Warehouse Racking Market Share, Size, Trends, Industry Analysis Report, By Product (Selective Pallet, Drive-In, Push Back, Pallet Flow, Cantilever, and Others); By Carrying Capacity; By Application; By Region; Segment Forecast, 2023- 2032
- Published Date:Jul-2023
- Pages: 118
- Format: PDF
- Report ID: PM3473
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global warehouse racking market was valued at USD 9.08 billion in 2022 and is expected to grow at a CAGR of 4.0% during the forecast period. Increasing awareness and knowledge regarding the benefits of systematic storage and improved and easy material handling processes and significant advancements in the industry, including the use of drones, cloud technologies, composite panel technologies, and robots and introduction to mobile racking systems by key market players, are the primary factors driving the market growth at a rapid pace. The key players operating in the market focus on automating several processes and offer semi-automated, conventional, and automated racking systems in their product portfolio, positively influencing the market worldwide.
To Understand More About this Research: Request a Free Sample Report
For instance, in January 2021, Konstant announced the launch of its new Mobile Racking product line, which provides a new level of efficiency to the high-density storage market in Canada. The newly developed mobile racking solutions are highly efficient and 100% accessible and are mainly designed to optimize the warehouse's space in the best possible manner while improving ergonomics with minimal impact on accessibility.
Moreover, the rapid change in consumer preferences from traditional shelves to enhanced racking structures to improve their existing storage facilities, as these systems can be easily installed according to the availability of space in the warehouse, thus the growing possibility and chances of restricting racks according to the dimensions of the object all over the world, is propelling the market demand. However, the need for more automation and several technologies in the warehouse structures, which results in ineffective warehouse racking, and an increasing number of retail firms who have experienced disastrous difficulties in meeting their client expectations are hampering the market growth over the projected period.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the warehouse racking market. The rapid spread of the deadly coronavirus across the globe has resulted in temporary shutdowns and closures of various manufacturing facilities and also disrupted the global supply chain, as many countries have imposed lockdowns and other restrictions on mass movement to get control of the effect of the pandemic, that directly affected the market growth.
For Specific Research Requirements, Request for a Customized Report
Industry Dynamics
Growth Drivers
The rapidly increasing demand and need for pallet racking systems due to their advantageous features, including cost-effective and timely goods movement and the surge in contract logistics and distribution services across both developed and developing countries, are driving the global warehouse racking market growth. The ever-rising demand for frozen food storage and expansion in the storage system in pallet racking systems is also boosting the adoption of these systems globally. Furthermore, the continuous growth in the investments and penetration of automated storage and retrieval systems for effective and improved storage solutions to enhance their inventory management and warehouse infrastructure is further likely to push the market growth forward over the coming years.
Report Segmentation
The market is primarily segmented based on product, carrying capacity, application, and region.
|
By Product |
By Carrying Capacity |
By Application |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
Selective pallet segment accounted for the largest market share in 2022
The selective pallet segment accounted largest global market share in 2022 and is likely to retain its market position over the anticipated period. The growth of the segment market can be largely attributed to its widespread adoption and growing utilization from a wide range of application industries, including food & beverages, automotive, retail, and many others, as it provides the efficient use of space and faster access to product or load with the help of any forklift.
The pushback segment is expected to grow at a substantial growth rate over the coming years, which is mainly accelerated by the growing popularity and prevalence of the system due to its superior selectivity along with the increasing use of each stock-keeping unit (SKU) that makes it easier to relocate, pick, find, and put away the required products. In addition, the growing demand for the system from food & beverage-oriented operated mainly because of its similar features to a refrigerator, propelling the segment market growth rapidly.
Medium duty segment held the significant market revenue share in 2022
The medium duty segment held the majority market revenue share in 2022, which is highly accelerated by the exponential growth in the logistics industry globally due to the development of e-commerce and increasing globalization, especially in emerging economies like India, China, and Indonesia, which is driving demand for medium duty racking systems to help manage inventory and improve efficiency.
With the rise of e-commerce and online retail and growing penetration among people to shop online through several online platforms and channels, which fueled the need and demand for warehouses to store and manage a larger volume of goods, thus the segment market growing is growing rapidly.
Automotive segment is expected to witness highest CAGR during the projected period
The automotive segment is projected to grow at the highest CAGR during the anticipated period due to the rapid surge and increased trend for managing large automotive and several related stock-keeping units across many warehouses. Additionally, the fueling demand for these systems due to the growing concern regarding both vehicles and automotive parts & components stored worldwide, which further fuels the segment market; the retail segment led the industry market with significant market share in 2022, mainly due to the rising number of supermarkets, hypermarkets, food retail, warehouses, online retail, and many others and emerging demand for product multi-channel fulfillment and storage density requirement of various large volume products.
North America region dominated the global market in 2022
The North American region dominated the global market for warehouse racking in 2022 and is expected to maintain its dominance throughout the forecast period. The growth of the regional market can be highly attributable to a robust and well-established distribution network and an increase in various end-use industries across the globe. The region is witnessing a new consumer class with high preferences for improved and modern product storage and distribution facilities coupled with the significant rise in infrastructural development, which is further likely to impact the market growth positively.
Asia Pacific registered the highest growth rate over the study period. The rapid rate of urbanization and increasing consumer preference to opt for an online shopping model for their daily need, along with the increasing warehouse construction and growth in food & beverage and packaging applications. Additionally, the rising trend and penetration for last-mile delivery and rise in the warehouse capacity by investing higher towards the development of more innovative solutions, which in turn, has propelled the growth and demand of the market in the region.
Competitive Insight
Some of the major players operating in the global market include AK Material Handling Systems, Toyota Industries, Emrack International, Jungheinrich, Dematic, Kardex Group, Daifuku, Hannibal Industries, SSI Schaffer, Mecalux., Honeywell International, Arpac, Bulldog Rack Company, Fives Group, BEUMER Group, Warehouse Rack, TGW Logistics, and Constructor Group.
Recent Developments
- In November 2021, SSI Schaffer & Tee Yih Jia Food announced establishing of the largest automated warehouse storage facility in Singapore. The new facility will have three warehouses, including two cold rooms & 1 ambient temperature dry store.
Warehouse Racking Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 9.43 billion |
|
Revenue forecast in 2032 |
USD 13.49 billion |
|
CAGR |
4.0% from 2023– 2032 |
|
Base year |
2022 |
|
Historical data |
2019– 2021 |
|
Forecast period |
2023 – 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
|
Segments covered |
By Product, By Carrying Capacity, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Key companies |
AK Material Handling Systems, Toyota Industries Corporation, Emrack International, Jungheinrich AG, Dematic, Kardex Group, Daifuku Co. Ltd., Hannibal Industries Inc., SSI Schaffer Group, Mecalux S.A., Honeywell International Inc., Arpac, Bulldog Rack Company, Fives Group, BEUMER Group, Warehouse Rack Company, TGW Logistics Group, and Constructor Group AS. |
FAQ's
The warehouse racking market report covering key segments are product, carrying capacity, application, and region.
Warehouse Racking Market Size Worth $13.49 Billion By 2032.
The global warehouse racking market is expected to grow at a CAGR of 4.0% during the forecast period.
North America is leading the global market.
key driving factors in warehouse racking market are growing investments and demand for automated storage and retrieval systems.
