Research Nester assesses the growth and market size of the global vertical lift module market which is anticipated to be on account of the growing importance of industrial automation and the rise of Industry 4.0.
Research Nester’s recent market research analysis on “Vertical Lift Module Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global vertical lift module market in terms of market segmentation by delivery type, storage type, maximum load capacity, configuration, industry, and by region.
Increasing Expansion of Retail Industry to Promote Global Market Share of Vertical Lift Module
The development of the retail sector will promote the rise of VLMs. Along with retail, warehouse services—which primarily rely on vertical lift modules—are expanding. Ahold In May 2020, it was revealed that Delhaize USA and Americold would build two fully automated freezer warehouses. By building the two frozen facilities with Americold, the program aims to increase cold storage capacity by 24 million cubic feet, or 500,000 square feet. According to UNCTAD, e-commerce's share of retail sales will increase from 16% to 19% by 2020. By 2020, the top 13 multinational businesses will generate USD 2.9 trillion in online business-to-consumer (B2C) sales.
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The tight government regulations aimed at enhancing workplace safety are also a key factor propelling the market. In accordance with the revised requirements of the Occupational Safety and Health Act, workers must wear safety fall protection, regardless of the fall distance. Vertical lift modules (VLM) are used more frequently as a result, as worker safety—which deals with preventing any accidents or incidents—becomes essential. Over 2.3 million men and women worldwide die from work-related illnesses or accidents each year, or more than 6000 people per day, according to ILO figures. Over 160 million cases of occupational sickness and 340 million occupational accidents occur each year worldwide.
Some of the major growth factors and challenges that are associated with the growth of the global vertical lift module market are:
Growth Drivers:
• Surge in Focus on Industrial Automation
• Rising Innovation in Vertical Lift Module
Challenges:
Pricing trends imply that industry expansion is being constrained by the high cost of vertical lift modules. The high price of vertical lift modules raises the cost of doing business as a whole. The cost to purchase brand-new vertical lift modules would be extremely significant.
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By delivery type, the global vertical lift module market is segmented into single-level delivery and dual-level delivery. The single-level delivery segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. The rising demand for automotive parts and the rising sales of the car is the major reason for the growth of the segment in the market. The vertical lift module market will rise the fastest due to the rising need for single-level delivery systems. 9.2 million US cars will be produced in 2021. The US produced 9.2 million cars in 2021, a 4.5% increase from the year before. American workers make up 923,000 of the manufacturing of motor vehicles and their components, while auto dealers make up 1,251,600.
By region, the North America vertical lift module market is to generate the highest revenue by the end of 2036. It is anticipated that the United States' expanding electrical and pharmaceutical sectors will help drive the market for vertical lift modules. Due to the widespread use of refrigerated vertical lift modules, it is predicted that the market in the region will expand. In 2021, Americans spent USD 576.9 billion on prescription drugs. In 2021, the pharmaceutical business in the United States brought in $550 billion. In the United States, there are currently around 310,574 chemists working.
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This report also provides the existing competitive scenario of some of the key players of the global vertical lift module market which includes company profiling of 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 others.
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