New York, United States , Nov. 28, 2022 (GLOBE NEWSWIRE) -- The Global Industrial Vending Machine Market Size to grow from USD 2.50 billion in 2021 to USD 5.94 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period. In the upcoming years, the Industrial Vending Machine market is expected to be driven by the growing adoption of industrial vending machines by small and medium-sized specialty manufacturing units.
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The Coil Vending Machine segment to account for the largest market size during the forecast period.
Based on the Type, the Industrial Vending Machine Market is categorized into Carousel Vending Machines, Coil Vending Machines, cabinets, and Others Vending Machines. The Coil Vending Machine segment accounts for the largest market size during the forecast period. The demand for Coil Vending machines is more cost-effective since they can store more inventory than other product types, use less energy, and are simple to maintain. The category is therefore expected to fuel market expansion.
The PPE Tools segment to hold a higher CAGR during the forecast period
Based on product, the Industrial Vending Machine Market is categorized into MRO Tools, PPE, and Others. The PPE Tools segment to hold a higher CAGR during the forecast period. Personal protective equipment storage in industrial vending machines results from a growing focus on worker safety. The demand for this PPE equipment is also anticipated to rise due to tighter rules about worker safety. The demand for PPE equipment is anticipated in the growth of the Industrial Vending Machine Market.
Browse key industry insights spread across 200 pages with 137 market data tables and figures & charts from the report “Global Industrial Vending Machine Market Size, Share, and COVID-19 Impact Analysis By Type (Carousel Vending Machine, Coil Vending Machine, Cabinet Vending Machine and Others), By Product (MRO Tools, PPE and Others), By End Use (Manufacturing, Oil & Gas, Constructions, Aerospace and Other) and By Region (North America, North America, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The Manufacturing segment is to hold a higher CAGR during the forecast period.
Based on the End- Use, the Industrial Vending Machine Market is categorized into Oil & Gas, Construction, Aerospace, Manufacturing, and Others. The Manufacturing segment is to hold a higher CAGR during the forecast period. The demand for the Manufacturing sector for Industrial Vending Machine Market has expanded due to urbanization and industrialization.
North America is estimated to account for the highest market share in 2021.
The Global Industrial Vending Machine Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. North America is expected to be the largest market for Industrial Vending Machine Market due to the region's large number of OEMs and distributors. Moreover, growing awareness regarding worker safety in hazardous work conditions drives the market demand for industrial vending machines. Asia-Pacific to hold a higher CAGR during the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Industrial Vending Machine Market include Apex Industrial Technologies, LLC, AutoCrib, Inc., Brammer, IMC Group, SecuraStock, CribMaster, Fastenal Company, Airgas Inc., IVM Ltd., Sandenvendo America, Inc., Crane Merchandising Systems, Azkoyen Group, Fuji Electric Co. Ltd, Fastcorp Vending LLC Royal Vendors, Inc., Seaga Manufacturing Inc, Jofemar Corporation, Selecta TMP AG, and Bianchi Industry.
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