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What is the Expected Growth Rate for the Vertical Lift Module Market

06-13-2024 06:45 AM CET | Industry, Real Estate & Construction

Press release from: Fact.MR

Vertical Lift Module Market

Vertical Lift Module Market

The global vertical lift module market was valued at US$ 1.5 billion in 2023 and is projected to grow to US$ 3.4 billion by the end of 2033. Demand for vertical lift modules worldwide is expected to grow at an annual rate of 8.5% from 2023 to 2033.

The internal bay vertical lift module stands out as the optimal solution for space-constrained environments. These modules offer cost-effectiveness, rapid operation, space savings, and enhanced productivity and picking accuracy.

๐ƒ๐จ๐ฐ๐ง๐ฅ๐จ๐š๐ ๐š ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‚๐จ๐ฉ๐ฒ ๐จ๐Ÿ ๐“๐ก๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ:

Key Takeaways from Vertical Lift Module Market Report

The forecasted period anticipates significant demand fueled by the rapid growth of the e-commerce sector.
Moreover, rising demands from logistics companies are expected to accelerate market growth.
Additionally, advancements in automated equipment development are playing a crucial role in boosting market expansion.
The increasing demand from various end-use segments including warehousing, retail sectors, and others is projected to be a key driver of market growth.

Regional Analysis:

North America commands a 50% share of the global market due to its robust presence in various established end-use industries. The market is driven by an increasing number of warehouse management system suppliers, continuous technological advancements, and the rapid expansion of e-commerce and retail sectors.

In Germany, the well-developed automotive industry and high demand for automated material handling systems are key factors propelling market growth. There is a growing requirement for warehouse management services, which is expected to further accelerate market expansion in the upcoming years.

The United States is witnessing growth in the pharmaceutical and electrical industries, which is anticipated to boost the demand for vertical lift modules. The market is expected to grow significantly, particularly driven by the adoption of refrigerated vertical lift modules.

๐‘๐ž๐š๐ ๐Œ๐จ๐ซ๐ž:

Category-wise Insights

The market is segmented into non-refrigerated and refrigerated vertical lift modules. Non-refrigerated modules currently hold a 50% share of the global market. As key end-user industries continue to evolve, there is expected growth in demand for non-refrigerated vertical lift modules during the forecast period.

Non-refrigerated vertical lift modules are particularly favored by manufacturing industries such as automotive, aviation, and heavy machinery equipment manufacturers. These sectors prioritize cost-effective and efficient storage and handling solutions for goods that do not require temperature control, making non-refrigerated modules the preferred choice.

Competitive Landscape

Key market players employ various strategies such as quality control, mergers & acquisitions to expand their market share. They also collaborate with regional distributors and partners to enhance their distribution networks. Leading companies are heavily investing in research and development to uphold product standards and introduce advanced technologies, thereby broadening their product offerings and enhancing existing solutions.

Prominent manufacturers of vertical lift modules are actively innovating to comply with safety regulations, aiming to reduce environmental impact and strengthen their market position. Their growth strategies include optimizing supply chain management and upgrading retail networks to attract clients effectively.

For instance:

EffiMat Storage Technology A.S introduced the exclusive ClassicMatโ„ข, ensuring efficient storage optimization, exceptional picking speed, and ergonomic handling.
Kardex acquired a significant stake in Dutch company Robomotive, enhancing its portfolio of fully automated picking solutions. Leveraging Robomotive's technology, Kardex aims to expand its intralogistics capabilities, implement autonomous order picking, and play a pivotal role in production and logistics.

๐†๐ž๐ญ ๐‚๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐š๐ญ๐ข๐จ๐ง ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐Ÿ๐จ๐ซ ๐’๐ฉ๐ž๐œ๐ข๐Ÿ๐ข๐œ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐’๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ:

Key Segments of Vertical Lift Module Industry Research

By Type :

By Maximum Load Capacity :
Below 20 Tons
20 Tons to 40 Tons
Above 40 Tons

By Configuration :
Internal Bay (Single & Dual)
External Bay (Single & Dual)

By End Use :
Metals & Machinery
Food & Beverages

By Region :
North America
Asia Pacific
Latin America
Middle East & Africa


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