Vertical Lift Module Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Inventory handling management systems have adopted vertical lift modules. The primary objective of this adoption is the maximization of vertical cubes for different industries. Food and beverages, healthcare, logistics, electronics, and automotive are some of the key industries that are witnessing an increased demand for vertical lift modules. The rising applications of these modules boost growth in the vertical lift module market.
The services from the vertical lift module market are working intending to meet the plant floor and operational requirements from different industries. They are widely used for different reasons such as work in progress, maintenance repair options, returns handling, and buffer storage. These extensive applications are assisting to create opportunities in the vertical lift module market.
The vertical lift module market is growing on the back of increasing usage of the eCommerce sector. Further, these online platforms are working to improve the shopping experience of consumers. Advancements in vision augmentation components and laser technologies have improved the competencies applications. These developments are bolstering avenues in the vertical lift module market.
The vertical lift module is integrated with cutting-edge robotics, and it has extended the avenues in the vertical lift module market. Further, the ecosystem of players from the vertical lift module market has been enriched with the incorporation of augmented vision technologies, pick-to-light, augmented vision, and autonomous mobile robots.
The consumers from the vertical lift module market are demanding VLMs to effectively manage warehouse services. The economies are adopting Industry 4.0 technologies, and it further spearheads industrial automation. These developments are fueling demand in the vertical lift module market.
The increasing adoption of online shopping platforms across the globe has increased the demand for VLM. Different warehouses are adopting these services for efficient management, and it further bolsters growth in the vertical lift module market.
Factors Driving Evolution of Vertical Lift Module Market and Scope
Vertical lift modules have gained adoption in inventory handling management systems, with key objective to maximize vertical cubes for various industries. Advancements in laser technologies and vision augmentation components have led to integrated vertical lift modules with range of capabilities in pick and carry applications. The global vertical lift module (VLM) market has thrived on the back of strides made in eCommerce sector and the focus on improving online shopping experience for customers.
Some of the key end-use industries where the rise in demand has propelled opportunities in the vertical lift module market are automotive, electronics, logistics, healthcare, and food & beverages.
New modular and integrated systems in the vertical lift module market aim to meet the operational and plant floor requirements of these industries in range of applications such as buffer storage, returns handling, maintenance repair options, and work in progress.
Vertical Lift Module Market: Key Industry Trends and Growth Dynamics
The integration of vertical lift modules with cutting-edge robotics has extended the horizon for revenue generation in the market. The incorporation of autonomous mobile robots, augmented vision, pick-to-light, and augmented vision technologies have enriched the ecosystem of players in the vertical lift module market. Increasing trend of modernization of plant floors and inventory management systems among businesses in the automotive and food & beverages industries has conferred lucrative gains to market players.
Worldwide customers in the vertical lift module market are increasingly demanding VLMs for warehouse management. The increasing trend of industrial automation, spearheaded by economies that are keenly adopting Industry 4.0 technologies, is a key trend that will fuel growth of the market.
Automated storage solutions look for VLM equipped with sensors which can enable them high-density storage of different sizes of SKUs. The demand for dynamic storage for heavy objects is an example. This has opened up profitable opportunities to companies in the vertical lift module market. Rise in online shopping around the world has spurred demand for VLM among businesses keen on adopting technologies for warehouse management. Specifically, the use of VLM for reducing order errors and customer wait times among businesses in eCommerce sector is fueling demand.
Competitive Forces Shaping Product Developments in Vertical Lift Module Market
The Industry 4.0 and strides in eCommerce have generated massive revenue streams for operations management solution providers and robotics companies in the vertical lift module market. A growing number of solution providers around the world are aspiring to leverage robotic integration for VLMs, where customers are faced with the compelling proposition of flexibility in VLM. Considerable investments have been made in developed and emerging economies in warehouse automation in various industries. Indeed, in recent years, businesses in food & beverages industry are keenly piloting integrated VLM solutions.
Recently, Wakefern Food Corporation, a U.S.-based supermarket companies hopes to modernize warehouses by adopting Kardex’s Shuttle XP Vertical Lift Module at its store ShopRite of Kingston. The company finds the VLM to have significant positive bearing on online shopping service in its store. Such solutions will grow in demand for maximizing utilization of capacity in compact spaces, stridently expanding the lucrative gains in the vertical lift module market.
Some of the key players in the vertical lift module market are Automha S.p.A, Vidir Solutions, Inc., Weland Solutions AB, Modula S.p.A, AutoCrib, Inc., Kardex Remstar, ICAM SRL, and Hänel Storage Systems.
Vertical Lift Module Market: Lucrative Regions
Developed economies in North America have offered lucrative opportunities to market players, given the high pace of modernization of warehouses and inventory management systems. Emerging economies have recently emerged as potentially profitable markets for various players. Asia Pacific in particular is witnessing spurt in new revenue streams, fueled by the trend of eCommerce and spectacular strides in Industry 4.0 over the past couple of decades in developed economies in the region. Rise in demand for automation solutions for warehouse management among businesses in various industries is a key trend that will continue fueling opportunities to established market players eyeing incremental opportunities.
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