The growing need for downtime cost reduction in companies is expected to foster the growth of the market over the forecast period, the research firm said in a news release.
Industrial vending machines are expected to lower operational downtime by enabling the company to manage its inventory efficiently, according to the report. The equipment is available in different types such as carousel and coil vending machines, is designed by manufacturers for different end uses, and enables long-term cost saving.
An increase in regulations in companies concerning employee safety are expected to stimulate the growth of the market, the report said. Vending machines for personal protective equipment are increasingly being implemented in manufacturing and oil and gas companies to enable the efficient usage of protective equipment such as gloves, goggles, and helmets, among others. Maintenance, repair and operations machines are installed at maintenance facilities in aviation industries, where downtime affects the business operations in a significant way.
Manufacturers are developing industrial vending machines that are enabled for the Internet of Things. For instance, vending machines connected to the Internet allow companies to manage data on inventory use and track inventory to prevent fraudulent activities such as theft. Moreover, these products are connected to the cloud to enable remote access to data. Thus, the company can carry out effective management of the inventory and prevent unnecessary expenses on inventory replenishment.
The market comprises a few large compaies such as AutoCrib and Fastenal Company that are mainly involved in the manufacturing and distribution of this equipment. These companies also provide services such as consulting and maintenance.
The report explores other key findings:
- Industrial coil vending machines are expected to be widely adopted over the forecast period due their large inventory holding capacity.
- Asia Pacific is expected to be the fastest-growing regional segment, registering a CAGR of 10.3 per cent over the forecast period. The growth can be attributed to the increasing adoption of automation processes across various industries in this region.
- Small and Medium Enterprises are increasingly adopting industrial vending equipment owing to its long-term benefits of cost saving.
- Manufacturing companies are expected to implement vending equipment on a large scale for the efficient monitoring of inventory.
- Personal and protective equipment is predicted to be the fastest-growing product segment, registering a CAGR of 9.2 per cent over the next eight years owing to the increased emphasis on employee safety.
- Key industry participants include AutoCrib, Inc., Apex Industrial Technologies LLC, Silkron, SupplyPro, Inc., Fastenal Company, SupplyPoint, CribMaster, CMT Industrial Solutions, IVM Ltd., Brammer, and Grainger, Inc.