Market Size of Vertical Lift Module (VLM) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vertical Lift Module (VLM) Market Analysis
The vertical lift module (VLM) market is expected to register a CAGR of 8% over the forecast period. Because of Industry 4.0, factories and warehouses are now more likely to use automated solutions.
- Vertical lift modules form a significant part of the solution due to the shifted focus on smart intralogistics. Intralogistics experienced significant disruption over the past decade due to changes in end markets as preferences evolved from using VLMs as a mere space management tool to deriving operational benefits from connected solutions. This is one of the significant factors that is driving the market.
- Further, another major factor that is driving the market is the stringent government regulations for increasing workplace safety. The Occupational Safety and Health Act, in its updated standards, has also mandated safety fall protection for employees, regardless of the fall distance. Hence, the safety of the workplace, which deals with the prevention of any injury or incident, becomes critical, thereby increasing the adoption of a vertical lift module (VLM).
- Also, more retailers are using small-format distribution centers in areas with a lot of people. This means that square footage is limited and expensive, and the need for flexible, scalable, automated VLMs that can handle high volumes in small spaces is expected to grow and drive the retail market.
- However, on the flip side, the high cost of the vertical lift module (VLM) and the high maintenance associated with them are a few factors that are restraining the market's growth in the forecasted period.
- COVID-19 was expected to contribute to market growth in the future. This was due to the focus on automation in industries such as automotive, food and beverage, and logistics, so as to maintain social distancing and stress worker safety.
