PUNE, India, February 15, 2018 /PRNewswire/ --
According to the new market research report "Vertical Lift Module (VLM) Market by Delivery Type (Single-Level, Dual-Level), Storage Type (Non-Refrigerated, Refrigerated), Industry (Automotive, Metals & Machinery, Food & Beverages, Chemicals, Healthcare), and Region - Global Forecast to 2023", published by MarketsandMarkets™ , the market is expected to grow from USD 1,074.6 Million in 2018 to reach USD 1,679.6 Million by 2023, at a CAGR of 9.3% between 2018 and 2023. Key factors such as growing need to optimize warehouse floor space, benefits of deploying VLMs compared to standard shelving systems, rising warehouse rentals, and increasing focus on worker safety and security are driving the growth of VLM market.
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Single-level delivery to hold largest share of VLM market between 2018 and 2023
Single-level delivery type VLMs are ideal when the machine is in moderate use or when the picking time is quick. The automotive industry held the largest size of the single-level delivery VLM market. Factors such as increasing automobile sales and rising demand for automotive spare parts are driving the demand for the single-level delivery VLMs in the automotive industry.
Non-refrigerated VLMs to hold largest share of VLM market between 2018 and 2023
Industries such as automotive, aviation, and metals and heavy machinery require huge storage space for large and heavy items. These industries also demand automated systems for efficient handling and storage of material. The non-refrigerated VLMs are highly preferred in these industries as they do not require a temperature-controlled environment to store and retrieve their raw materials. The non-refrigerated VLMs help increase the productivity, reduce error rates, handle materials efficiently, increase picking rate, and save warehouse floor space.
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Europe held largest share of VLM market in 2017
Countries such as Germany, the UK, France, Spain, and Sweden contribute significantly to the growth of the VLM market in Europe. Factors such as an established automotive, and metals and heavy machinery industries; lack of warehousing space; and high labor costs are driving the demand for VLMs in Germany. Further, Spain has emerged as an attractive destination for logistics and warehousing operations due to the shortage of space for warehousing facilities in major developed countries, including the UK, Germany, and France. Sweden also poses tremendous growth potential for the VLM market. The country has a developed infrastructure for efficient business operations. Sweden houses centralized distribution centers of various leading North European companies. Adidas, Canon, Honda, Nike, Nestle, and Dell, among others, are some of the companies having their distribution centers in Sweden.
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The major players in the VLM market are Kardex (Switzerland), Haenel (Germany), System Spa (Italy), Ferretto (Italy), and ICAM S.r.l. (Italy).
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