Market players are investing heavily in R&D to develop new products and launch cutting-edge technologies, which will expand their product lines and assist manufacturers to upgrade their existing products.
ROCKVILLE, MD / ACCESSWIRE / December 1, 2020 / As per Fact.MR, the global vertical lift module market is projected to reflect a CAGR of over 8% amid the assessment period, 2020-2030. The remarkable growth of the e-commerce sector across the globe has played a vital role in the expansion of the vertical lift module market. Although the recent COVID-19 outbreak has slacked the market growth briefly, the global market is anticipated to expand steadily in the foreseeable future.
"With the expanding heavy machinery manufacturing industries in addition to automotive sectors, the need for fast, cost-optimized, and storage and safe picking solutions is rising rapidly. The market, being highly proficient in meeting all these criteria's, is gaining popularity worldwide and will grow further over the assessment period." says a Fact.MR analyst.
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Vertical Lift Module Market - Key Takeaways
- North America remains the lucrative region among others due to the presence of several mature end-use segments such as eCommerce, automotive, aviation, logistics, and others.
- Non-refrigerated vertical lift module will foresee impressive growth over the projected period.
- Load capacity below 20 tons will remain lucrative throughout the assessment period.
- Internal bay configuration is likely to gain a key position among other categories.
Vertical Lift Module Market - Drivers
- Increasing focus on industrial automation and the upsurge of industry 4.0 is anticipated to accelerate market expansion.
- The swift rise in the adoption of automated storage and retrieval systems in several industries or sectors in recent years remains a key growth booster in the global market.
Vertical Lift Module Market - Constraints
- Presence of numerous players in the market, managing customer expectations and complexities are the key challenges encountered by the logistics companies as well as the vertical lift module market
- High costs associated with vertical lift modules in addition to the overall cost of the business can hamper the market growth.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak has impacted the automotive industry adversely that has led the industry to incur massive financial losses. The demand for automobiles is declining as people remain under lockdown restrictions. However, Fact.Mr in its recent study states that regardless of the restraining aspects caused due to the COVID-19 outbreak, the global vertical lift module market is likely to expand in the foreseeable years.
Explore the global vertical lift module market with 38 figures, 116 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5347/vertical-lift-module-market
Competition Landscape
The global vertical lift module market is growing at a faster pace, generating ample prospects for the market players. In order to leverage on the market prospects, some of the major players such as Modula Inc., Hanel GmbH & Co. Kg, Weland LargerSystem AB, DMW&H, EffiMat Storage Technology A.S, Automha SPA, Daifuku Co. Ltd., ICAM Srl, along with others are choosing for strategic ways to attain competitive advantage.
More on the Report
The Fact.MR's market research report provides in-depth insights into the vertical lift module market. The market is scrutinized on the basis of type (non-refrigerated, refrigerated), maximum load capacity (below 20 tonn, 20 tonn to 40 tonn, above 40 tonn), configuration (internal bay, external bay), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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SOURCE: Fact.MR