New York, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The market for industrial racking systems has been estimated to reach a value of US$ 3.15 Bn by the end of 2022. The capacity development of warehouses and storage facilities is predicted to be a major market driver for industrial racking systems. Growing adoption of automated storage and retrieval systems at multi-story warehouse facilities and rising awareness about the advantages of organized storage and simple material handling procedures are also anticipated to drive warehouse racking market growth over the coming years.
U.S. and Canada sales of industrial racking systems are projected to increase at a CAGR of 7% during the period of 2022 and 2032 on a value basis. Growing e-Commerce industry, increasing industrial investments to enhance current storage spaces, and surge in the relationships of logistics players in the supply chain will all drive market expansion.
Logistics is one of the key industries behind the growth of the U.S. and Canada industrial racking system market. For instance, North America accounts for nearly 27% of the global logistics market and is expected to grow at around 2%-3%. The United States is estimated to be one of the region's key logistics markets with a highly integrated supply chain network that connects manufacturers and consumers via multiple modes of transportation.
“Key market participants are focusing on designing and developing products for the right needs of emerging markets as well as serving a large demographic base,” says a Persistence Market Research analyst.
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Key Takeaways from Market Study
- The U.S. has been estimated to be a prominent manufacturer and user of industrial racking systems in North America.
- Racking sales are expected to witness a growth rate of 7% on a value basis.
- By end use, the 3PLs segment accounted for the highest market share in the U.S. and Canada.
- The 3PLs segment is anticipated to create an incremental dollar opportunity of US$ 2.2 Bn over the period of 2022 to 2032.
The ever-increasing requirement for frozen food storage facilities, an increase in the number of contract logistics and distribution services, and the expansion of the food & beverage, retail, automotive, manufacturing, warehouse & logistics industries, among others, are projected to bolster market growth. Emerging customer segments such as e-Commerce and third-party logistics are providing unique opportunities for manufacturers to enhance their market share by meeting customer demand.
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Competitive Landscape
The market for industrial racking systems has been identified as a consolidated space with the top players accounting for a key share. Some of the key market players included in the report are Kardex AG, Stow International (Averys SA), Jungheinrich AG, Mecalux, S.A., Ridg-U-Rak Inc., Daifuku Co., Ltd., SSI Schaefer, McLennan & Company (Foothills Systems), Hannibal Industries, Cornix SA, Gonvarri Material Handling, ARPAC, AK Material Handling Systems, North American Steel Equipment Inc., EMRACK International, PROMAN, s.r.o., and Nedcon B.V.
Several players are focusing on increasing their production capacity and set of manufacturing units to cater to the growing demand from end users and boost their annual sales. They are further focusing on collaborations with other players to bolster their presence and enhance their customer base.
- In Feb 2021, Daifuku Co., Ltd. and Germany-based AFT Industries AG concluded an agreement to form a business partnership aimed at leveraging the material handling expertise of both companies in the automotive industry.
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