The Global Self-Storage Market is Anticipated Growth Owing to Rising Urbanization and Population Mobility
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| Self-Storage Market |
The
self-storage market offers storage services to residential and commercial users
to store their possessions using storage lockers or storage units. Self-storage
services provide flexibility and accessibility to store possessions securely
while decluttering homes or commercial spaces. The services allow storage of a
wide range of belongings including household items, vehicle storage, business
records, inventory, and recreational equipment. The growing need for flexible
storage solutions has encouraged the development of modern self-storage
facilities that provide customers accessibility, security, and
climate-controlled units.
Key players operating in the self-storage market are Duke Energy Corporation, EON SE, Enel SPA, Electricite de France SA, and Iberdrola SA. Technology providers include General Electric Company, Siemens AG, Andritz AG, Mitsubishi Heavy Industries, Ltd, Voith GmbH & Co. KGaA, and Ansaldo Energia SpA. The Self-Storage Market Growth provides various opportunities for new facility development and expansion, upgrading storage units with state-of-the-art security and accessibility features. Emerging economies are witnessed high population growth contributing to increased demand for self-storage solutions. Major self-storage operators are undertaking strategic partnerships and acquisitions to expand globally and capture market share.
High initial
investment costs associated with land acquisition, facility development and
marketing may challenge new market entrants. Declining storage space available
with new residential and commercial real estate projects could limit market
demand. Economic slowdowns may affect occupancy rates and rental income at
self-storage facilities. Safety and security threats to stored belongings and
stringent regulations associated with property development also act as
bottlenecks to industry growth.
Segment Analysis
The
self-storage market can be segmented into climate controlled self-storage and
non-climate controlled self-storage. The climate controlled self-storage
segment dominates the market and is expected to continue its dominance over the
forecast period. This is because climate controlled facilities provide
temperature and humidity-controlled storage units that prevent damage to
valuable items from temperature fluctuations. The individually accessed units
in climate controlled facilities also provide 24/7 access without any
additional maintenance cost for customers.
Global Analysis
North
America dominates the self-storage market currently. This is because countries
like the U.S. have high urbanization rates which have increased households and
decreased living space. The changing lifestyle and living patterns have
increased demand for storage space outside homes. Asia Pacific is expected to
grow the fastest in the self-storage market over the forecast period. Countries
like China and India are expected to increasingly contribute to market growth
due to rising middle-class population, small living spaces, and changing
demographic trends. More people are likely to opt for rental self-storage units
rather than traditional warehouse storage facilities.
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