New York, USA, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Pallet Racking Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Pallet Racking Market Information By End-User, System Type, Racking Type, And Region - Forecast till 2027”, the market is estimated to grow at a 6.8% CAGR to reach USD 14.1 Billion by 2027.
Market Synopsis
Pallet racking material enables businesses to load large quantities for adequate market distribution. According to demand, a suitable amount of products are released onto the market. The pallet racking market enables businesses and manufacturers to produce goods in large quantities, which saves both time and money when done all at once. The pallet racking market has just reached its ceiling due to the growth of e-commerce services. The market's population, production, and demand are diverse. These pallet-racking products can endure various loads, whether pounds or quintals.
Industry growth is anticipated to be aided by several technological developments, including drones, robots, autonomous guided vehicles, cloud technologies, and composite panel technologies. As a result of the incorporation of home delivery services, artificial intelligence (AI), and product customization, the retail sector has experienced substantial growth in recent years. Manufacturers have begun investing in pallet racking systems as a result. Furthermore, the ecommerce industry is growing as a result of increased urbanization. Conventional brick-and-mortar merchants are adopting ecommerce channels to offer better services like prompt delivery, a large selection of products, and an enhanced customer experience. Due to this, revenues in the pallet racking market are anticipated to increase throughout the projected period.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 14.1 Billion |
| CAGR | 6.8% (2021–2027) |
| Base Year | 2020 |
| Forecast Period | 2021–2027 |
| Historical Data | 2019 |
| Forecast Units | Value (Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By End-User, System Type, Racking Type, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rise in domestic & international trade activities due to rapid industrialization & globalization. |
| Growth in the food & beverage industry to meet rising human needs facilitates. |
Market Competitive Landscape:
The pivotal players in the pallet racking market are:
- Gonvarri Material Handling
- Hannibal Industries
- Steel King
- Elite Storage Solution
- AR Racking
- Advance Storage Products
- Mecalux Daifuku Co. Ltd.
- Unarco Material Handling
- Schaefer Systems International
- KION Group
- Ridg-U-Rak
Market U.S.P. Covered:
Market Drivers:
Because it is quick and simple to access, affordable, and full of goods and products readily available in the market, the pallet racking industry is anticipated to grow in popularity. These important factors—lower cost, economic worth, practicality, and usefulness—have grown over time, as have the expanding industries and increasing market demand. Any region has seen a sharp rise in pallet racking facilities and warehouses. The market has been increasingly popular all over the world as a result of intensive research and development efforts and new developments in the pallet racking sectors. Its success in the pallet racking business has led to the emergence of a market for its appeal. The ecommerce industry's continuous growth is anticipated to fuel the market over the forecast period.
The need for pallet racking goods is increasing due to manufacturers and brands investing in efficient storage solutions to enhance their inventory management. Over the projection period, the market will continue to experience growth due to the rising use of pallet racking systems due to its benefits, such as cost-effectiveness and fast product transfer. Additionally, international retail deliveries have increased demand for pallet storage solutions. The expansion of contract logistics and distribution systems will accelerate market expansion in the upcoming years. Rising labor expenses and rising exports and imports between different economic belts also drive the market. Several improvements made by important players also boost the market.
Market Restraints:
Tier-Racks and post-racks are fierce competitors for pallet racking. To some extent, tier-Racks, mobile industrial racks that allow users to maximize selectivity or storage density, restrain industry growth. While pallet racking products are much more resilient, they are difficult to shift, which limits their flexibility for seasonal needs. This is one of the main barriers preventing pallet racking from replacing other storage solutions.
Browse In-depth Market Research Report (120 Pages) on Pallet Racking: https://www.marketresearchfuture.com/reports/pallet-racking-market-8332
COVID 19 Analysis
As the COVID-19 pandemic is generating broad concern and economic hardship for industries and people around the world, it significantly influences the industrial sectors of food and beverage, pharmaceuticals, and personal care. The COVID-19 epidemic, however, had a conflicting effect on the market. Although the pandemic had a substantial negative impact on the manufacturing, automotive, and other industries, the retail e-commerce sector saw significant development. Pharmaceuticals, food & beverage, manufacturing, and hygiene products are just a few industries for which logistics organizations worldwide deliver their goods and solutions.
In addition, these industries won't be able to meet market demand and will be forced to deal with a financial crisis without a substantial storage solution. This has significantly impacted economic activity, leading to team member layoffs and compensation reductions throughout supplier chains. The COVID-19 outbreak caused workers to flee to their various home countries. Pallet racking production and supply have grown to be difficult for manufacturers due to the scarcity of the workforce.
Market Segmentation
By system type, the market includes shuttle racking, conventional, mobile racking, and hybrid/customized racking. By end user, the market includes automotive, food & beverage, retail, manufacturing, and warehouse & logistics. By racking type, the market includes push-back racking, drive-in racking, cantilever racking, selective racking, pallet flow racking, and carton flow racking.
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Regional Insights
The main driver of the regional market is the existence of numerous manufacturing firms in nations like China, India, and Japan. Additionally, it is anticipated that the region's fast industrialization will aid the market expansion as a result of the low cost of production. The demand for pallet racking solutions in Asia-Pacific is expected to increase throughout the forecast period due to several important factors, including the rising disposable income of the middle-class population and growing consumer attention on decreasing packaging waste. For the storage of various vehicle spare parts and automobiles, pallet racking systems are employed in the automotive industry. Manufacturers are being compelled to use industrial shelving systems by rising automobile vehicle sales in the U.K. to make the best use of available storage space. With the support of these elements, the U.K. market is anticipated to grow rapidly in the years to come.
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