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 Market provide actionable data that allow managers to make daily decisions and plans for long-term strategic initiatives to keep operations running at full efficiency. Industrial vending machine is a 24*7 solution at the manufacturing site that automatically dispenses the necessary servicing and repair and operation products and conducts automated record keeping. The computer may be programmed to be accessed for a specified time frame by a single employee or group of employees, for a specific sum. This helps the company remove the excessive use of inventory. From gloves to wrenches, it can also be designed to handle irregular-sized and shaped supplies, thus, removing the need to repackage or reform items before returning them. The auto-replenishment option also comes with vending machines. According to the European Vending & Coffee Service Association (EVA), vending operators are reporting business losses of up to 90% as the major share of the workforce across the globe is working from home. Likewise, the vending service industry has been particularly impacted by the decline in economic activities due to office closures. The global industrial vending machine market is expected to grow from 2021 to 2027, at a CAGR of xx%
Global Industrial Vending Machines Market Outlook
With a rise in the number of small and medium industries all across the globe, the demand for industrial vending machines in various sectors, including aerospace, engineering services, and others, is at an all-time high. This has led to a significant growth of the industrial vending machine industry. Constant technological advancements such as automation, cloud implementation and IoT in industrial vending machines are improving their performance in Maintenance, Repair and Operations (MRO) and inventory management. 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.
COVID-19 Impact on Industrial Vending Machines Market
Due to the sudden outbreak of COVID-19, industries such as manufacturing, aviation, and oil & gas have been disrupted in terms of social, financial, and operational consequences. This pandemic has enforced the market players to rethink contingency plans and risk management. To recover this situation, market players are solving several challenges on an immediate basis to bring their business at a normal level. Wherein, the industrial machine plays an important role in automatically tracking all information, prevent from fraud activities, and cost data such as customer numbers, cost centers, and other custom fields. In addition, during this situation, employee safety becomes a more important concern, where PPE and MRO supply is expected to gain traction. PPE though industrial vending machines helps employees to provide a safe and clean environment to mitigate safety risk. Vending machines make this PPE easily available for employees by locating the machine at the required workplace. Thus, several benefits of industrial vending machines allow employees to focus on their jobs and prevent them from the hazardous situation, thereby, expected to drive the market growth during this pandemic period.
Industrial Vending Machines Market Segmental Overview
The report analyses the market for industrial vending machines based on type: vertical lift machines, coil vending machines, carousel vending machines, and others, end user: Aerospace, Healthcare, Oil & Gas, Manufacturing, and others, product: PPE and MRO and geography.
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Industrial Vending Machines Market by Type
On the basis of type, the market is categorized into vertical lift machines, coil vending machines, carousel vending machines, and others. Rapid industrialization in emerging Asian economies, such as India and Vietnam, expanding e-commerce industry, and growing need for automated warehousing operations are the key factors fuelling the demand for single-level delivery type vertical lift machines. Besides, there has been an increase in the adoption of vertical lift machines in various industries, such as semiconductor & electronics, aerospace, healthcare, and automotive, to store and retrieve components and raw materials.
As the industries have to cater to a large customer base, the carousel vending machine has turned out to be one of the most preferred machines. This can be understood as carousel machines are small, cost-effective, and consume less energy, and widely installed by Small to Medium Enterprises (SMEs) which make it an ideal choice for use among consumers. Carousel vending machine is widely used for products like small testing equipment, cutters, and tools. With the help of a coil vending machine, one can vend high-use consumable items such as gloves and safety goggles, tools and screwdrivers, spare parts and batteries, material processing and cutting discs, building materials, and paintbrushes. Coil vending machines are expected to see a robust growth in the forecast period due to the increase in demand for high-capacity industrial vending machines in several end-user industries. Other type includes lockers and cabinet which are offered with customizing the design as per end-user demand. These lockers and cabinets are majorly used for MRO and are stocked in high volume across various industries.
Industrial Vending Machines Market by End User
Based on the end-use, the market is segmented into Aerospace, Healthcare, Oil & Gas, Manufacturing, and others. Industrial vending machines are largely used in manufacturing industry as they help in increasing operational efficiency. Unlike other sectors, Manufacturing has the largest number of these machines application as they store the labours’ direct usable items. In 2020, the manufacturing industry held the largest market share in terms of revenue. This is due to the high cost incurred in operational downtime. These machines help to keep track of supply usage and increase operational efficiency.
Oil and gas are expected to emerge as the fastest-growing segment over the forecast period owing to the high cost of equipment such as drilling tools and PPE equipment. Furthermore, employee safety is a high priority in this industry due to its hazardous work environment.
Vending machines and hospital scrub machines give you the control and accountability you need to eliminate stock-outs, protect valuable equipment and reduce inventory costs. Vending is catching on in the healthcare industry as it controls access to supplies and keeps employees accountable, reducing the waste, assists with regulatory compliance and automates the inventory management. They also provide an easy way to dispense, track and store scrubs using powerful, cloud-based software that can be customized. In Aerospace industry also, auto-replenishment improves product availability, saves order processing expense, and keep items in stock and the software captures all transactions, providing business intelligence and reducing manual paperwork. For commercial aerospace and aftermarket companies involved in manufacturing or maintenance, efficiency is vital. Tight production schedules, Aircraft on Ground (AOG), and other factors require rapid and streamlined solutions. Vending Services are thus designed to maximize your operational efficiency. From customizable portable warehouses, to zero lead-time part traceability, to systems for streamlined regulatory compliance. We support you with last millimetre logistics. Other end-use industries include aviation and military and defence. The high cost associated with unnecessary downtime drives the adoption of industrial vending machines in these industries.
Industrial Vending Machines Market by Product
By product the market can be classified into Personal Protective Equipment (PPE) and Maintenance, Repair and Operations (MRO). PPE segment held nearly half the market share in 2020 and is expected to keep its dominance over forecast period. Vending machines for PPE 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. Growing emphasis on employee safety has driven the implementation of industrial vending machines to store personal protection equipment. In addition, increasing regulations regarding employee safety are expected to drive the demand for industrial vending machines for PPE equipment.
PPE is followed by MRO with nearly 36% market share. MRO activities can be roughly grouped into four categories production equipment maintenance and repair, material handling equipment maintenance and repair, tools and consumables, and infrastructure maintenance and repairs. Furthermore, MRO machines are installed at maintenance facilities in aviation industries, where downtime is unfavourable for business operations. Maintenance, repair, and operations (MRO) supply such as tools, spare parts, sealants, coatings, tool kits, and testing equipment are required the most during downtime. Thus, MRO equipment is stocked and maintained on a large scale in industries where the cost of downtime is high. MRO supplies are also an important part of the floor inventory and hence tracking them is essential for many industries such as manufacturing, oil and gas, and aviation. Industrial vending machines provide an easy way to track and maintain MRO supplies, thereby driving the segment growth.
Industrial Vending Machines Market Key Players
Key players in the global market include Fastenal Company; Airgas, Inc., AutoCrib, Inc.; Apex Industrial Technologies LLC; Silkron; SupplyPro, Inc.; SupplyPoint; CribMaster; CMT Industrial Solutions; IVM Ltd.; Brammer; and Grainger, Inc., MSC Industrial Direct Co., Inc.
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