The global Modular Storage System Market is estimated to be valued at US$ 3.33 Billion In 2022 and is expected to exhibit a CAGR of 4.1% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Modular storage systems are prefabricated, movable storage units that can be assembled or disassembled as per the requirements at a facility. Modular storage systems offer advantages like space maximization, mobility, flexibility, improved inventory management and lower operational costs. These storage systems help companies effectively manage increasing inventory levels in limited warehouse spaces.
Market key trends:
One of the key trends witnessed in the modular storage systems market is the increasing adoption across industries like automotive, manufacturing, retail and healthcare. Modular shelving and racks allow these industries to efficiently manage inventory and storage needs in production and warehouse settings. Modular mezzanines and compact racking are gaining popularity as they free up floor space for other operational needs. Technological advancements in automated modular systems like self-driving robots and conveyor-based designs are also driving their adoption.
Segment Analysis
The modular storage system market is segmented into portable, fixed and others. The portable segment held the dominant market share in 2022 and is expected to continue its dominance over the forecast period. Portable modular storage systems are highly flexible and require less installation space. They can be easily moved and relocated as per changing storage requirements. This high flexibility and mobility of portable modular storage systems has made them the most popular choice across various industries.
Key Takeaways
The global Modular Storage System Market is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period, due to increasing demand for flexible and efficient storage solutions from various industries like manufacturing, retail, healthcare and food & beverage.
The modular storage system market in North America is expected to be the fastest growing regional market, with countries like US and Canada contributing significantly to revenue. The growth in the region can be attributed to high demand from manufacturing industries and increasing e-commerce activities.
Europe currently dominates the global modular storage system market, accounting for over 30% of the total share in 2022. Major markets in Europe include Germany, UK, France and Italy. Growing demand for material handling systems from automotive industry is driving market growth in Europe.
Key players operating in the modular storage system market are WillScot, Mobile Mini, PODS, Spacesaver, SSI SCHAEFER, ManOrga, Systems and Space, Bradford Systems, Scotsman, Montel, Interlake Mecalux, Modula, Jungheinrich, Konecranes, Dematic, Toshiba Industrial Systems, Vanderlande, Kardex Remstar, Murata Machinery, Dexion, Stow, Pallet Shuttle, BoltOn. Major players are focusing on new product launches and partnerships to strengthen their global presence.
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