Pune, India, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The global industrial racking systems market size to grow at CAGR of 5.6% during 2022 to 2029. The global market size was valued USD 10.5 billion in 2021 and USD 11.0 billion in 2022 respectively. The market is forecasted to grow USD 16.0 billion by 2029.
Key Industry Development
August 2022, Kardex, a provider of rack solutions, acquired shares of Rocket Solutions, a startup that creates the newest, most advanced autonomous storage and retrieval systems.
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COVID-19 Impact:
Market was Impacted due to Global Lockdown and Labor Migration during COVID-19
The COVID-19 pandemic was spreading quickly, and supply networks around the world were being affected. The economic activity has been negatively impacted by this aspect globally. However, a minor fall in the global market was anticipated for 2020, followed by positive growth. The mild decline is due to the closure of numerous manufacturing and automobile production facilities throughout India, China, the U.S., and Europe. This posed a problem for the global distribution of industrial production.
Report Coverage:
The report presents a systematic study of the segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the industrial racking systems market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
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Segments:
Selective Pallet Racking System to Hold Highest Industrial Racking Systems Market Share Due to Heavy Demand in Various Industries
Based on system type, the market is classified into cantilever racking system, drive-in/drive-thru pallet racking system, selective pallet racking system, push back pallet racking system, and others (pallet flow system). Selective pallet racking system segment is anticipated to witness major growth during the forecast period.
Retail Segment to Have Substantial Growth Due to Heavy Stock Capacity
Based on industrial vertical, the market is classified into retail, manufacturing, packaging, food and beverages, pharmaceuticals, and others (automotive). Retail industry was expected to have a major growth during the year 2021.
The report scope covers five major regions. These include North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Driving Factors:
Industrial Racking System Demand Rises in Logistics and E-Commerce
A significant element propelling the market's growth over the forecast period is the rising number of warehouses and businesses in various nations around the world as well as the high demand for industrial racking in the e-commerce industry. The use of internet-based shopping in the retail sector is increasing, which stimulates the e-commerce industry, as a result of the spread of high-end telecommunication technologies such as 4G and 5G network technology.
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Regional Insights:
The food & beverage and retail industries are expected to use shelving methods significantly during the projection period in the Asia Pacific region. Additionally, it is anticipated that the enormous rates of population expansion in China and India would increase the demand for processed goods and strengthen the retail industry in these nations, all of which will benefit the storage rack market.
Due to the presence of important manufacturers in these areas, North America is projected to continue to develop at a steady rate.
Throughout the projection period, the European market is anticipated to expand significantly. The market should be supported by the uptick in construction work for new warehouses and distribution centers in the U.K., Germany, and Spain.
Competitive Landscape:
Acquisitions Initiated by Key Companies to Promote Market Growth
The leading industrial racking system players in the market constantly opt for efficient strategies to bolster their brand value as well as promote the global market growth. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.
List of Key Players Covered in the Report:
- Ridg-U-Rak Inc. (U.S.)
- Kardex (Switzerland)
- Averys SA (Argentina)
- SSI Schaefer (U.S.)
- Gonvarri Material Handling (Norway)
- PROMAN, S.r.l. (Romania)
- AR Racking (Spain)
- ARPAC (U.S.)
- North American Steel Equipment Inc. (Canada)
- AK Material Handling Systems (U.S.)
Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Industrial Racking System Key Players Market Share Insights and Analysis, 2021
- Global Industrial Racking Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By System Type (USD)
- Cantilever Racking System
- Drive-in/Drive-thru Pallet Racking System
- Selective Pallet Racking System
- Push Back Pallet Racking System
- Others (Pallet Flow System)
- By Industrial Vertical (USD)
- Retail
- Manufacturing
- Packaging
- Food and Beverages
- Pharmaceuticals
- Others (Automotive)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Industrial Racking Systems Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By System Type (USD)
- Cantilever Racking System
- Drive-in/Drive-thru Pallet Racking System
- Selective Pallet Racking System
- Push Back Pallet Racking System
- Others (Pallet Flow System)
- By Industrial Vertical (USD)
- Retail
- Manufacturing
- Packaging
- Food and Beverages
- Pharmaceuticals
- Others (Automotive)
- By Country (USD)
- U.S.
- By System Type
- Cantilever Racking System
- Drive-in/Drive-thru Pallet Racking System
- Selective Pallet Racking System
- Push Back Pallet Racking System
- Others (Pallet Flow System)
- By System Type
- Canada
- By System Type
- Cantilever Racking System
- Drive-in/Drive-thru Pallet Racking System
- Selective Pallet Racking System
- Push Back Pallet Racking System
- Others (Pallet Flow System)
- By System Type
- U.S.
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