Vertical Lift Module (VLM) Market is expected to grow USD 1,679.6 million by 2023 | Kardex (Switzerland), Haenel (Germany), System Spa (Italy), Ferretto (Italy), ICAM S.r.l. (Italy), Toyota Industries (Japan) etc.

Vertical Lift Module (VLM) Market by Delivery Type (Single-Level, Dual-Level), Storage Type (Non-Refrigerated, Refrigerated), Industry (Automotive, Metals & Machinery, Food & Beverages, Chemicals, Healthcare), and Region - Global Forecast to 2023

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Key players operating in the VLM market include Kardex (Switzerland), Haenel (Germany), System Spa (Italy), Ferretto (Italy), ICAM S.r.l. (Italy), Toyota Industries (Japan), AutoCrib (US), Automha (Italy), Constructor Group (Norway), Conveyor Handling Company (US), Green Automated Solutions (US), Lista (Switzerland), Mecalux (Spain), Stanley Vidmar (US), and Weland Lager system AB (Sweden).

“The vertical lift module (VLM) market is expected to witness significant growth between 2018 and 2023”

The VLM market is expected to grow from USD 1,074.6 million in 2018 and reach USD 1,679.6 million by 2023, at a CAGR of 9.3% between 2018 and 2023.Key factors driving the growth of the VLM market include growing need to optimize warehouse floor space, benefits of deploying VLMs compared to standard shelving systems, rising warehouse rentals, and increasing focus on worker safety and security. However, the availability of used VLMs in the market is a major restraining factor for the growth of the market.

“The VLM market for dual-level delivery is expected to grow at a higher CAGR during forecast period”

The market for dual-level delivery type VLMs is expected to grow at a higher CAGR between 2018 and 2023. Manufacturing companies in semiconductor and electronics, aviation, healthcare, and automotive industries seek for ready availability of various components during the assembly of a product. Hence, these manufacturers prefer using dual-level VLMs for increasing the storage density and accessing the components at one place with ease.

“Non-refrigerated storage is expected to hold a larger share of VLM market between 2018 and 2023”

Non-refrigerated storage is expected to account for a larger share of the VLM market during the forecast period. Goods including steel molds, nuts, bolts, spare parts, components, and tools are not susceptible to changes in the temperature. These products can be stored at normal temperature conditions without the use of additional integrated equipment for temperature maintenance. Hence, non-refrigerated VLM systems are prominently used in many sectors for increasing productivity, reducing error rates, handling materials efficiently, increasing picking rate, and optimizing warehouse floor space.

“The VLM market in APAC is expected to grow at the highest CAGR during the forecast period”

The VLM market in APAC is expected to grow at the highest CAGR between 2018 and 2023. Key factors such as growing automotive, and semiconductor and electronics industries; shortage of warehousing space; and huge growth potential for automated material handling systems contribute to the growth of the VLM market in APAC.

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This release was published on openPR.