Growing Focus on Industrial Automation and Rise of Industry 4.0 to Accelerate Market Growth
Over the past couple of decades, vertical lift modules have garnered immense popularity across various industrial sectors, including metals & machinery, automotive, electronics, food & beverages, logistics, and healthcare. The noteworthy rise of the e-Commerce sector around the world has played an imperative role in the development of the vertical lift module market– a trend that is expected to continue during the forecast period. As a result of the flourishing e-Commerce sector, the demand for vertical lift modules for improved warehouse management witnessed an impressive growth– a factor that is projected to propel the global vertical lift module market.
The rise of Industry 4.0 provided considerable momentum to the industrial automation trend over the past decade. This has played an imperative role in boosting the sales of vertical lift modules worldwide. The demand for vertical lift modules is anticipated to grow at a rapid pace in the upcoming decade, owing to benefits provided in the vertical storage systems. In addition, vertical lift modules have also emerged as an efficient tool management solution due to which, its adoption across the industrial sector is on the rise. In several core industries, vertical lift modules are increasingly being used for the handling of spare parts.
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At the back of these factors, along with increasing focus on industrial automation, entry of new technologies, and widening applications in various industrial sectors, the global vertical lift module market is on course to reach US$ 3 Bn mark by the end of 2030.
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Increasing Focus on Automated Storage Solutions to Drive Global Market
Over the past decade, the automated storage trend has gained considerable momentum across the global industrial sector. While the demand for vertical carousel continues to grow, vertical lift modules have emerged as an ideal automated storage technologies. Vertical lift modules offer significant advantages such as high-density storage of slow-to-medium-velocity items, complete enclosure and lockable access for security, optimized storage in a compact storage framework, etc. Vertical lift modules have garnered considerable popularity in various applications, including wave picking, batch picking, consolidation, replenishment, and sorting. The increasing use of height sensors in modern vertical lift modules is a major factor expected to boost the demand for vertical lift module during the assessment period. Moreover, the increasing use of computer software in vertical lift modules is estimated to fuel the growth of the global vertical lift module market.
Vertical life module trays offer dynamic storage and are primarily used for heavier objects. The growing emphasis on automated storage across the industrial sector is expected to provide considerable boost to the demand for vertical lift modules during the forecast period. The applications of vertical lift modules across the warehouses in various industries continue to expand, thus driving the adoption of vertical lift modules.
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Demand to Remain Steady amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to have a moderate impact on the global vertical lift module market in 2024. Uncertainty in the market, fluctuating economic trends, and stringent lockdown measures implemented by governments around the world to curb the transmission of the novel virus are some of the major factors expected to have a negative impact on the growth of the global vertical lift module market.
The demand for vertical lift modules witnessed considerable decline in the first quarter of 2024. However, due to surge in the number of e-Commerce orders and rise in the online purchases, the demand for vertical lift module across warehouses in various regions has remained steady.
Vertical Lift Module Market: Overview
- Vertical lift module (VLM) is a storage system that consists of two parallel columns, each of which is divided into fixed shelf locations that can hold a single storage module such as a tray. These modules store items on trays and deliver them to an ergonomically positioned work counter with the touch of a button on a control device.
- Asia Pacific accounted for a dominant share of the vertical lift module market in 2019 and is likely to be the leading region for vertical lift modules, owing to the presence of a dominant consumer base in the region. China, India, Korea, and Japan are major vertical lift module markets in Asia Pacific. Huge demand for warehouse management coupled with increasing number of WMS providers in the region will drive the vertical lift module market. Asia Pacific is witnessing rapid increase in the number of small-scale vertical lift manufacturers and this trend is likely to continue in the near future.
Vertical Lift Module: Market Trends
- The growth of healthcare, pharmaceuticals, and electrical/electronic industries is driving the demand for vertical lift modules. In recent years, rapid increase in the installation of vertical lift module systems in retail sector, food & beverages, and hospitals for picking and handling of products is also projected to boost the demand for vertical lift modules. The growing retail industry across the globe prompts an increase in installation of warehouses to better manage efficient and optimized logistics.
Vertical Lift Module Market: Drivers, Opportunities, and Restraints
- Rapid increase in installation of automated storage & retrieval systems in various sectors or industries such as automotive, aviation, metal engineering, healthcare, and e-Commerce in recent years is one of the significant factors projected to drive the market of vertical lift module systems during the forecast period. Vertical lift modules help industries to manage their inventories in an efficient & effective manner. These systems are ideal for space utilization, increase productivity levels, and also help companies to reduce expenses by minimizing the amount of unnecessary parts and products in storage.
- Advancements in technology and new products and services increase accuracy, productivity, and efficiency of warehousing systems. Manufacturing companies are investing heavily on research & development to introduce cutting-edge technologies and new product development, which is set to expand their product portfolio and help manufacturing companies upgrade their existing products.
- Prices of vertical lift modules are very high and increase the overall cost of the business. The initial investment to purchase completely new vertical lift modules is extremely prohibitive. Affordability of the system is one of the major concerns for end-use industries, especially in emerging economies. Cheap labor or workforce is available in developing countries such as China, India, and other Southeast Asian countries. This also restricts end users from making such heavy investments in vertical lift module systems.
Vertical Lift Module Market: Key Segments
- The global vertical lift module market has been segmented based on type, configuration, maximum load capacity, end-use industry, application, and region
- Based on type, the global vertical lift module market has been classified into temperature controlled/refrigerated and non-refrigerated
- In terms of configuration, the market has been divided into internal bay (single and dual) and external bay (single and dual)
- Based on maximum load capacity, the market has been categorized into below 20 ton, 20 ton to 40 ton, and above 40 ton
- Based on end-use industry, the global vertical lift module market has been split into metals & machinery, automotive, food & beverages, electronics, logistics, healthcare, retail, and others (aerospace, chemicals, etc.)
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