Industrial Vending Machine Market Growth, Analysis, Latest Trends and Forecast till 2026

The industrial vending machine market is projected to grow from USD 1.1 billion in 2021 to USD 1.8 billion by 2026, at a CAGR of 11.0% during forecasted period. Growing need for high-security industrial vending machines in data centers, increasing use of point-of-use inventory management and tracking solutions for industrial and safety supplies, and integration of IoT and cloud infrastructure into industrial vending machines are few driving factors for the growth of industrial vending machine market.

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Hardware segment held the largest share in industrial vending machine market in 2021

The hardware segment led the global industrial vending machine market in 2021. With high-quality parts, an industrial vending machine can operate longer than usual. The selection of components for a vending machine is a complex process, which also involves a large number of suppliers. Various aspects such as energy efficiency, control electronics stability, material treatment, and component service life are the factors considered during the selection of components for a vending machine. However, the emergence of technologies such as E-payment, touchscreen, and facial recognition have increased the complexity of industrial vending machines.

Aerospace end-user industry to hold the second largest share of the market during the forecast period

Industrial vending machines are widely used in the aerospace industry. Foreign Object Debris (FOD) costs the aerospace industry billions of dollars per year in terms of damaged equipment, delays, litigation, and other costs. In military applications, FOD can even compromise national security. Keeping track of all items is essential to prevent damage from FOD. The industrial vending machines offer features such as RFID-based object recognition and serial tracking for every individual item of any size to ensure that they are appropriately returned to storage on time. Industrial vending machines help in managing critical assets, such as radios, scanners, and airport ramp operations. Numerous companies are providing industrial vending solutions for the aerospace industry. Incora (US) is a leading global provider of innovative supply chain solutions to the aerospace & defense and many other industries. Incora's Vending Machine Services address the distinct needs of aerospace OEMs and MRO products, further reducing inventory carrying costs by over 80%.

APAC is growing at the highest CAGR during the forecast period

The industrial vending machine market in APAC is expected to register the highest growth rate from 2021 to 2026. APAC has been a major contributor to the growth of the overall industrial vending machine market as it has a huge manufacturing industry, which is the primary end user of industrial vending machines. India is expected to register the highest CAGR due to the growing usage of coil/helix vending machines attributed to their low rates. Likewise, the entry of new players, increasing sales of industrial vending machines, and growing adoption of inventory management systems in the food, manufacturing, and healthcare industries are also driving the growth of the APAC market.

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Some of the key companies operating in the market are AutoCrib, Inc. (US), Fastenal Company (US), Airgas, Inc. (US), BRAMMER (Norway), SupplyPoint (UK), SupplyPro, Inc. (US), SECURASTOCK, LLC. (US), CribMaster (Georgia), IVM, Inc. (US), and Silkron (Malaysia), and so on.

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This release was published on openPR.