Pune, April 07, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the size of Warehouse Racking Market was valued at USD 11 billion in 2022 and is projected to grow at a compounded annual growth rate (CAGR) of 4.3% between 2022 and 2030. It is anticipated that the market will reach a size of USD 15.41 billion by 2030.
Market Overview
Warehouse racking is a storage system designed to optimize the use of space in a warehouse or distribution center. It consists of a series of shelves or pallet racks arranged in rows and columns, which can hold products and materials of varying sizes and weights. Warehouse racking systems are an essential component of modern supply chain management, enabling businesses to manage their inventory efficiently and reduce the time and labor required for material handling.
Market Analysis
Governments across the world are taking initiatives to improve their logistics and supply chain infrastructure, which is driving the demand for the warehouse racking market. For example, in the United States, the government has invested in the development of the National Freight Strategic Plan, which includes initiatives to modernize the country's logistics infrastructure. The growth of e-commerce has led to an increase in demand for warehouse racking systems. As online shopping continues to grow, companies need to optimize their warehousing operations to meet the demands of online shoppers. Warehouse racking systems play a critical role in this process.
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Key Company Profiles Listed in this Report Are:
The major key players are Daifuku Co., Ltd., Mecalux S.A., Kardex Group, Hannibal Industries, Inc., Emrack International, Jungheinrich AG, AK Material Handling Systems, SSI SCHAEFER Group, Dematic, Toyota Industries Corporation & More
Impact of Russia-Ukraine Conflict on Warehouse Racking Market Growth
The conflict has also led to supply chain disruptions, which have made it more difficult for businesses to source the materials and components needed to manufacture and install racking systems. Despite these challenges, there are also some opportunities for businesses operating in the warehouse-racking market in the context of the Russia-Ukraine conflict. For example, businesses that are able to successfully navigate the challenges of operating in the region may be able to gain a competitive advantage by offering more reliable and efficient supply chain solutions.
Key Regional Developments
North America's position as the leader in the warehouse racking market is a result of several factors, including its early adoption of racking systems, well-established distribution networks, early acceptance of automated technologies, and ongoing projects in the logistics and warehousing sectors. These factors are expected to continue driving the growth of the market in the region.
Warehouse Racking Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 11 Billion |
| Market Size by 2030 | US$ 15.41 Billion |
| CAGR | CAGR of 4.3% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • By-product (Selective, Pallets, Drive-in, Push Back, Pallet Flow, Cantilever, Others), • By Application (Retail, Food & Beverage, Automotive, Packaging, Manufacturing, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
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Key Takeaway from Warehouse Racking Market Study
- The pallets segment is poised to be the driving force behind the growth of the Market. As the demand for efficient and sustainable warehouse solutions continues to increase, pallets will remain a vital component of the industry's success.
- The retail segment is expected to hold a significant share of the market, driven by the need for efficient warehouse management solutions to meet customer demands and stay competitive. Companies that provide technology-driven solutions to the retail sector will play a crucial role in shaping the industry's growth in the coming years.
Recent Developments Related to Warehouse Racking Market
- U.S. Pallet Racks, Inc. has recently announced its launch in the Houston Metro area, bringing a new and innovative approach to the warehouse racking industry. The company is dedicated to providing top-quality pallet racks and related services to businesses in the Houston area, helping them optimize their warehouse space and improve their inventory management processes.
- AMCO, a leading warehousing and logistics company, has recently announced its collaboration with Asset Alliance to fund its new warehouse racking. The move comes as AMCO looks to expand its warehousing capabilities and enhance its operations. The new warehouse racking will allow AMCO to increase its storage capacity, improve efficiency, and streamline its processes. This will enable the company to better serve its clients and meet their growing demands.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Warehouse Racking Market Segmentation, By Product
9. Warehouse Racking Market Segmentation, By Application
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Conclusion
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