Industrial Vending Machine Market to grow by USD 718.8 million from 2022 to 2027 | Increasing manufacturing of FMCG to drive the growth- Technavio

NEW YORK, Sept. 25, 2023 /PRNewswire/ -- The industrial vending machine market is expected to grow by USD 718.8 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 10.26% during the forecast period. The market is segmented by Product (Coil vending machines, Carousel vending machines, Vertical lift machines, Scale vending machines, and Others), End-user (Manufacturing, Oil and gas, and Others), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). Increasing manufacturing of FMCG is a key factor driving market growth. The fast-moving consumer goods sector, driven by the integration of food supply chains and continuous innovation in FMCG products, has experienced rapid growth. Shifts in preferences have been made to products manufactured from natural and plant sources, because of changing consumer consumption patterns due to increasing health awareness and increasingly stressful lifestyles. However, to stay competitive, FMCG companies are investing in innovative services. Operating industrial vending machines helps streamline inventory costs, improve labor efficiency, and automate purchasing in FMCG manufacturing plants. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the industrial vending machine market: Air Liquide SA, Fastenal Co., IMC International Metalworking Companies B.V., IVM Inc., SecuraStock, Snap On Inc., Stanley Black and Decker Inc., SupplyPro Inc., and TouchPoint Inc.
• The Industrial Vending Machine Market is concentrated in nature.
• Market to observe 9.83% YOY growth in 2023.

Market Dynamics

Market Trends

• Real-time data collection capabilities of intelligent vending machines are a major trend in the market. 
• The performance of smart industrial vending machines relies on the combination of hardware, software, microprocessors, and controllers used in their design.
• These smart vending machines offer a range of advanced features, including operations and inventory management, customer analytics, software and platform monitoring, content management systems, and digital advertising.
• As a result, incorporating advanced features such as real-time data collection is poised to improve the value and sales of these machines.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

• High initial investments and maintenance costs for vending machines are significant challenges restricting market growth.
• When a smart industrial vending machine's hardware and software components are purchased by the end user, significant capital expenditure is incurred.
• While it is possible to customize such items according to the specific needs, this customization may also be made available by distributors who are suppliers of other products, which can lead to considerable extra costs.
• Furthermore, software and related services must be continuously updated to keep pace with the constantly evolving technology landscape as well as changes in user preferences which entail substantial costs.
• Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

The market share growth by the coil vending machines segment will be significant during the forecast period. The coil Vending Machine is operated by a cylindrical rod (coil) wrapped around the cylinder with several symmetrically spaced holes, rather than a conventional chain-based approach. Furthermore, coil vending machines function as high-density storage warehouses and inventory management systems in order to keep track of items within the industry. Additionally, coil vending machines offer the benefits of cost-effectiveness and more compact size compared to standard vending machines. This functionality allows businesses to track product consumption, identify users, and manage access rights, thereby minimizing the possibility of loss or theft. Hence, these factors are expected to drive segment growth during the forecast period.

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Related Reports:

The Automatic Pill Dispensing Systems Market size is estimated to grow at a CAGR of 8.72% between 2022 and 2027. The market size is forecast to increase by USD 1,824.27 million.

The industrial refrigeration market size is estimated to grow at a CAGR of 4.42% between 2022 and 2027. The market size is forecast to increase by USD 4.91 billion.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by End-User

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio