Vertical Lift Module Global Market Report 2024

The vertical lift module market 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 increase in the historical period can be attributed to the need for automated storage solutions, the expansion of e-commerce, emphasis on effective inventory management, challenges related to labor shortages and cost pressures, improved efficiency in order picking, and a focus on environmental sustainability.

The vertical lift module market 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. Prominent trends in the anticipated period involve the integration with robotics and AGVs, adoption of cloud-based solutions, customization tailored to diverse applications, incorporation of artificial intelligence (AI), and the utilization of real-time data analytics for performance optimization.

Anticipated growth in E-commerce and omnichannel retail is expected to drive the expansion of the vertical lift module market. Omnichannel retail, a strategy involving customer engagement through various digital and physical touchpoints, aligns with the growth of E-commerce, emphasizing the need for efficient storage and retrieval systems such as vertical lift modules to manage diverse stock-keeping unit requirements efficiently. For example, U.S. retail e-commerce sales in the third quarter of 2023 reached $271.7 billion, marking a 0.9% increase from the second quarter of 2023. Compared to the third quarter of 2022, e-commerce sales in the same period showed a 7.8% rise, contributing to 14.9% of total sales. Consequently, the surge in E-commerce and omnichannel retail is a significant driver of the vertical lift module market's growth.

The rise of urbanization and limited space is another factor expected to propel the growth of the vertical lift module market. Urbanization, characterized by a population shift from rural to urban areas, is leading to increased demand for vertical lift module systems, especially in e-commerce distribution centers. In 2023, approximately 4.4 billion people, accounting for 56% of the global population, reside in cities, according to the World Bank Group. Projections indicate that by 2050, more than seven out of ten people will live in cities, doubling the current urban population. This urbanization trend, coupled with limited space, serves as a driving force for the vertical lift module market's growth.

Prominent companies in the vertical lift module market are introducing innovative products such as Vertimag Vertical Lift Module (VLM) to optimize capacity, improve safety, and enhance workflow efficiency in warehouses and distribution centers. Vertimag serves as a space-efficient solution designed for storing and managing materials of diverse shapes, weights, and sizes, substantially reducing the footprint compared to traditional storage systems, up to 1/10th. For example, in February 2021, Quickline Ltd., a UK-based supply chain and storage company, launched Vertimag Vertical Lift Module (VLM), a cutting-edge vertical storage system aimed at elevating efficiency, ensuring safety, and boosting workflow in warehouse operations. The system comprises vertically arranged trays stored in both the front and rear sections, with a central extractor device.

Technological advancements emerge as a prominent trend in the vertical lift module market, with major companies introducing enhanced systems utilizing automated vertical storage technology to maintain their market positions. In February 2022, Randex Ltd., a UK-based distributor specializing in providing office industrial retrieval office systems, introduced Compact, a vertical storage lift supporting various inventory management and stock handling processes across different organizations. Built with benchmark automated vertical storage technology, Compact handles two load trays in one sequence, with one tray ready for picking and the other in a waiting position, saving time and reducing floor space by 90% compared to standard shelving and pallet racking.

In August 2022, RMH Systems Inc., a US-based industrial automation company, acquired DAK Solutions to bolster its portfolio in the Midwest through turnkey material handling integration and automation solutions. DAK Solutions, based in the US, specializes in providing warehouse automation and storage optimization solutions.

Major companies operating in the vertical lift module market report are Kardex Group AG, Hänel Storage Systems GmbH, Ferretto Group SpA, Modula Group S.p.A., AutoCrib Inc., Automha S.p.A., Mecalux S.A., Vidmar Inc., ICAM S.r.l., Green Automations LLC, Lista AG, Conveyor Handling Company, Toyota Industries Corporation, EFFIMAT, System Ceramics SpA, Weland Lagersystem AB, Stanley Black & Decker Storage Solutions, Rabatex Industries Pvt. Ltd., System Logistics India Private Limited, Schaefer Systems International Pvt. Ltd., Constructor Group AS, DMW&H, Daifuku Co. Ltd., Bastian Solutions, A-Plus Automation & Robotics, Carton Handling Systems Inc., Epicor Software Corporation, Feralloy Corporation, Interlake Mecalux, SSI Schaefer.

Europe was the largest region in the vertical lift module market in 2023. North America is expected to be the fastest-growing region in the global vertical lift module market duirng the forecast period. The regions covered in the vertical lift module market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the vertical lift module market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Vertical lift modules are categorized into non-refrigerated and refrigerated types. Non-refrigerated pertains to items or environments that are not cooled or maintained at a low temperature. The load capacities are classified into below 20 tons, 20 to 40 tons, and above 40 tons. Different configurations include internal bay (single and dual) and external bay (single and dual). These modules find applications across various industries such as automotive, metals and machinery, food and beverages, chemicals, healthcare, semiconductor and electronics, aviation, e-commerce, and others.

The vertical lift module market research report provides vertical lift module market statistics, including vertical lift module industry global market size, regional shares, competitors with a vertical lift module market share, detailed vertical lift module market segments, market trends and opportunities, and any further data you may need to thrive in the vertical lift module industry. This vertical lift module market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The vertical lift module market consists of sales of vertical lift module configurator, compact lift vertical lift module, and compact twin vertical lift module. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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