LONDON--(BUSINESS WIRE)--The global vertical lift module (VLM) market is expected to grow at a CAGR of more than 12% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global VLM market for 2017-2021. The market is further categorized into three main end-user segments, including automotive, food and beverage, and retail.
“Warehouse automation helps to increase the speed and accuracy of order fulfillment before the expiry of the product. Automation in warehouses can also reduce the time taken for restocking the shelves. The rising market demand for convenient and cost-effective warehouse facilities is bringing a lot of innovation in the material handling equipment market, which augurs well for the growth of the VLM market,” says Sharan Raj, a lead warehouse and storage research expert from Technavio.
Technavio’s research analysts segment the global VLM market into the following regions:
- EMEA
- Americas
- APAC
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EMEA – market size and forecast
The rising warehouse rentals and growing pharmaceutical market are the key drivers, which are expected to trigger the growth of the VLM market in EMEA. Warehouse rentals in European countries have been increasing since the last few years. Eastern European countries, such as Russia and Hungary, are the major victims of higher warehouse rentals.
“However, the rising warehouse rentals are a supporting factor for VLM manufacturers. Warehouse service providers need to improve their warehouse service offerings by adding automated facilities in their warehouse. This adoption of automation by warehouse service providers in European countries is expected to increase the demand for VLMs among Europe's warehouse service providers,” says Sharan.
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Americas – market size and forecast
The growth of the SME sector in the US is the key force, which is boosting the opportunities of VLM manufactures in North America. North America's SME sector has shown remarkable growth since 2011. The SMEs in the US are diversified into many industries, such as wholesale and retail, real estate, logistics and warehousing, scientific and technical services, manufacturing and mining, construction, and healthcare. The growth of all these sectors is expected to increase the demand for VLMs in the North American market.
APAC – market size and forecast
APAC has been showing the fastest growth in the global VLM market compared with other regions. Many industries are adopting automation in their processes to reduce cost and improve efficiency. The growing adoption of automation will trigger the growth of the VLM market in APAC across all industries. The rising foreign direct investment (FDI) in APAC is the key factor, which makes players across many industries adopt automation.
In 2016, the manufacturing sector accounted for around 25%-27% of the overall FDI in APAC. The rising FDI in manufacturing will attract new players to the market to grab the numerous market opportunities. The entry of new players in the manufacturing sector will increase the volume of production, which, in turn, will push the demand for efficient storage and retrieval systems.
The top vendors in the global VLM market as highlighted in this market research analysis are:
- Kardex Remstar
- Modula
- SSI SCHAEFER
- Weland Lagersystem AB
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