Frequently Asked Questions (FAQs):
The increasing number of pharmaceuticals, healthcare and electronics industries are increasing the demand for the vertical lift module market. With the increasing population and rising urbanization, the need for electrical equipment and biomedical devices also increased. Furthermore, the rapidly increasing vertical lift module systems installation in retail sectors, hospitals, and food & beverages for selecting and keeping products are also the increasing demand for vertical lift modules. Moreov
The vertical lift module market is anticipated to grow at a substantial CAGR of 9.10% in the upcoming years. The global Vertical Lift Module market industry was estimated to be worth USD 1,342.5 Million in 2021 and was expected to be worth USD 2,263.92 Million by 2028.
North America dominated with the highest market share in the global Vertical Lift Module market in 2021 due to the presence of majorly manufacturing in this Region and increasing technological advancement with expanding e-commerce and retail sectors. In North America, the rise of the Vertical Lift Module market is likely to be aided by increasing pharmaceuticals and electrical industries of the Vertical Lift Module market. The advancement in technology in the United States gives a growth opportunities.
Some of the major players in the market are Kardex, Haenel, System Spa, Ferretto, ICAM S.r.l., Toyota Industries, AutoCrib, Automha, Constructor Group, Conveyor Handling Company, Green Automated Solutions, Lista, Mecalux, Stanley Vidmar, and Weland Lagersystem AB.
In 2021, the automotive segment dominated the vertical lift module market due to the industry offering new technology-based products and excellent product delivery and quality. These factors are contributing to the automotive segment’s expansion during the forecast period.