by The 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 customizable storage solutions that can adapt to the user’s evolving needs. They provide efficient use of space through optimized configurations and enable high density storage. Modular storage systems are commonly used in warehouses, distribution centers, retail stores and other commercial facilities to efficiently store inventory, office supplies, documents and other materials. Their flexibility allows for easy expansion or rearrangement of storage capacity as needs change.
Market Dynamics:
Growing urbanization around the world is driving the need for efficient warehouse and storage space utilization. In urban areas with limited physical space, modular storage solutions allow companies to maximize storage density within their available facility footprint. The booming e-commerce industry is also propelling market growth, as online retailers and third-party logistics providers increasingly rely on modular mezzanines, racking systems and mobile shelving to efficiently receive, store and ship high volumes of inventory. Additionally, the demand for rental modular storage units is rising among small businesses and homeowners seeking affordable temporary or long-term storage alternatives. Their movable and versatile design enables easy relocation to alternate sites if needed. Major players are focusing on launching innovative modular products with advanced features like automatic controls, remote monitoring and cloud connectivity capabilities to enhance efficiency.
Segment Analysis
The Modular Storage System Market Storage System market is dominated by the static modular storage segment, holding around 60% share. This segment includes mezzanines, shelving, and racking systems that are permanently installed at warehouses and distribution centers. These systems offer high storage density and are ideal for industries that require long-term storage like retail, automotive, and electronics. Their static nature makes them cost-effective for standardized storage requirements over many years.
PEST Analysis
Political: No significant political risks affecting the modular storage market globally.
Economic: High demand from e-commerce and 3PL industries is driving market growth. The modern supply chain requires efficient inventory management solutions.
Social: Changes in consumer shopping habits are boosting online retail spend which spurs demand for warehouse space and modular storage systems.
Technological: Adoption of IoT, machine learning, and predictive analytics technologies helps optimize asset utilization of modular storage infrastructure.
Key Takeaways
The global Modular Storage System market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing demand for efficient inventory management from e-commerce and 3PL industries.
The North American region dominates the modular storage market with a share of over 35% in 2023. Rapid growth of warehousing activities in the US and Canada owing to robust e-commerce penetration drives regional demand.
APAC is projected to be the fastest growing market during the forecast period with a CAGR exceeding 5%. Countries like China, India, and Japan are witnessing expansion of modern logistics networks and warehouse automation which supports the regional market.
Key players operating in the modular storage 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. The market is characterized by consolidation as large players acquire regional competitors to expand their global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
