Industrial Vending Machine Market worth $2.5 billion by 2029 at a CAGR of 10.1%

(IT-NEWSWIRE.COM, May 31, 2024 ) The global industrial vending machine market size is expected to grow from USD 1.6 billion in 2024 to USD 2.5 billion by 2029, at a CAGR of 10.1% from 2024 to 2029. Industrial vending machines help to easily track and set controls for specific items needed for a job, eliminating waste and theft. Besides, with the right system to monitor consumable usage, business expenditures can be reduced significantly.

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By offering, software is expected to grow at an impressive CAGR during the forecast period. In the industrial vending machine, after retrieval or return, the in-built computer system’s inventory management software automatically logs transactions and adjusts inventory levels accordingly. It even tracks how the machine is being used and provides actionable inventory data that allows to continuously improve efficiency and identify areas for cost reduction. Industrial vending machines, integrated with robust inventory control software, offer real-time visibility into individual item location, user accountability, and job assignment. This comprehensive approach ensures 24/7 access to critical safety gear and PPE supplies at the point of use.

By type, the carousel vending machine segment is expected to grow at an impressive CAGR. The carousel machine uses rotating compartments to store the supplies. These compartments can be of various sizes to suit the size of the items wished to vend. Carousel machines provide access to products by item, employee, or designation and can track serialized items. They have square bins that dispense square/rectangular boxes. Fewer moving parts dramatically reduce the maintenance costs of the vending machine. These machines provide more flexibility in the stocking of items compared to coil-based machines. The carousel vending machine is an ideal choice for issuing a single-item or one-time-use PPE, such as gloves, earplugs, or safety glasses. Since it is designed for vertical storage, it is perfect for use in industrial environments with limited floor space.

The aerospace segment is expected to be one of the major adopters of industrial vending machines. 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.

Europe is showing significant growth in the adoption of industrial vending machine. The growing emphasis on sustainability within the UK manufacturing sector. Vending machines can contribute to this by minimizing waste and ensuring optimal utilization of resources. The UK government has initiatives promoting Industry 4.0 adoption in manufacturing. This includes potential funding or tax breaks for companies implementing solutions like industrial vending machines that contribute to a more connected and automated factory environment. Industrial vending machines are finding applications beyond traditional manufacturing sectors like automotive or aerospace hence, they are also being used in healthcare and construction sites.

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Industrial Vending Machine Market worth $2.5 billion by 2029 at a CAGR of 10.1%