing plants. As a result, the rise of the FMCG industry is expected to increase the need for efficient storage and VAS for consumer products logistics, pushing growth in the worldwide industrial vending machine market during the forecast period. Thus, driving the Industrial Vending Machines Market revenue.
The Industrial Vending Machines Market segmentation based on type includes Carousel Vending Machines, Coil Vending Machines, Cabinet Vending Machines, and Others. The coil vending machine segment dominated the market in 2023. These machines store more inventory than other varieties, use less electricity, and are simple to maintain, making them more cost-effective. Thus, the category is expected to boost market growth. Coil vending machines allow goods to be stacked front to back, resulting in high storage density, although they are not suitable for bigger items.
The Industrial Vending Machines Market segmentation, based on product, includes MRO Tools, PPE, And Others. The MRO tools segment has the largest share, accounting for 39.3% of the market throughout the forecast period. MRO items such as tools, replacement parts, sealants, coatings, tool kits, and testing equipment are in high demand during downtime. As a result, in industries with high downtime costs, MRO equipment is extensively supplied and maintained.
Figure 1: Industrial Vending Machines Market, by Product, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Industrial Vending Machines Market segmentation, based on end-use, includes Manufacturing, Oil & Gas, Construction, Aerospace, and Others. Over the projected period, the aerospace segment will dominate. This industry is subject to stringent rules and compliance requirements. Industrial vending machines assist businesses in meeting these standards by maintaining an auditable record of inventory utilization and transactions. This guarantees that organizations follow regulations and standards and can offer documentation in the event of an audit or investigation. Such elements fuel the segment's market expansion.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Industrial Vending Machines Market area will dominate this market due to the presence of various OEMs and distributors in the region. Furthermore, increased awareness of workplace safety in hazardous areas promotes market demand for industrial vending machines. Furthermore, most manufacturing industry breakthroughs are developed by enterprises in North America, which benefits the region's progress. Another major motivator is heightened knowledge of hazardous job conditions and worker safety.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.
Figure 2: Industrial Vending Machines Market Share By Region 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Industrial Vending Machines Market accounts for the second-largest market share. The growth can be attributed to the increasing adoption of automation processes in a variety of businesses in this region. Further, the German Industrial Vending Machines Market held the largest market share, and the UK Industrial Vending Machines Market was the fastest-growing market in the European region.
The Asia-Pacific Industrial Vending Machines Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the expansion of the manufacturing sector, which is one of the primary causes of the region's increased demand for industrial vending machines. Moreover, China’s Industrial Vending Machines Market held the largest market share, and the Indian Industrial Vending Machines Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Industrial Vending Machines market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Industrial Vending Machines industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Industrial Vending Machines industry to benefit clients and increase the market sector. In recent years, the Industrial Vending Machines industry has offered some of the most significant advantages to medicine. Major players in the Industrial Vending Machines market, including Apex Industrial Technologies, LLC; AutoCrib, Inc.; Brammer; IMC Group; SecuraStock; CribMaster; Fastenal Company; Airgas Inc.; IVM, Inc., are attempting to increase market demand by investing in research and development operations.
Fastenal Company, headquartered in Winona, Minnesota, was formed in 1967. Based on its 2020 revenues, it ranked 479 on the 2021 Fortune 500, and its stock is included in the Nasdaq 100 and S&P 500 stock market indices. Fastenal now operates 3,334 in-market sites as of March 2023. Fastenal describes itself as a supply chain solutions company, whereas Reuters deems it an industrial distributor. In March 2020, Fastenal purchased an undisclosed amount of assets from Apex Industrial Technologies, a developer of industrial vending solutions, allowing the company to improve its business operations.
Grupo Azkoyen S.A. is a Spanish firm that provides payment solutions, access control, and vending machines. It is listed on the Madrid Stock Exchange. As of 2023, the company had 939 workers and operated in over 60 countries. The company's headquarters are in Peralta, Navarra. Luis Troyas Osés created the company in 1945 as "Talleres Azkoyen." The first wall-mounted Azkoyen dispenser, which dispensed lighter fluid, was manufactured in 1956. Beginning in 1959, Azkoyen sold coin validators to other machine manufacturers. The group was formed in 1970, and it went public in 1980.
The corporation began its international expansion in 1990. In November 2020, Azkoyen S.A. launched the Vitro X1 espresso machine, which has proprietary distance selection technology. The new product provides clients with safety and hygiene, and the launch also helped the company increase its presence in the vending machine sector.
In March 2019, AutoCrib introduced Arcturus, a next-generation enterprise inventory management software that connects with ERP software to track vending machine inventories.
December 2021, SandenVendo America, Inc. has teamed with Vendekin Technologies, which specializes in providing a variety of vending machine solutions. This alliance will include Vendekin's intelligent vending machine controller.
March 2022, Fastcorp Vending LLC formed a strategic relationship with ABsea Change Inc. to increase retail adoption of its unique smart vending platforms and solutions.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.2 Billion |
| Market Size 2023 | USD 3.5 Billion |
| Market Size 2032 | USD 7.8 Billion |
| Compound Annual Growth Rate (CAGR) | 10.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2023 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea |
| Key Companies Profiled | Â Apex Industrial Technologies, LLC; AutoCrib, Inc.; Brammer; IMC Group; SecuraStock; CribMaster; Fastenal Company; Airgas Inc.; IVM, Inc. |
| Key Market Opportunities | Integration of IoT and advanced technologies for enhanced vending machine capabilities |
| Key Market Dynamics | Increasing demand for automated inventory management solutions |
Frequently Asked Questions (FAQ) :
The Industrial Vending Machines Market size was valued at USD 3.5 Billion in 2023.
The global market is projected to grow at a CAGR of 10.50% during the forecast period, 2024-2032.
North America had the largest share of the global market.
The key players in the market are Apex Industrial Technologies, LLC; AutoCrib, Inc.; Brammer; IMC Group; SecuraStock; CribMaster; Fastenal Company; Airgas Inc.; IVM, Inc.
The coil vending machine category dominated the market in 2023.
Aerospace had the largest share of the global market.
Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
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