According to the research report titled ‘Global Vertical Lift Module Market by Delivery Type (Single-Level, Dual-Level), Storage Type (Non-Refrigerated, Refrigerated), Industry (Automotive, Metals & Machinery, Food & Beverages, Chemicals, Healthcare), Regional Forecasts 2021-2027’, available with Market Study Report, global vertical lift module market was valued at USD 1.28 billion in 2020 and is expected to record a CAGR of 9.3% over 2021-2027, subsequently accumulating USD 2.4 billion by the end of the assessment period.
 

As per the report findings, increasing warehouse rentals and advantages of deploying VLM compared to conventional shelving systems are the key factors driving global vertical lift module market growth.
 

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For the unaware, an enclosed system of vertically placed racks with variable payload capacities is referred to as a vertical lift module (VLM). They are automated and operated on computerized commands for supplying or replenishing goods in an ergonomically located workstation based on the user requirements.
 

Notably, VLMs have a number of benefits, including faster inventory turns, fewer operator injuries, and the ability to save up to 80% of wasted space.
 

As per the latest standards of the Occupational Safety and Health Act, employees must wear safety fall protection irrespective of the fall distance. Thus, workplace safety, that deals with the prevention of any harm or incident, becomes increasingly important, further enhancing worldwide vertical lift module industry outlook.
 

For the record, FM Logistic, in March 2019, said it is building MCF (multi-client logistics facility) in India, which was to be operative by December 2020. It would include a storage capacity of 100,000 pallets and a dedicated space for co-packing and other value-added activities. Similar steps taken by businesses operating in this vertical is projected to add to the market development.
 

Considering the restraining factors, availability of used VLMs in the market are negatively impacting the overall business scenario.
 

Moving on to regional landscape, North America, Asia Pacific, Latin America, and Europe are the key contributors to the overall industry development. Among these, Asia Pacific dominates global vertical lift module market size, owing to presence of largest industrial center and leading exporter, China. Further, China's automation is expected to lower costs by 30% by 2025, and the country's manufacturing units are anticipated to expand significantly due to the 'Made in China 2025' project.
 

Top firms in global vertical lift module market are Mecalux group, Weland Lagersystem AB, Green Automated Solutions, Conveyor Handling Company, Automha S.p.A., AutoCrib Inc. (Snap-on), ICAM s.r.l., Constructor Group AS, Ferretto Group, and Toyota Industries Corporation.