New York, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global vertical lift module market size is slated to expand at ~9% CAGR between 2024 and 2036. The market is poised to garner a revenue of USD 4.4 billion by the end of 2036, up from a revenue of ~USD 1.5 billion in the year 2023.The growth of VLMs will be fueled by the expansion of the retail industry. Warehouse services, which mainly rely on vertical lift modules, are growing along with retail. Ahold Delhaize USA and Americold will construct two fully automated frozen warehouses, it was announced in May 2020. The goal of the initiative is to boost cold-storage capacity by 24 million cubic feet, or 500,000 square feet, by constructing the two frozen facilities in collaboration with Americold. By 2020, e-commerce's percentage of retail sales is expected to jump from 16% to 19%.
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According to UNCTAD. The strict government rules for improving workplace safety are also a significant component driving the market. Workers must wear safety fall protection, regardless of the fall distance, according to the Occupational Safety and Health Act's amended criteria. Because of this, worker safety—which deals with preventing any accidents or incidents—becomes crucial, which increases the use of vertical lift modules (VLM). According to ILO estimates, about 2.3 million men and women worldwide die from work-related illnesses or accidents each year, or more than 6000 people per day. Each year, there are over 160 million cases of work-related disease and 340 million occupational accidents worldwide.
Increasing Focus on Industrial Automation across the Globe to Boost Market Growth
During the predicted period, the growth of industry 4.0 has greatly accelerated the trend towards industrial automation. The sales of vertical lift modules have dramatically increased as a result worldwide. The market is expected to grow quickly over the next several years as a result of the benefits provided by vertical storage systems. The manufacturing sector will be most affected by automation, which has the potential to automate about 64% of all manufacturing processes worldwide. By automating 64% of manufacturing operations, the globe could save 749 billion working hours. Strict security and control procedures are typical in the automotive sector. To prevent theft and preserve privacy, some of the parts and tools need to be stored properly and securely, and priceless assets need to be guarded and kept in a secure location. A total of 38,90,114 passenger vehicles were sold overall, up from 30,69,523. In comparison to the prior year, sales of passenger cars climbed from 14,67,039 to 17,47,376, utility vehicles from 14,89,219 to 20,03,718 and Vans from 1,13,265 to 1,39,020 units in FY-2022–23 in India.
Vertical Lift Module Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding e-commerce activities to Drive the Market Growth in Europe Region
The vertical lift module market in Europe region is estimated to garner the largest revenue by the end of 2035. The rapid surge in e-commerce activities in Europe has been a major catalyst for the growth of the VLM market. The COVID-19 pandemic further accelerated this trend, as consumers increasingly turned to online shopping. According to a report, the e-commerce market in Europe was estimated to be worth USD 717 billion in 2020, marking a substantial 14% year-on-year growth. As e-commerce players strive for streamlined and efficient order fulfillment processes, VLMs have become indispensable. These systems not only optimize space utilization but also ensure quick and accurate order picking. This growth is indicative of the increasing adoption of automated solutions, including VLMs, to enhance productivity. As companies continue to invest in automation, the VLM market is poised to grow steadily. Continuous advancements in VLM technology have made these systems more reliable and versatile. Advanced features like integrated inventory management software, improved safety mechanisms, and IoT connectivity have made VLMs a desirable choice for businesses seeking cutting-edge solutions. The European VLM market has benefited from these technological innovations, with companies opting for modernized systems to stay competitive.
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Growing Cancer Cases to Propel the Growth in the Asia Pacific Region
The Asia Pacific vertical lift module market is estimated to garner the highest CAGR by the end of 2035. The exponential growth of e-commerce in the Asia Pacific region is a significant driver of the VLM market. According to a report, the Asia-Pacific e-commerce sales are estimated to reach USD 3 trillion in sales by 2024. As consumers increasingly turn to online shopping, efficient order fulfillment processes become essential. VLMs have proven instrumental in optimizing warehouse space and streamlining order picking, making them indispensable for e-commerce businesses seeking to meet customer demands efficiently. This growth reflects the escalating adoption of automated solutions, including VLMs, to enhance productivity. As more companies invest in automation, the VLM market is poised for substantial growth. he Asia Pacific region encompasses countries with varying labor costs. However, the potential for labor cost savings remains a universal motivator for businesses across the region. VLMs offer a solution to mitigate these expenses by reducing manual labor in material handling and order fulfillment processes. By automating these tasks, businesses can significantly reduce labor-related expenses.
Vertical Lift Module, Segmentation by Delivery Type
- Single Level Delivery
- Dual Level Delivery
Amongst these segments, the single-level delivery segment in vertical lift module market is anticipated to hold the largest share over the forecast period. The growth of the segment can be accredited to the increasing sales of automobiles and increasing demand for automotive parts, followed by the growing demand for quicker storage, and maximum storage space. As a result of the growing demand for single-level delivery systems, the vertical lift module market will expand the fastest. In 2021, 9.2 million US automobiles were made. In 2021, the US produced 9.2 million automobiles, up 4.5% from the previous year. Manufacturing of motor cars and their components employs 923,000 Americans, while auto dealers employ 1,251,600.
Vertical Lift Module, Segmentation by Storage Type
- Non-Refrigerated Storage
- Refrigerated Storage
Amongst these segments, the non-refrigerated segment in vertical lift module market is anticipated to hold a significant share over the forecast period. Technological advancements, such as the Internet of Things (IoT), have enhanced the efficiency of non-refrigerated storage and transportation systems. IoT sensors, GPS tracking, and advanced inventory management software have improved visibility and control over goods in transit and storage, making these solutions more attractive to businesses. The global e-commerce industry has been growing at an astonishing pace. Global e-commerce sales were estimated to reach USD 4.28 trillion in 2020, and this number is expected to exceed USD 6.38 trillion by 2024. The non-refrigerated segment, which includes the storage and transport of dry goods and non-perishable items, has seen a substantial uptick in demand. As e-commerce players continue to expand, the need for efficient storage and transportation solutions for their products is paramount, driving growth in the non-refrigerated segment.
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Few of the well-known industry leaders in vertical lift module market that are profiled by Research Nester are Modula INC., Automha, Mecalux, Stanley Vidmar, AutoCrib, Inc, Hanel, The Slate River Systems Inc. (SRSI), Ferretto Group S.p.a., Scahefer Systems International, Plc, and other key market players.
Recent Development in the Vertical Lift Module Market
- Koenig & Bauer ordered SSI LOGIMAT Vertical Lift Modules from SSI SCHAEFER. Koenig & Bauer (AT) GmbH takes a step further towards automation with SSI SCHAEFER and modernizes the Maria Enzersdorf location. The printing press manufacturer commissioned SSI SCHAEFER to supply and install a semi-automated solution with 13 SSI LOGIMAT Vertical Lift Modules for small parts vertical and efficient item picking.
- SRSI (Slate River Systems, Inc.) announces their partnership with ICAM Intelligent Space Solutions. Known for their unique vertical lift module (VLM) systems, SRSI looks to use ICAM’s product for their integration solutions.
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