Vertical Lift Module Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2028
Vertical Lift Module Market – Introduction
Advent of industrialization and the growing concerns pertaining to the safety of workers has been driving the demand for effective modules that bar the intervention of human. The VLMs are developed with advanced technology that improves productivity and offers excellent accuracy. As a result, vertical lift modules have been gaining popularity among the warehouse owners to achieve business automation and save amount by optimizing the warehouse space.
Sales of vertical lift module surpassed a value of US$ 1 Bn in 2018 and are estimated to grow at a consistent pace in the upcoming years. Significant factors delivering sustained growth to the vertical lift module market include high demand for warehouse floor space optimization in parallel to the surging warehouse rentals. With the rising realization pertaining to the ease offered by the vertical lift module, there has been a rise in the investment and refrigerated storage solutions, which holds promising growth prospects for the vertical lift module market in the forthcoming years.
Vertical Lift Module Market – Notable Developments
Manufacturers of automotive have been fostering innovation by leveraging novel technology. There is comparatively low competition from the new entrants of the market, on account of the hefty initial capital requirement for establishing the business. The established partakers operating in the vertical lift module market compete against each other in terms of portfolio expansion.
Some of the most prominent competitors operating in the competitive landscape of global vertical lift module market include –
Automha was established in 1979 in Bergamo. The company offers a number of solutions and services pertaining to the automation of the warehouse. It consists of a rich product portfolio and software and operates with a mission to design and produce effective solutions for storage management.
Icam S.R.L. is headquartered at Italy and was incorporated in 1957. The purpose-driven company functions to offer reliable, safe, and technologically advanced solutions to its customers. It has been involved in research and innovation for fostering innovation in its products.
Mecalux is based in Illinois and was founded in 1966. The company enjoys a significant position in its domain in the world which can be attributed to its ambitious expansion plans.
Vertical Lift Module Market – Dynamics
Medical and Pharmaceutical Industries to Contribute to the Growing Size of the Vertical Lift Module Market
A notable demand for vertical lift module arises from the medical and pharmaceutical industry for the effective management of inventory and streamlining their logistic models. With the proper utilization of space, warehouses can incorporate lean inventory as a model to reduce the cost associated with the storage of medicines. Another significant boost to the growth of the vertical lift module market arises from the government mandates regarding the safety of the workers operating in the pharmaceutical industry, which is anticipated to fuel the adoption rate of vertical lift module.
Growth of Vertical Lift Module Market to Bolster With the Growing Demand for Storage from Automotive Industry
Challenges pertaining to the storage, distribution, and supply of automobiles have attracted the attention of numerous manufacturers of automotive, which has generated a demand for effective storage management modules. Automation in the automotive industry has further fueled the demand for advanced methods for the handling of warehouse activities without the intervention of human. This has popularized the automated systems among the warehouse owners, which is anticipated to deliver sustainable growth opportunities to the vertical lift module market in the upcoming years.
Vertical Lift Module Market – Segmentation
The vertical lift module market can be bifurcated on the basis of:
Vertical Lift Module Market Segmentation – By Delivery Type
Depending on the delivery type, the vertical lift module market can be segmented into:
Vertical Lift Module Market Segmentation – By Industry
Based on the industry, the vertical lift module market can be classified into:
Vertical Lift Module Market Segmentation – By Storage Type
On the basis of the storage type, the vertical lift module market can be divided into:
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