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LONDON, GREATER LONDON, UK, August 9, 2024 /EINPresswire.com/ -- The vertical lift module market has experienced robust growth in recent years, expanding from $1.42 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to demand for automated storage solutions, e-commerce growth, focus on inventory management, labor shortages and cost pressures, efficiency in order picking, environmental sustainability.
Strong Future Growth Anticipated
The vertical lift module market is projected to continue its strong growth, reaching $2.33 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to rise in urban warehousing, focus on customization and flexibility, development of smarter warehouses, adoption in various industries, enhanced safety features, focus on ergonomics.
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Growth Driver Of The Vertical Lift Module Market
A rise in E-commerce and omnichannel retail is expected to propel the growth of the vertical lift module market going forward. Omnichannel retail is a strategy in which retailers engage customers through multiple digital and physical touchpoints. The growth of e-commerce and the need for rapid order fulfilment drive the demand for efficient storage and retrieval systems like vertical lift modules that can handle diverse stock-keeping unit requirements.
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Major Players And Market Trends
Key players in the vertical lift module market include Kardex Group AG, Hänel Storage Systems GmbH, Ferretto Group SpA, Modula Group S.p.A., AutoCrib Inc., Automha S.p.A.
Major companies operating in the vertical lift module market are developing innovative products such as Vertimag Vertical Lift Module (VLM) to maximize capacity, enhance safety, and boost workflow in warehouses and distribution centers. Vertimag is a space-saving solution that allows for the storage and management of materials of various shapes, weights, and sizes while decreasing the footprint by up to 1/10 compared to traditional storage systems.
Segments:
1) By Type: Non-Refrigerated, Refrigerated
2) By Maximum Load Capacity: Below 20 Tons, 20 Tons To 40 Tons, Above 40 Tons
3) By Configuration: Internal Bay (Single And Dual), External Bay (Single And Dual)
4) By Industry: Automotive, Metals And Machinery, Food And Beverages, Chemicals, Healthcare, Semiconductor And Electronics, Aviation, E-Commerce, Other Industries
Geographical Insights: Europe Leading The Market
Europe was the largest region in the vertical lift module market in 2023. North America is expected to be the fastest-growing region in the global vertical lift module market during the forecast period. The regions covered in the vertical lift module market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Vertical Lift Module Market Definition
The vertical lift module (VLM) refers to a vertical automated storage and retrieval system that composed of trays on the front and back and an inserter or extractor system in the middle. The vertical lift module maximizes the vertical height by using a separate tray storage system to offer a dense storage solution that greatly outperforms conventional storage techniques.
Vertical Lift Module Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Vertical Lift Module Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on vertical lift module market size, vertical lift module market drivers and trends, vertical lift module market major players, vertical lift module competitors' revenues, vertical lift module market positioning, and vertical lift module market growth across geographies. The vertical lift module market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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