The Vertical Lift Module Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vertical Lift Module Global Market Report 2024, The vertical lift module market size has grown rapidly in recent years. It will grow 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.
The vertical lift module market size is expected to see rapid growth in the next few years. It will grow to $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. Major trends in the forecast period include integration with robotics and agvs, cloud-based solutions, customization for varied applications, incorporation of artificial intelligence (ai), real-time data analytics for performance optimization.
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. For instance, according to the Census Bureau, a US-based principal agency of the Federal Statistical System, in the third quarter of 2023, U.S. retail e-commerce sales totalled $271.7 billion, which is an increase of 0.9% from the second quarter of 2023. The third quarter of 2023 e-commerce estimate increased by 7.8% compared to the third quarter of 2022, while total retail sales increased by 2.0% in the same period. E-commerce sales in the third quarter of 2023 accounted for 14.9% of total sales. Therefore, a rise in E-commerce and omnichannel retail is driving the growth of the vertical lift module market.
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The vertical lift module market covered in this report is segmented –
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
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. For instance, in February 2021, Quickline Ltd., a UK-based supply chain and storage company launched Vertimag Vertical Lift Module (VLM), a next-generation vertical storage system that aims to elevate efficiency, enhance safety, and boost workflow in warehouse operations. It is an enclosed system of vertically arranged trays stored in both the front and rear of the system with an extractor device operating in the center.
The vertical lift module market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- Kardex Group AG
- Hänel Storage Systems GmbH
- Ferretto Group SpA
- Modula Group S.p.A.
- AutoCrib Inc.
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