Pune, April 28, 2021 (GLOBE NEWSWIRE) -- The global pallet racking market is growing at a rapid pace, mainly due to the rising demand for efficient warehouse storage systems. The storage systems provide comprehensive intra-logistics solutions for supermarkets and jumbo retailers. Due to the rapidly growing eCommerce sectors worldwide, there is a huge demand for adjustable pallet racking and drive-in racking systems equipped with a high storage capacity.
Besides, large grocery stores with different temperature storage zones that need heavy-duty shelving racks adapted to the type of product stored, such as temperature-sensitive frozen products, substantiate the market size. The market growth is directly related to the rising landscape of international trades and the global economy. Therefore, the market is forecasted to witness significant traction in the years to come.
In this regard, the leading research firm Market Research Future (MRFR), states that the global pallet racking market is projected to grow at a 7.8% CAGR during the forecast period (2020-2027). The global supply chain is changing continually, which augments the demand for integrated warehousing solutions, material handling, packaging, and transportation to streamline operations in the long run.
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Favorable government trade policies provide significant expansion opportunities to the existing vendors, increasing the demand for logistic services. Simultaneously, economic reforms and government initiatives to strengthen manufacturing sectors attract vast investments. Additionally, developments of transport and logistics-related infrastructures, such as dedicated freight corridors, increase the market share.
COVID-19 Impact
The COVID-19 outbreak severely hit the pallet racking market industry, causing huge revenue losses to end-user industries. Also, the coronavirus-driven lockdown halted trades within the domestic and international market. However, the pallet racking market soon returned to normal, witnessing the steadily increasing demand, especially from the eCommerce sectors.
High-density, deep lane racking and a pallet shuttle system offer many benefits in space and fulfillment efficiencies for warehouse operators. Therefore, the demand for improved pallet shuttle systems with lift trucks, automated de-spacing, pallet wrapping stations, and conveyors is escalating. The pallet shuttle creates additional capacity and pallet positions while also helping store and pick products faster.
Industry Trends
Policy reforms that have improved the business landscape and ease of doing business contribute to the market growth. Moreover, rapid globalization, alongside the growing population and changing consumption patterns, has increased import-export activities in countries worldwide. The rise of e-commerce over recent years has further boosted transportation revenues.
There has been considerable growth across the supply and value chain as a whole. Vast developments in logistic infrastructures are expected to continue till 2027. Automation in supply chains and transportation and logistics industries has become a prevalent trend. Strategic partnerships, especially between new suppliers & competitors and policy reforms, alongside the increasing consumerism, increase the complexity of the already fragmented supply chains.
Logistic leaders adapt changing landscape by improving collaboration skills, equipping their teams with appropriate insights and eliminating existing system-wide silos. Pallet racking provides access to a broad array of products and reduces supply chain waste and expenses, delivering quality customer service with premium care.
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Segmentation:
The pallet racking market analysis is segmented into system type, racking system type, frame load capacity, end-use industry, and region. The system type segment is sub-segmented into conventional, mobile racking, shuttle racking, and hybrid/customized racking. Among these, the hybrid/customized racking segment accounts for the largest market share due to its multiple applications of customized racking in almost all small-scale and large-scale warehouses.
The racking system type segment is sub-segmented into cantilever, selective, push back racking, drive-in racking, pallet flow racking, carton flow racking, and others. Among these, the selective racking segment accounts for the largest market share as this racking system offers wide access to every location, giving users flexibility in storage and product retrieval. Additionally, its low installation cost and benefits in space utilization boost the size of the segment.
The frame load capacity segment is sub-segmented into Up to 5 Ton, 5–15 Ton, and above 15 Tons. The end-use industry segment is sub-segmented into automotive, food & beverage, retail, manufacturing, warehouse & logistics, and others. Among these, the warehouse & logistics segment accounts for the largest market share owing to the growing e-commerce logistics market. The region segment is sub-segmented into the Americas, Europe, Asia Pacific, and rest-of-the-world.
Regional Analysis
Asia Pacific dominates the global pallet racking market due to the increasing numbers of e-trailers and growing eCommerce markets in the region. Besides, the strong presence of major pallet racks providers and the rise in transportation and logistics infrastructure development boost the region’s market share.
Rapid industrialization in China, India, and other emerging economies in the region creates significant growth opportunities. The APAC pallet racking market is projected to retain its dominance throughout the assessment period.
North America accounts for the second-largest market for pallet racking, heading with the increasing trade activities between the region and most European and APAC countries. Additionally, the growing demand from the burgeoning transportation and logistics (TPL) industries and eCommerce sectors drives the market demand.
The US, with its largest import-export sector, dominates the regional market. Moreover, vast investments for developments and upgrades in the pallet racking industry increase the region’s market share. The North American pallet racking market is anticipated to witness the fastest growth during the forecast period.
The European pallet racking market has emerged as a profitable market globally. Increased demand for foreign goods has strengthened the trade relations of the region. Furthermore, the vast adoption of pallet racking solutions for storage in industrial goods sectors in the region increases the market share. Growing e-commerce businesses and manufacturing sectors in the region boost the growth of the market.
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Competitive Analysis
The pallet racking market is witnesses several strategic approaches, such as mergers & acquisitions, collaboration, expansion, and product launches. Matured industry players make strategic investments in research and development activities and foster their expansion plans.
For instance, recently, on Mar.09, 2021, Great Bear, a leading logistics service provider and part of Culina Group, announced its partnership with AR storage solutions for pallet racking & warehousing services. The partnership would add new pallet racking and reconfigure its 215, 278 sq. ft. warehouse in Nottingham.
AR Racking would add new adjustable pallet racking and reconfigure the company’s warehouse, resulting in an overall storage capacity for 17,400 pallets. The installation of adjustable pallet racking also has a number of mesh deck panels and individually adjustable mesh dividers to create many low-level pick locations for Great Bear.
Key players involved in the market are Ridg-U-Rak (US), Elite Storage Solutions (US), Averys (France), Daifuku (Japan), AR Racking (Spain), SSI SCHAEFER (US), Mecalux (Spain), Hannibal Industries (US), KION Group (Germany), Advance Storage Products (US), Steel King (US), and Unarco Material Handling (US), among others.
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