Industrial Vending Machine Market Size, Share & Trends Analysis Report By Type (Carousel, Coil, Cabinet), By Product (MRO Tools, PPE), By End-use (Manufacturing, Oil & Gas), By Region, And Segment Forecasts, 2023 - 2030

Market Size & Trends

The global industrial vending machine market size was valued at USD 2,757.82 million in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 9.8% from 2023 to 2030. With the increasing acceptance of these devices by small and medium-sized Enterprises (SMEs), the market for industrial vending machines is poised to grow. Because of cost-effectiveness, which would allow enterprises to enhance their revenue, it is anticipated that the installation of these machines will rise over the next years.

The market for industrial vending machines is driven by several factors, such as increasing adoption of technological advancements, growing demand in data centers for high-security industrial vending machines, increasing emphasis on employee safety, and increasing the use of personal protective equipment (PPE) globally. The advent of cutting-edge technologies has given the industrial vending machines market a tremendous boost. For a multilingual display system, integrating RFID tags and cloud infrastructure will open a ton of market prospects in the years to come.

For instance, IVM's vending machines are equipped with the SaveLog software, which integrates multi-language displays, notifications for stock replenishment, and RFID tags to record each transaction. All commodities can be distributed using automatic vending machines without the assistance of staff. As a result of the high demand for smart equipment, the market for industrial vending machines is projected to grow rapidly.

Industrial vending machines are provisioned to maintain a note of inventory usage by tracking the type, time, and user identification, bringing transparency and accountability. Additionally, these machines improve the output of the company by reducing the walk-around time and facilitating employee typicity. They also avoid hoarding various items.

Industrial vending machines prevent companies from spending on constant inventory replenishments and reduce repeated purchase expenses by lowering freight and stock outage costs. Companies can ensure the availability of inventory of tools and spare parts as per requirement, which can be done by optimizing this type. Such factors drive the growth of the market for industrial vending machines.

One of the primary restraints for the market is the high cost of deployment and maintenance. These machines incorporate advanced technologies such as artificial intelligence, machine learning, and IoT, which make them expensive to manufacture and maintain. As a result, the upfront investment required for businesses to deploy these machines can be significant, making it difficult for small and medium-sized businesses to justify the expense. Such factors challenge the growth of the demand for industrial vending machines.

Due to advantages like cost-effectiveness and low energy consumption, industrial vending machines are becoming more and more popular in small and medium-sized manufacturing facilities, which will likely boost market sales soon. The market for industrial vending machines will develop as a result of enterprises putting more emphasis on reducing the management of inventory and enhancing performance.

However, this kind of expensive installation and maintenance cost presents a problem for certain businesses, especially small ones, and serves as a limitation. It is projected that the rental revenue model will cover the high cost of industrial vending machines. Furthermore, IoT integration enables intelligent vending machines to collect and analyze data, such as customer buying patterns and inventory levels, to optimize sales and improve customer satisfaction.

This technology can also be used to monitor the performance of machines and diagnose problems remotely, reducing the need for costly on-site maintenance. Moreover, Intelligent vending machines can be deployed in a variety of settings, including airports, hotels, hospitals, and office buildings. As these markets continue to grow, the demand for intelligent vending machines will also increase. Such factors provide lucrative opportunities for the growth of the industrial vending machine market.

Type Insights

The coil vending machine segment dominated the market and accounted for nearly 38.0% of the revenue share in 2022. These machines hold more inventory compared to other types, consume less power, and are easy to maintain, making them more economical. Thus, the segment is anticipated to drive market expansion. Coil vending machines allow the inventory to be stacked front to back and provide solid storage density, but they are not ideal for larger parts.

In addition, coil machines offer automated reporting that can be customized to a client’s specific needs. Thus, coil machines are in more demand in comparison to carousel vending machines. The carousel vending machine segment is expected to register a CAGR of over 10.0% over the forecast period. Advances in technology have made carousel vending machines more sophisticated and efficient.

They can now be equipped with touch screens, cashless payment systems, and even facial recognition technology to personalize the customer experience. These are used for types such as cutters, tools, and small testing equipment. Carousel vending machines occupy less floor space and are, therefore, widely adopted by SMEs. Moreover, this equipment is cost-efficient and hence economical for companies.

Product Insights

The personal protective equipment (PPE) segment dominated the market and accounted for over 41.0% of the revenue share in 2022. Industrial vending machines have been used to store personal protective equipment as the importance of worker safety has increased. The demand for these PPE machines is also anticipated to rise due to tighter rules regarding worker safety.

Occupational safety standards significantly influence the personal protective equipment (PPE) market growth. Mandated policies by regulating agencies for companies to adhere to labor safety requirements in industries are anticipated to boost the demand for PPE. These regulations mention the type of PPE required for protection during different processes, thereby driving the demand for industrial vending machines for PPE equipment.

The maintenance, repair, and operations (MRO) tools segment is estimated to register a CAGR of over 10.0% over the forecast period. MRO supplies such as tools, spare parts, sealants, coatings, tool kits, and testing equipment are required extensively during downtime. Thus, MRO equipment is stocked and maintained on a large scale in industries where downtime costs are high.

MRO tools are one of the most essential parts of the inventory and tracking them is important for various end-use industries such as oil and gas, manufacturing, and aviation. Industrial vending machines provide an easy way to track and maintain MRO supplies, thereby driving the segment growth.

End-use Insights

The manufacturing segment accounted for approximately 39.0% market share in 2022. Vending machines are extensively utilized in manufacturing to improve operational downtime and speed up maintenance and mending. Industrial vending machines also help to improve operational efficiency and keep track of the inventory supply. The demand for machines has substantially increased over the past few years, and with the enhancement of cashless payment systems, IoT solutions are gaining momentum on a large scale worldwide.

Moreover, rising urbanization and industrialization have fueled market growth. The aerospace segment is poised to register the highest CAGR of 10.5% over the forecast period. This industry is subject to strict regulations and compliance requirements. Industrial vending machines help companies meet these requirements by providing an auditable trail of inventory usage and transactions. This ensures that companies adhere to regulations and standards and can provide evidence in case of an audit or investigation. Such factors drive the segment’s market growth.

Regional Insights

North America led the market for industrial vending machines and accounted for nearly 35.0% of the revenue share in 2022, owing to the presence of numerous OEMs and distributors in the region. Moreover, rising awareness about workplace safety in risky environments drives the market demand for industrial vending machines. Also, most manufacturing industry innovations are developed by businesses in North America, which helps the region's progress. Increased awareness of hazardous workplaces and worker safety is another important driving factor.

The Asia Pacific region is expected to register the highest CAGR of 10.7% over the forecast period. One of the main drivers of the increase in demand for industrial vending machines in the region is the growth of the manufacturing industry. Countries like China, Japan, and South Korea have seen significant growth in their manufacturing sectors over the past few years, and this trend is expected to continue in the coming years.

With the growth of the manufacturing industry comes an increased demand for industrial supplies, which in turn drives the need for more efficient and cost-effective methods of managing those supplies. Hence, countries such as China, India, and South Korea are adopting advanced manufacturing practices, and the region is anticipated to gain traction during the assessment period.

Key Companies & Market Share Insights

The market is highly competitive and entry for new players is difficult due to the high investment required for setting up infrastructures, such as factories and warehouses, and manufacturing the machines. In the global market, existing players provide additional services such as consulting, maintenance, and supply of inventory, which creates entry barriers for new companies. Subsequently, small-scale players in the market collaborate or partner with major players to enter the industry.

Key players also focus on joint ventures and development to stay ahead of the competition. For instance, in May 2021, CribMaster announced the launch of a new vending machine named FlipTop. This new vending machine is designed specifically for high-value tools and accessories. This drawer-based machine has a capacity of up to 1,782 bins and it is available in three sizes. Some prominent players in the global industrial vending machine market include:

• Apex Industrial Technologies, LLC

• AutoCrib, Inc.

• Brammer

• IMC Group

• SecuraStock

• CribMaster

• Fastenal Company

• Airgas Inc.

• IVM, Inc.

Industrial Vending Machine Market Report Scope 

Global Industrial Vending Machine Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global industrial vending machine market report based on type, product, end-use, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Carousel Vending Machine

  • Coil Vending Machine

  • Cabinet Vending Machine

  • Others

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • MRO Tools

  • PPE

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Manufacturing

  • Oil & Gas

  • Construction

  • Aerospace

  • Other

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa (MEA)

    • UAE

    • Saudi Arabia

    • South Africa