DUBLIN--(BUSINESS WIRE )--The "Industrial Vending Machine Market Size, Share & Trends Analysis Report by Type (Carousel, Coil), by Product (MRO Tools, PPE), by End-use (Manufacturing), by Region, and Segment Forecast, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global industrial vending machine market size is expected to reach USD 5.8 billion by 2030, according to this report. expanding at a CAGR of 9.7% from 2022 to 2030. Technological advancements in vending machines have enabled companies to improve inventory management efficiency and monitor inventory consumption with real-time data analysis, thereby driving the market growth.
The adoption of industrial vending machines is expected to increase during the coming years due to cost efficiency, which would enable businesses to generate higher revenues. Moreover, a growing emphasis on employee safety drives the use of personal protective equipment (PPE), subsequently resulting in increased adoption of industrial vending machines for PPE.
Key industry sectors such as automotive, construction, aviation, manufacturing, and oil and gas are the prominent end-use industries that are highly dependent on the use of MRO tools, personal protective equipment, and other consumables and durables. The increasing expansion of these industries due to rising industrialization and globalization is expected to drive the demand for industrial vending machines.
The ongoing technological revolution in the vending industry is expected to have a positive impact on market growth. The implementation of RFID and cloud infrastructure in vending systems have enabled the tracking and monitoring of inventory for the prevention of fraudulent activities such as misuse and theft, which is expected to drive market expansion.
Industrial vending machines help save costs by saving employee job hours. Efficient inventory management enables employees to work productively within fixed hours, thereby preventing the wastage of employee work hours. Moreover, industrial vending machines enable the lowering of freight costs and stock outages, which is anticipated to drive demand for these machines and subsequently aid market growth.
Manufacturers of the product adopt several strategies, including acquisitions, mergers, and joint ventures to enhance their market penetration. For instance, in April 2020, Fastenal Company bought a stake in Apex Industrial Technologies. It is expected to boost the company's reach and build a stronger portfolio over the coming years.
Industrial Vending Machine Market Report Highlights
Chapter 3. Market Variables, Trends, and Scope
Chapter 4. Industrial Vending Machine Market: Type Estimates & Trend Analysis
Chapter 5. Industrial Vending Machine Market: Product Estimates & Trend Analysis
Chapter 6. Industrial Vending Machine Market: End-use Estimates & Trend Analysis
Chapter 7. Industrial Vending Machine Market: Regional Estimates & Trend Analysis
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900