Storage - United Kingdom

United Kingdom

Revenue in the Storage market is projected to reach US$2.39bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.17%, resulting in a market volume of US$3.54bn by 2029.
The average Spend per Employee in the Storage market is projected to reach US$68.70 in 2024.
In global comparison, most revenue will be generated in the United States (US$23,930m in 2024).

Key regions: United Kingdom, Brazil, India, China, Indonesia

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Analyst Opinion

The Storage market in United Kingdom has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the United Kingdom are increasingly looking for storage solutions that offer both convenience and security. With the rise of e-commerce and online shopping, there is a growing demand for storage facilities that can accommodate the storage and distribution of goods. Additionally, customers are placing a higher value on environmentally friendly storage options, driving the market towards sustainable practices.

Trends in the market: One notable trend in the Storage market in the United Kingdom is the increasing popularity of self-storage facilities. As urbanization continues to rise, many people are living in smaller spaces and are in need of additional storage space for their belongings. This has led to a surge in demand for self-storage units across the country. Another trend is the integration of technology in storage solutions, with many facilities offering online booking systems and smart security features to enhance the customer experience.

Local special circumstances: The United Kingdom's storage market is unique due to its geographic constraints. With limited space available, especially in urban areas, storage solutions need to be efficient and space-saving. This has led to the development of innovative storage options such as mobile storage units and vertical storage solutions to maximize space utilization. Additionally, the competitive landscape in the UK storage market is driving companies to differentiate themselves through unique offerings and superior customer service.

Underlying macroeconomic factors: The growth of the storage market in the United Kingdom can also be attributed to favorable macroeconomic conditions. A stable economy and low unemployment rate have increased consumer spending power, leading individuals and businesses to invest in storage solutions. Moreover, the uncertainty surrounding Brexit has prompted businesses to secure additional storage space to mitigate any potential disruptions in the supply chain, further driving the demand for storage services.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on hardware-related expenses of businesses for setting up and maintaining an IT infrastructure.

Modeling approach / Market size:

Market sizes are determined through a top-down approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports and national statistical offices. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and level of digitization. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques, such as exponential trend smoothing and the S-curve function, is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.