What Has Been the Growth of the Vertical Lift Module Market So Far?
The vertical lift module market has seen considerable growth due to a variety of factors.
•In recent years, the vertical lift module market has seen a significant increase in size. The market, which was valued at $1.57 billion in 2024, is projected to rise to $1.74 billion in 2025, registering a compound annual growth rate (CAGR) of 10.6%.
The growth witnessed in the previous years can be traced back to an increasing demand for automated storage solutions, expansion of e-commerce, prioritization of inventory management, labor deficits and financial pressures, efficiency in the selection of inventory, and environmental sustainability.
What Are the Future Growth Projections for the Vertical Lift Module Market?
The vertical lift module market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for vertical lift modules is predicted to experience a significant expansion in the forthcoming years. With a compound annual growth rate (CAGR) of 10.4%,
it's projected to reach "$2.58 billion by 2029. This upswing during the forecast period is linked to the surge in urban warehousing and an emphasis on customization and flexibility. Other factors contributing include the evolution of smarter warehouses, application in diverse sectors, improved safety features, and a focus on ergonomics. Key trends for this forecast period are the increased integration with robotics and automated guided vehicles (agvs), the emergence of cloud-based solutions, customization for a variety of uses, the implementation of artificial intelligence (ai), and the use of real-time data analysis for performance enhancement.
What Are The Core Factors Supporting Growth In The Vertical Lift Module Market?
The vertical lift module market is predicted to be propelled by the growth in E-commerce and omnichannel retail. The strategy of engaging customers through various digital and physical platforms, known as omnichannel retail, combined with the expansion of e-commerce and the need for swift order fulfilment, is driving the demand for efficient storage and retrieval systems. Vertical lift modules, which can address a range of stock-keeping unit needs, are prime examples of such systems. To illustrate, in the third quarter of 2023, retail E-commerce sales in the U.S., as reported by the Census Bureau, reached $271.7 billion, marking a 0.9% increase from the previous quarter. The e-commerce estimate for the third quarter of 2023 rose by 7.8% year-on-year, while overall retail sales grew by 2.0% in the same period. E-commerce sales accounted for 14.9% of all sales in the third quarter of 2023. Thus, the growth in E-commerce and omnichannel retail is fuelling the expansion of the vertical lift module market.
What Are The Major Segments Within The Global Vertical Lift Module Market?
The vertical lift module market covered in this report is segmented –
1) By Type: Non-Refrigerated, Refrigerated
2) By Maximum Load Capacity: Below 20 Tons, 20 Tons To 40 Tons, Above 40 Tons
3) By Configuration: Internal Bay (Single And Dual), External Bay (Single And Dual)
4) By Industry: Automotive, Metals And Machinery, Food And Beverages, Chemicals, Healthcare, Semiconductor And Electronics, Aviation, E-Commerce, Other Industries
Subsegments:
1) By Non-Refrigerated: Standard Vertical Lift Modules, Custom Vertical Lift Modules
2) By Refrigerated: Refrigerated Vertical Lift Modules For Perishable Goods, Temperature-Controlled Vertical Lift Modules
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Which Trends Are Expected To Transform The Vertical Lift Module Market?
Key players in the vertical lift module market are heavily invested in developing novel solutions such as automated storage and retrieval systems to optimize warehouse functions by maximally utilizing vertical space. An automated storage and retrieval system (ASRS) is a system controlled by a computer intended to position and regain loads from precise storage areas, improving both efficiency and precision in managing inventory. For example, in March 2024, Greenspace Industrial, a company specializing in warehouse automation based in Canada, introduced Modula VLM. The Vertical Lift Module (VLM) utilizes trays arranged in a vertical fashion to maximize space in warehouses by taking full advantage of ceiling height. It functions on the "goods-to-person" mechanism, automatically providing items to a picking height that is ergonomic, thereby increasing efficiency and decreasing instances of picking errors. The system is entirely computerized, making the retrieval and restocking of inventory quick while reducing the physical labor needed by operators.
Who Are the Key Players in the Vertical Lift Module Market?
Major companies operating in the vertical lift module market include:
• 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
• 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
What Is The Most Dominant Region In The Vertical Lift Module Market?
Europe was the largest region in the vertical lift module market in 2024. North America is expected to be the fastest-growing region in the global vertical lift module market during 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
