Pune, India, February 8, 2023 (GLOBE NEWSWIRE) —

In 2020, the global Size of the industrial vending machine market was valued at $2,365.0 million. Despite the impact of COVID-19, the market saw modest growth, rising 6.5% in 2020. The market is expected to continue its upward trend and reach USD 4,164.5 million by 2028 with a projected compound annual growth rate (CAGR) of 7.5%. between 2021 and 2028. This growth is attributed to demand for industrial vending machines returning to pre-pandemic levels as the pandemic abates.

The rise of advanced technologies is driving growth in the industrial vending machine (IVM) industry. These machines can be integrated with RFID tags and cloud infrastructure to create a multilingual display system. This makes them ideal for dispensing a variety of items without requiring staff intervention and providing secure access through security codes.

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The report lists the top companies in the Industrial Vending Machines market:

• Fastenal Company (Minnesota, USA)
• AutoCrib, Inc. (California, USA)
• IVM Ltd. (Indiana Polis, USA)
• Apex Industrial Technologies LLC. (Ohio, United States)
• Silkron (Penang, Malaysia)
• SupplyPro, Inc. (California, USA)
• SupplyPoint (Rugby, UK)
• CribMaster (Marietta, Georgia)
• CMT Industrial Solutions (South Carolina, USA)
• Brammers (London, UK)

Effects of COVID-19:

Disrupted manufacturing sector to reduce market amid pandemic
The emergence of COVID-19 has caused huge losses to industry in both developing and developed countries. The government’s strict COVID guidelines for the manufacturing sector have further reduced the growth of the industrial vending machine (IVM) market. The halt in production due to labor shortages has led to a lower demand for industrial vending machines. However,…