Selbyville, Delaware, June 29, 2021 (GLOBE NEWSWIRE) -- Esteemed researchers cite that global vertical lift module market size was appraised at USD 1.28 billion in 2020 and is anticipated to be worth USD 2.4 billion by the end of the forecast period 2021-2027, growing at an year-over-year rate of 9.3% throughout.
Furthermore, the research literature analyses this business sphere at a granular level by segmenting it based on delivery type, storage type, end-user spectrum, and regional scope. Estimated growth rate and market share of each segment over the forecast timeframe are given as well. Proceeding further, data pertaining to key players, products & services offered, their hierarchy in terms of revenue share, profit margins, and investment portfolio is provided in the document.
Stringent government regulations to enhance safety of workers is a key factor contributing to the industry expansion. For instance, according to the new standards of U.S. Occupational Safety and Health Act, employees must wear safety fall protection irrespective of the fall distance, in turn, has raised the importance of workplace safety, which mainly deals with prevention of injuries or accidents in a workplace.
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For the unaware, vertical lift module is an enclosed system of vertically arranged racks with different payload capacities. They are operated and automated using computerized processes to deliver or replenish goods as per the needs of the user.
Benefits of vertical lift modules such as decreased operator accidents and enhanced inventory turns are boosting the product demand. Moreover, increasing warehouse rentals coupled with space-saving benefit of vertical lift module will aid market expansion.
On the other hand, availability of used products is poised to hinder global vertical lift module market growth over the assessment period.
Segmentation overview:
Based on delivery type, the market sphere is divided into dual-level delivery, and single-level delivery. Speaking of storage type, the industry is bifurcated into refrigerated storage, and non-refrigerated storage. Moving on to end user gamut, the business sphere is fragmented into healthcare, automotive, food & beverages, materials & machinery, chemicals, semiconductor & electronics.
Regional analysis summary:
From the geographical frame of reference, North America, Latin America, Asia Pacific, and Europe are the key contributors to the worldwide vertical lift module industry expansion. Among these regions, Asia Pacific held a significant portion of the industry share in the recent past and is speculated to witness rapid growth between 2021-2027. The presence of China, world’s top exporter of vertical lift modules and the largest industrial center globally, can be attributed to this proliferation. Moreover, the Chinese government has launched the ‘Made in China 2025’ project due to which the number of production units in the country is projected to rise. This will be largely facilitated by increasing automation efforts that will result in 30% reduction in manufacturing costs and subsequently enhance the overall remuneration scope of the industry.
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Global Vertical Lift Module Market by Delivery Type (Revenue, USD Billion, 2018-2027)
- Dual-Level Delivery
- Single-Level Delivery
Global Vertical Lift Module Market by Storage Type (Revenue, USD Billion, 2018-2027)
- Refrigerated Storage
- Non-Refrigerated Storage
Global Vertical Lift Module Market by End User (Revenue, USD Billion, 2018-2027)
- Healthcare
- Automotive
- Food & Beverages
- Metals & Machinery
- Chemicals
- Semiconductor & Electronics
Global Vertical Lift Module Market by Region (Revenue, USD Billion, 2018-2027)
North America
- Canada
- U.S.
Europe
- Italy
- UK
- France
- Germany
- Spain
- Rest of Europe
Asia Pacific
- South Korea
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
Latin America
- Mexico
- Brazil
Rest of the World
Global Vertical Lift Module Market Competitive Dashboard (Revenue, USD Billion, 2018-2027)
- Interlake Mecalux Inc.
- Toyota Industries Corporation
- Weland Lagersystem AB
- Ferretto Group
- Green Automated Solutions Inc.
- ICAM S.r.l
- Automha S.p.A
- AutoCrib Inc.
- Conveyer Handling Company Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Vertical Lift Module Market, by region, 2019-2027 (USD Billion)
1.2.2. Vertical Lift Module Market, by Delivery Type, 2019-2027 (USD Billion)
1.2.3. Vertical Lift Module Market, by Storage type, 2019-2027 (USD Billion)
1.2.4. Vertical Lift Module Market, by Industry, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Vertical Lift Module Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Vertical Lift Module Market Dynamics
3.1. Vertical Lift Module Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Rising warehouse rentals
3.1.1.2. Benefits of deploying VLM compared to traditional shelving systems
3.1.2. Market Restraint
3.1.2.1. Availability of used VLMs in the market
3.1.3. Market Opportunities
3.1.3.1. Increasing demand for customized solutions
Chapter 4. Global Vertical Lift Module Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Vertical Lift Module Market, by Delivery Type
5.1. Market Snapshot
5.2. Global Vertical Lift Module Market by Delivery Type, Performance - Potential Analysis
5.3. Global Vertical Lift Module Market Estimates & Forecasts by Delivery type 2018-2027 (USD Billion)
5.4. Vertical Lift Module Market, Sub Segment Analysis
5.4.1. Single-Level Delivery
5.4.2. Dual-Level Delivery
Chapter 6. Global Vertical Lift Module Market, by Storage type
6.1. Market Snapshot
6.2. Global Vertical Lift Module Market by Storage Type, Performance - Potential Analysis
6.3. Global Vertical Lift Module Market Estimates & Forecasts by Storage type 2018-2027 (USD Billion)
6.4. Vertical Lift Module Market, Sub Segment Analysis
6.4.1. Non-Refrigerated Storage
6.4.2. Refrigerated Storage
Chapter 7. Global Vertical Lift Module Market, by Industry
7.1. Market Snapshot
7.2. Global Vertical Lift Module Market by Industry, Performance - Potential Analysis
7.3. Global Vertical Lift Module Market Estimates & Forecasts by industry 2018-2027 (USD Billion)
7.4. Vertical Lift Module Market, Sub Segment Analysis
7.4.1. Automotive
7.4.2. Metals & Machinery
7.4.3. Food & Beverages
7.4.4. Chemicals
7.4.5. Healthcare
7.4.6. Semiconductor & Electronics
Chapter 8. Global Vertical Lift Module Market, Regional Analysis
Related Report:
Artificial Lift Systems Market Size, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027
The artificial lift system market is projected to record momentous gains over the forthcoming timeframe owing to increasing investments toward redevelopment of aging fields and paradigm shift toward unconventional reserves. Artificial lift defines a variety of methods that oil & gas producers use. It is referred as a process used on oil wells to surge the pressure in the reservoir and encourage oil to the surface. When the reservoir's natural drive energy is not capable of pushing the oil to the surface that's when artificial lift is used to recover more production. In fact, around 96% of the oil wells across the U.S. need artificial lift from the start.
In addition, even those wells that at first possess natural flow to the surface, that pressure lessens over time, and artificial lift is then needed. Thus, artificial lift is usually performed on all oil wells at some point of time during their production life.
The market for artificial lift system is growing at a rapid pace as it continues to hold its appeal for customers, particularly in the form of value-add services as well as software that can add material ROI, increased production, estimated ultimate recovery, and enhanced oil recovery.
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