by The global Modular Storage System Market is estimated to be valued at US$ 3.33 Bn or Mn 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 refers to a group of storage components and containers that can be arranged in different configurations to maximize storage capacity. The modular components like racks, shelves, bins and containers allow users to customize their storage based on changing needs. Modular systems offer several advantages compared to fixed structures like flexibility of configuration, scalability and efficient utilization of space. They are increasingly being adopted across industries like manufacturing, retail, automotive, food & beverage due to their versatility.
Market Key Trends:
One of the key trends driving growth in the modular storage system market is rising adoption in the manufacturing industry. Modular systems provide manufacturers an efficient solution for storing raw materials, work-in-process inventory, finished goods and tools with their ability to replicate assembly line layouts. They help optimize material flow and allow quick retrieval of items when needed. Modular racks, shelving and bin storage can be conveniently reconfigured as production processes change, without requiring fixed infrastructure changes. This makes them a preferred choice for streamlining warehouse operations in fluctuating manufacturing environments. Their scalable design also allows manufacturers to smoothly scale storage capacity with production requirements.
Porter’s Analysis
Threat of new entrants: Low barriers to entry and low capital requirement enables new companies to enter the Modular Storage System Market fairly easily.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternate storage solutions. However, customized modular systems increase switching costs for buyers.
Bargaining power of suppliers: A few large suppliers exist for components such as storage units, racks, and pallets used in modular systems. This grants them substantial bargaining power over manufacturers.
Threat of new substitutes: Threat of substitutes is moderate as fixed caged systems provide alternatives, but lack flexibility. However, substitutes are generally not a direct threat due to high switching costs for buyers.
Competitive rivalry: Intense competition exists among established players to gain market share and expand their product portfolios through R&D. Market leaders fight to retain clients and defend their turf.
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 scalable storage solutions across industries.
The market size for modular storage systems was valued at US$ 3.33 Billion In 2023. Regional analysis suggests North America dominated the modular storage system market in 2023 attributed to strong manufacturing sector and warehousing activities. However, Asia Pacific is expected to be the fastest growing market over the forecast period, supported by growth of e-commerce industry in China and India.
Key players operating in the modular storage system market include 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. These companies are focusing on new product launches to expand their modular storage solutions portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
