Storage - Malta

Malta

Revenue in the Storage market is projected to reach US$9.05m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.24%, resulting in a market volume of US$11.97m by 2028.
The average Spend per Employee in the Storage market is projected to reach US$42.75 in 2024.
In global comparison, most revenue will be generated in the United States (US$20,060m in 2024).

Key regions: Brazil, Indonesia, Europe, United States, Italy

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Analyst Opinion

The Storage market in Malta has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Malta have been increasingly seeking storage solutions due to various reasons. One of the key factors driving this demand is the growing trend of downsizing and decluttering. As people are moving into smaller apartments or houses, they often find themselves with limited space to store their belongings. Additionally, the rise of e-commerce has also contributed to the need for storage, as individuals and businesses require space to store inventory and fulfill orders.

Trends in the market: One of the prominent trends in the storage market in Malta is the shift towards self-storage facilities. These facilities allow customers to rent individual units where they can store their belongings securely. Self-storage has gained popularity due to its convenience and flexibility, as customers can access their stored items at any time. This trend is in line with the global growth of the self-storage industry, which has been driven by the increasing urbanization and changing lifestyles. Another trend in the market is the integration of technology in storage facilities. Many storage providers in Malta are adopting digital solutions to enhance the customer experience. This includes online booking systems, automated access control, and mobile apps for managing storage units. These technological advancements not only improve convenience for customers but also help storage providers streamline their operations and increase efficiency.

Local special circumstances: The limited availability of space in Malta is a significant factor contributing to the growth of the storage market. With a population density that is one of the highest in Europe, many individuals and businesses face challenges in finding adequate storage space. This has created a demand for storage solutions that can provide secure and accessible storage options.

Underlying macroeconomic factors: The growth of the storage market in Malta is also influenced by the country's economic development and increasing consumer spending. As the Maltese economy continues to expand, individuals and businesses have more disposable income to invest in storage services. Additionally, the growth of the tourism industry in Malta has also contributed to the demand for storage, as tourists often require temporary storage solutions for their belongings. In conclusion, the storage market in Malta is experiencing growth due to changing customer preferences, such as downsizing and the rise of e-commerce. The market is also influenced by local special circumstances, including limited space availability. The integration of technology in storage facilities and the country's economic development are further driving the growth of the market.

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.