Pune, July 15, 2024 (GLOBE NEWSWIRE) -- Warehouse Racking Market Size & Industry Analysis:
“According to SNS Insider Research, The Warehouse Racking Market size was valued at US$ 9.29 Billion in 2023 & It is expected to progress to US$ 13.51 Billion by 2032, expanding at a stable CAGR of 4.25% from 2024 to 2032.”
The global growth of warehouse racking is attributed to the burgeoning e-commerce industry. With the need for sustainable storage space to accommodate the increasing volume of products, warehouse racking systems optimize space, increase organization, and simplify the picking and order fulfillment procedure.
Increasing Demand for Warehouse Optimization and Increased Storage Capacity
Warehouse racking is in high demand as the sector continues to grow. The e-commerce industry is proliferating, necessitating the growth of warehouse capacity to manage the inflow of goods. Warehouse racking systems are a welcoming addition as they optimize existing space, accommodate more goods, and organize products in a better fashion. In addition, the systematic organization of the racking system enables faster identification of items, picking, and order completion, boosting warehouse efficiency and reducing the time to deliver goods.
Furthermore, an increase in application of warehouse racking across automotive, manufacturing, retail, food & beverage, and other sectors worldwide is facilitating high demand. This expansion is primarily superintended to increase space utilization by warehouses and ensure more accessible products. Subsequently, proper racking saves costs and enables bulk purchasing from vendors, often resulting in vendor discounts. In addition, improved storage helps fill the goods orders immediately and prevents the warehousing of accumulated orders.
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Major Players Analysis Listed in this Report are:
- 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 Players
Warehouse Racking Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 9.29 Billion |
| Market Size by 2032 | US$ 13.51 Billion |
| CAGR | CAGR of 4.25% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The rise in online shopping has created a demand for efficient storage solutions for warehouses to function properly. • Systematic organization with racking systems leads to faster product identification, picking, and order completion. |
Segmentation Analysis
In 2023, the selective pallet rack is the segment that dominated the market amassing a greater part totalling over 45.2% of the global revenue. The reason this segment dominates the market is that it includes a cost-effective design and both small and large selective pallets with a large number of accessories. This type of racking is used in standard storage and general utility. The segment’s growth is due to wide and appropriate use in a variety of industries.
Retail application had the largest share in the year 2023, accounting for over 34.42% of the global revenue. The reason for this dominance is because the number of retail premises has recently increased in the form of warehouses, supermarkets, hypermarkets and others. Using miscellaneous racks in retailers’ warehouses allows better use of the available spaces and the consequent proper organization of products increasing customer satisfaction level. High-density storage systems are however much needed in food and beverage warehouses. Suitable racking clustering multiple levels of storage and rail-based systems are needed for the warehouses to run effectively.
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Warehouse Racking Market Key Segmentation:
By Product
- Selective Pallets
- Drive-in
- Push Back
- Pallet Flow
- Cantilever
- Others
By Application
- Automotive
- Food & Beverage
- Retail
- Packaging
- Manufacturing
- Others
Regional Developments
North America leads the warehouse racking market, holding a share of about 28.2% of the aggregate revenue in 2023. The early implementation of warehouse racking systems has facilitated the region in setting a solid footing to expand further. In addition, the demand for wholly automated warehouses is another factor that creates immense prospects for the market. Due to the large number of customers of the ever-growing e-commerce industry across the region, there is a need for strong warehouse infrastructures. Besides, the expansion of construction-oriented activities is expected to fuel the market by developing more warehouses and replacing out dated storage and retrieval technologies.
Recent Developments
In September 2023: For a leading automation solutions provider KION Group, one of the largest automation projects in Central Europe was successfully completed. This project involved pallet stackers for automated aisle movement, conveyor belts for small load carriers, and an in-line product quality check system. The entire operation requires minimal manpower – only one supervisor per shift.
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Key Takeaways
- A comprehensive understanding of how warehouse racking systems facilitate major cost savings as a result of improved organization and bulk ordering.
- Insights into the employment of IoT and AI solutions with reference to warehouse management to ensure real-time data and optimization.
- The fact that consumers actively demand faster deliveries means businesses should make sure warehouse operations are efficient, so investing in innovative racking systems would be a reasonable solution.
- The possibility of integrating automation with a racking system will lead to outstanding and, hopefully, unprecedented efficiency in running a warehouse.
- The need to develop racking systems with new capabilities and improvements is expected to define the market in the medium term and beyond.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Warehouse Racking Market Segmentation, By Product
8. Warehouse Racking Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
11.1 Competitive Benchmarking
11.2 Market Share Analysis
11.3 Recent Developments
11.3.1 Industry News
11.3.2 Company News
11.3.3 Mergers & Acquisitions
12. USE Cases and Best Practices
13. Conclusion
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