The global vertical lift module market size is predicted to be worth around US$ 3.1 billion by 2030, growing at a CAGR of 9% over the forecast period 2021 to 2030.
The market growth can be primarily attributed to rise in demand for automated storage systems, flourishing e-Commerce sector, significant increase in the number of warehouses worldwide, widening applications in the various end-use sectors, and advancements in technology. The onset of the Industry 4.0 across the industrial sector worldwide is one of the major factors that will continue to offer opportunities to the players operating in the current vertical lift module market landscape.
Vertical lift module (VLM) is a storage system that consists of two parallel columns, each of which is divided into fixed shelf locations that can hold a single storage module such as a tray. These modules store items on trays and deliver them to an ergonomically positioned work counter with the touch of a button on a control device.
Asia Pacific accounted for a dominant share of the vertical lift module market in 2019 and is likely to be the leading region for vertical lift modules, owing to the presence of a dominant consumer base in the region. China, India, Korea, and Japan are major vertical lift module markets in Asia Pacific. Huge demand for warehouse management coupled with increasing number of WMS providers in the region will drive the vertical lift module market. Asia Pacific is witnessing rapid increase in the number of small-scale vertical lift manufacturers and this trend is likely to continue in the near future.
The growth of healthcare, pharmaceuticals, and electrical/electronic industries is driving the demand for vertical lift modules. In recent years, rapid increase in the installation of vertical lift module systems in retail sector, food & beverages, and hospitals for picking and handling of products is also projected to boost the demand for vertical lift modules. The growing retail industry across the globe prompts an increase in installation of warehouses to better manage efficient and optimized logistics.
Drivers, Opportunities, and Restraints
Rapid increase in installation of automated storage & retrieval systems in various sectors or industries such as automotive, aviation, metal engineering, healthcare, and e-Commerce in recent years is one of the significant factors projected to drive the market of vertical lift module systems during the forecast period. Vertical lift modules help industries to manage their inventories in an efficient & effective manner. These systems are ideal for space utilization, increase productivity levels, and also help companies to reduce expenses by minimizing the amount of unnecessary parts and products in storage.
Advancements in technology and new products and services increase accuracy, productivity, and efficiency of warehousing systems. Manufacturing companies are investing heavily on research & development to introduce cutting-edge technologies and new product development, which is set to expand their product portfolio and help manufacturing companies upgrade their existing products.
Prices of vertical lift modules are very high and increase the overall cost of the business. The initial investment to purchase completely new vertical lift modules is extremely prohibitive. Affordability of the system is one of the major concerns for end-use industries, especially in emerging economies. Cheap labor or workforce is available in developing countries such as China, India, and other Southeast Asian countries. This also restricts end users from making such heavy investments in vertical lift module systems.
The onset of the novel COVID-19 pandemic is expected to have a moderate impact on the global vertical lift module market in 2020. Uncertainty in the market, fluctuating economic trends, and stringent lockdown measures implemented by governments around the world to curb the transmission of the novel virus are some of the major factors expected to have a negative impact on the growth of the global vertical lift module market.
The demand for vertical lift modules witnessed considerable decline in the first quarter of 2020. However, due to surge in the number of e-Commerce orders and rise in the online purchases, the demand for vertical lift module across warehouses in various regions has remained steady.
Increasing Focus on Automated Storage Solutions to Drive Global Market
Over the past decade, the automated storage trend has gained considerable momentum across the global industrial sector. While the demand for vertical carousel continues to grow, vertical lift modules have emerged as an ideal automated storage technologies. Vertical lift modules offer significant advantages such as high-density storage of slow-to-medium-velocity items, complete enclosure and lockable access for security, optimized storage in a compact storage framework, etc. Vertical lift modules have garnered considerable popularity in various applications, including wave picking, batch picking, consolidation, replenishment, and sorting. The increasing use of height sensors in modern vertical lift modules is a major factor expected to boost the demand for vertical lift module during the assessment period. Moreover, the increasing use of computer software in vertical lift modules is estimated to fuel the growth of the global vertical lift module market.
Vertical life module trays offer dynamic storage and are primarily used for heavier objects. The growing emphasis on automated storage across the industrial sector is expected to provide considerable boost to the demand for vertical lift modules during the forecast period. The applications of vertical lift modules across the warehouses in various industries continue to expand, thus driving the adoption of vertical lift modules.
Asia Pacific was the dominant and fastest growing market for vertical lift modules in the year 2019. China, India, Japan, and Korea are major markets for vertical lift modules in Asia Pacific and are responsible for the growth of the vertical lift module market in the region in recent years. The significant demand for warehouse management coupled with increasing number of WMS providers in the region is expected to drive the growth of the vertical lift module market.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global vertical lift module market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
Key players operating in the global vertical lift module market include Gonvarri Material Handling, EffiMat Storage Technology A/S, Ferretto Group S.p.a., Hänel Storage Systems, ICAM SRL, Kardex Remstar, AutoCrib, Inc., Modula S.p.A, SSI SCHAEFER Group, Weland Solutions AB, Vidir Solutions, Inc., and Automha S.p.A.
By Maximum Load Capacity
By End-use Industry
This report focuses on vertical lift module market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall vertical lift module market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global vertical lift module market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global vertical lift module market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the vertical lift module market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of vertical lift module are as follows:
The research methodology adopted by analysts for compiling the global vertical lift module market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global vertical lift module market.
The study objectives of this report are:
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