Vertical Lift Module Market Size

Vertical Lift Module Market size is expected to surpass USD 4.4 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of vertical lift module was over USD 1.5 Billion. The growth of VLMs will be fueled by the expansion of the retail industry. Warehouse services, which mainly rely on vertical lift modules, are growing along with retail. Ahold Delhaize USA and Americold will construct two fully automated frozen warehouses, it was announced in May 2020. The goal of the initiative is to boost cold-storage capacity by 24 million cubic feet, or 500,000 square feet, by constructing the two frozen facilities in collaboration with Americold. By 2020, e-commerce's percentage of retail sales is expected to jump from 16% to 19%, according to UNCTAD.

The strict government rules for improving workplace safety are also a significant component driving the market. Workers must wear safety fall protection, regardless of the fall distance, according to the Occupational Safety and Health Act's amended criteria. Because of this, worker safety—which deals with preventing any accidents or incidents—becomes crucial, which increases the use of vertical lift modules (VLM). According to ILO estimates, about 2.3 million men and women worldwide die from work-related illnesses or accidents each year, or more than 6000 people per day. Each year, there are over 160 million cases of work-related disease and 340 million occupational accidents worldwide.