By 2030, the global vertical lift module market is expected to be worth roughly US$ 3.1 billion, increasing at a Compound Annual Growth Rate of 9% from 2021 to 2030. The rise in demand for automated storage systems, the e-Commerce sector, major expansion in the warehouses, the spreading applications in numerous end-use sectors, and technological improvements are all contributing to market growth. One of the primary aspects that will continue to present chances to the competitors functioning in the current vertical lift module market environment is the introduction of Industry 4.0 across the industrial sector globally.
The vertical lift module (VLM) is a storage system that comprises two parallel columns separated into fixed shelf locations, each of which can accommodate a single storage module such as a tray. With the push of a button on a control device, these modules store products on trays and send them to an ergonomically positioned work counter.
Due to the presence of a prominent customer base in the region, Asia Pacific accounted for a significant share of the vertical lift module market in 2019 and is expected to continue to be the leading region for vertical lift modules. In the Asia Pacific (Australia), China, India, Korea, and Japan are key vertical lift modula markets. The vertical lift module market will be driven by a high demand for warehouse management and an increase in the number of WMS providers in the region. The number of small-scale vertical lift producers in the Asia Pacific (Australia) is rapidly increasing, and this trend is expected to continue in the near future.
Vertical lift modula are in high demand because of the rise of the healthcare, pharmaceutical, and electrical/electronic industries. The rapid expansion in the installation of vertical lift module systems for picking and handling products in the retail sector, food and beverage, and hospitals in recent years is expected to drive demand for vertical lift modules. The expanding global retail business necessitates the construction of more warehouses in order to better manage effective and optimal logistics.
The rapid increase in the installation of automated storage and retrieval systems in various sectors or industries such as automotive, aviation, metal engineering, healthcare, and e-Commerce in recent years is expected to be one of the major factors driving the market for vertical lift module systems during the forecast period. Vertical lift modules assist businesses in efficiently and effectively managing their stocks. These systems are perfect for maximising space usage, increasing productivity, and lowering costs by reducing the number of unneeded parts and items in storage.
Technological improvements and new products and services improve warehousing system accuracy, productivity, and efficiency. Manufacturing businesses are spending a lot of money on R&D to bring cutting-edge technology and new product development, which will help them extend their product portfolio and enhance their present items.
In 2020, the worldwide vertical lift modula market is likely to be moderately impacted by the start of the novel COVID-19 pandemic. Uncertainty in the industry, fluctuating economic trends, and severe lockdown measures implemented by governments around the world to prevent the spread of the novel virus are just a few of the significant reasons projected to stifle the worldwide vertical lift module market’s growth.
In the first quarter of 2020, demand for vertical lift modules decreased significantly. However, due to an increase in the number of e-Commerce orders and online purchases, demand for vertical lift modula has remained stable throughout warehouses in various locations.
The automated storage trend has acquired significant traction in the worldwide industrial sector during the last decade. Vertical lift modula has emerged as a suitable automated storage technology as the need for vertical carousels continues to expand. A vertical lift module has a number of benefits, including high-density storage of slow-to-medium-speed objects, complete inclosure and lockable access for security, and optimal storage in a small storage structure.
Wave picking, batch picking, consolidation, replenishment, and sorting are just a few of the applications where vertical lift modules have gained a lot of traction. During the assessment period, the increased usage of height sensors in new vertical lift modules is likely to improve demand for vertical lift modules. Furthermore, the global vertical lift module market is expected to develop due to the rising use of computer software in vertical lift modules.
Vertical life module trays are usually utilised for heavy products and provide dynamic storage. During the projected period, the increased emphasis on automated storage across the industrial sector is expected to drive demand for vertical lift modula significantly. Vertical lift module applications in warehouses across numerous industries are continuing to grow, resulting in increased use of vertical lift modules.
In the year 2019, Asia Pacific was the largest and fastest-growing market for vertical lift modules. Australia, China, India, Japan, and Korea are key vertical lift module markets in the Asia Pacific, and they are responsible for the region’s recent vertical lift module market expansion. The vertical lift modula market is predicted to increase because of the high demand for warehouse management and the growing number of WMS providers in the region.
This section of the article outlines the market’s major manufacturers. It assists the reader in comprehending the strategies and collaborations used by corporations to combat market competition. The in-depth examination examines the market at a microscopic level.
The market’s innovative trends and advancements, mergers and acquisitions, product portfolio, and new product innovations are expected to provide a dashboard view of the market, giving readers an accurate gauge of current market changes, company strategies, and critical financials.
Secondary sources are used to determine major manufacturers’ revenues, percentage splits, market shares, growth rates, and product market breakdowns, which are then verified using primary sources.
To estimate and validate the worldwide market size for a company, regional division, product type and application (end users), and other segments, top-down and bottom-up methodologies are utilised.
Hänel Storage Systems, Kardex, Remstar and Modula are some of the major players in the global vertical lift module market.
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