Warehouse Racking Market is expected to reach a revenue of USD 14.4 Bn by 2033, at 4.3% CAGR: Dimension Market Research

New york, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Market Overview

The Global Warehouse Racking Market is forecasted to reach USD 9.9 billion by the end of 2024 and grow to USD 14.4 billion in 2033, with a CAGR of 4.3%.

Warehouse racking refers to a storage system employed in warehouses and distribution centers to efficiently organize and store products. These systems are typically constructed from metal or other durable materials and are designed to support pallets, boxes, or various goods.

Different types of racking systems, such as selective, drive-in, push-back, and pallet flow racking, serve distinct storage purposes and help maximize space utilization. A well-designed racking system enhances storage capacity, improves access to inventory, and streamlines inventory management. It also enables smoother warehouse operations and reduces the time spent handling materials.

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The US Warehouse Racking Market

The US Warehouse Racking Market is projected to reach USD 3.0 billion by the end of 2024 and grow substantially to an expected USD 4.2 billion market by 2033 at an anticipated CAGR of 4.0%.

The growth of the US warehouse racking market is driven by several key factors, including the booming e-commerce sector, a strong infrastructure, and advancements in automation, along with a skilled workforce.

Advanced racking technologies like AS/RS are becoming more common, while there is also a shift towards using sustainable materials and designs. Enhanced safety standards and the customization of racking systems to accommodate specific types of inventories are also influencing the market, boosting storage efficiency and density in warehouses.

Important Insights

• Market Growth: The global warehouse racking market is anticipated to expand by USD 4.1 billion, with a CAGR of 4.3%.
• Product Analysis: Selective pallet racks are projected to hold the largest revenue share, representing 48.6% of the market by 2024.
• Carrying Capacity Analysis: Heavy-duty racks are expected to dominate the market, generating the highest revenue share based on carrying capacity by 2024.
• Application Analysis: The retail sector is forecasted to lead the market, accounting for the largest revenue share of 36.5% by 2024.
• Regional Analysis: North America is predicted to be the leading region in the global warehouse racking market, holding a 35.6% market share by 2024.

Latest Trends

• E-commerce Expansion Impact: The rapid growth of e-commerce has driven the need for more efficient warehouse storage solutions, with businesses responding to increased inventory and faster order fulfillment demands.
• Adoption of Advanced Racking Systems: This expansion has led to a surge in the use of high-density storage, automated racking solutions, and multi-tier racking systems.

Competitive Landscape

• Highly Competitive Market: The global warehouse racking market is characterized by intense competition, with many companies offering a diverse range of products and services.
• Key Market Influences: Factors such as technological advancements, product innovation, competitive pricing, and the ability to meet changing customer needs drive market dynamics.
• Major Industry Players: Leading companies in the market include Daifuku Co., Ltd., Jungheinrich AG, and Toyota Industries Corp., among others.
• Diverse Racking Solutions: These companies offer various racking systems like selective pallet racking, drive-in racking, push-back racking, cantilever racking, and automated storage and retrieval systems (ASRS), each catering to specific storage needs.

Some of the prominent market players:

• 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 Corp.
• Other Key Players

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Warehouse Racking Market Scope

Market Analysis

Retail is expected to lead the warehouse-racking market with a revenue share of 36.5% in 2024, due to the rising number of warehouses, supermarkets, hypermarkets, and other retail spaces. The use of many racking systems in retail warehouses helps to reduce space efficiency and streamline product organization. Retails consist of e-commerce and brick-and-mortar sectors, which require efficient storage solutions to manage a diverse range of products, from small consumer goods to larger items. They prefer selective racking for its accessibility and versatility it allows for easy picking and replenishment. Retailers must handle fluctuating inventory levels and seasonal demands, which makes flexible racking systems important.

Warehouse Racking Market Segmentation

By Product

• Selective Pallets
• Drive-in
• Push Back
• Pallet Flow
• Cantilever
• Others

By Carrying Capacity

• Light Duty
• Medium Duty
• Heavy Duty

 By Application

• Retail
• Food & Beverage
• Automotive
• Packaging
• Manufacturing
• Others

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Drivers

• Optimizing Space in Distribution Centers: The need to maximize space utilization in distribution centers and storage facilities is driving demand for efficient pallet racking systems, boosting market growth.
• Pallet Racking Popularity: These systems are favored for their cost-effectiveness and ability to streamline product movement.
• Automation Interest: Growing interest in automation has increased demand for racking systems compatible with robotics and conveyors, improving efficiency.
• Market Expansion: Automated racking solutions enhance material handling and order picking, fueling further market expansion.

Restraints

• Overloading Risks from Insufficient Training: A lack of understanding among workers about the weight limits of warehouse racks, coupled with inadequate training on lift equipment, increases the risk of overloading and damage, hindering market growth.
• Consequences of Irregular Inspections: Infrequent inspections can lead to unnoticed wear and damage, heightening the risk of structural failures and safety hazards. Additionally, using low-quality materials contributes to decreased durability, further limiting market expansion.

Opportunities

• Opportunities in Cross-Border Deliveries: Cross-border retail deliveries present significant opportunities for warehouse-racking vendors as globalization drives international commerce and increases the need for efficient storage solutions.
• Enhanced Storage Capabilities: Businesses require advanced storage systems to manage diverse inventory needs and ensure timely deliveries, prompting innovation among racking manufacturers.

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Regional Analysis

North America is anticipated to hold a 35.6% market share by 2024 due to strong economic development, modern logistics infrastructure, and an expanding e-commerce sector. Rising demand for fully automated warehouse facilities is expected to create significant market opportunities over the forecast period.

E-commerce platforms are encouraging more consumers to shop online, prompting warehouse infrastructure development throughout the region. An increase in construction activity for new warehouses and the replacement of outdated technology used for product storage & retrieval should further spur market expansion in this region.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Recent Developments

• December 2023: Argosy Private Equity acquired a controlling stake in Wize Solutions, a Salt-Lake City-based warehousing racking, automation, and dock & door installation company.
• September 2023: Acrow, a renowned provider of storage and material handling solutions, revolutionized the operations at a Lusaka Cold Storage Facility in Zambia, boasting an installation that utilizes a cutting-edge mobile racking system, Acrow aims to optimize storage capacity and enhance efficiency for this prominent cold room facility.
• September 2023: Sweden’s Ingka Group, IKEA’s largest retailer, signed an agreement with H2 Green Steel to see it use hydrogen-produced steel in 50% of IKEA warehouse racking globally.
• September 2023: KION Group completed one of Slovakia's largest automation projects for the automotive supplier ZKW, which is situated in Central Europe. Pallet stackers move down the aisles, pallets are organized automatically, conveyor belts move small load carriers, and product quality is checked in the middle. Supervising and managing the fully automated operation requires only one individual every shift.
• May 2023: Steel King Industries, Inc. set up a new headquarters at Stevens Point, WI. The new headquarters is almost 3 times larger than the old headquarters. This will help the company in showcasing its products and services in a better way.

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