(MENAFN- Evertise Digital)
-< />
The Warehouse Racking Market is driven by the growing demands for efficient storage solutions in the booming e-commerce landscape. This growth is attributed to the need for businesses to optimize warehouse space, streamline order fulfilment processes, and manage increasingly complex global supply chains.
Warehouse Racking Market was valued USD 9.29 Billion in 2023 and its Growing with the Compound annual Growth rate of 4.25%.
Download Sample Copy of Report:
Some of Major Key Players in this Report:
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 Corporation
The growing of e-commerce has fundamentally transformed warehouse operations. As more consumers purchase online, distribution facilities require larger footprints and more efficient storage systems to accommodate the influx of inventory. Warehouse racking solutions, such as pallet flow racking and automated storage and retrieval systems (AS/RS), become essential for maximizing storage capacity and ensuring fast and accurate order picking. Globalization is another significant driver of the warehouse racking market. The expansion of international trade and cross-border supply chains necessitates effective storage solutions for products traveling from various regions to diverse markets. This complexity demands specialized racking configurations, like high-density racking and automated systems, to handle a wider variety of product lines and adapt to evolving local needs. Additionally, industries like electronics, pharmaceuticals, and automobiles require specialized racking systems to cater to their unique storage requirements.
Recent Developments in Warehouse Automation
In 2022, Tee Yih Jia Food Manufacturing opened Singapore's biggest automated warehouse at their new Senoko facility.
In May 2023, Steel King Industries, Inc. established a new headquarters in Stevens Point, WI, which is nearly three times larger than their previous location. This expansion will allow the company to better showcase their products and services, further solidifying their presence in the industry.
In August 2021, Dexion Group introduced a Advanced mobile pallet racking system called MOVO 3015. This innovative system boasts an impressive load-bearing capacity of approximately 60 tons per back-to-back bay, setting a new standard in the industry.
Segment Analysis
By product, the selective pallet racking segment dominates the market, accounting for more than 43% of the global revenue in 2023. This dominance is attributed to its cost-effective design, diverse size options, and versatility for various storage applications. The drive-in racking system follows closely, driven by the demand for maximizing storage density within warehouses. Push-back racking systems are gaining traction due to their superior selectivity, while cantilever racking is projected to be the fastest-growing segment due to its ease of use for storing products of varying shapes and sizes.
Selective Pallets Drive-in Push Back Pallet Flow Cantilever Others
By application , the retail sector leads the market, holding more than 32% of the global revenue in 2023. This is due to the increasing number of warehouses, supermarkets, and hypermarkets that leverage racking systems to optimize space and efficiently manage product inventory. The food & beverage industry also relies heavily on high-density storage solutions for storing materials across multiple storage levels. The automotive and packaging industries are other significant consumers of warehouse racking systems, utilizing specialized racking for components, parts, and finished products.
Retail Food & Beverage Automotive Packaging Manufacturing Others
Check Discount:
Impact of Global Disruptions
The Russia-Ukraine war has disrupted global supply chains, impacting the availability of raw materials and components needed for warehouse racking production. Rising energy costs and transportation expenses pose challenges for manufacturers and distributors. The long-term impact on the market is uncertain. The war might also lead to increased near-shoring and regionalization of manufacturing, potentially driving demand for warehouse space, and associated racking systems.
An economic slowdown could potentially reduce the growth of the warehouse racking market. Businesses might delay investments in warehouse infrastructure and upgrades, impacting the demand for racking systems. The long-term outlook remains positive, driven by the underlying trends of e-commerce growth and globalization.
North America Dominates market, Asia Pacific Presents Growth Potential
North America is the leading region in the warehouse racking market, accounting for More than 27% of the global revenue in 2023. This dominance is attributed to the early adoption of racking systems and the increasing demand for automated warehouses. The growing e-commerce sector and rising construction activities in the region further bolster the market.
The Asia Pacific region presents significant growth potential due to its burgeoning e-commerce market and rapid industrialization. As manufacturing and logistics sectors expand, the demand for efficient storage solutions is expected to rise, creating lucrative opportunities for warehouse racking companies.
Key Takeaways for the Warehouse Racking Market Study
The warehouse racking market is projected to experience steady growth due to the booming e-commerce sector and the increasing complexity of global supply chains. This report provides valuable insights into the key market segments, including product types and applications. This information allows businesses to identify strategic investment opportunities in specific racking solutions that align with their storage needs and industry trends. By understanding the impact of recent developments in automation technology, global disruptions, and regional growth prospects, this report empowers market participants to make informed decisions regarding warehouse infrastructure investments and potential expansion opportunities.
Buy Complete Report:
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
Our staff is dedicated to giving our clients reliable information, and with expertise working in the majority of industrial sectors, we're proud to be recognized as one of the world's top market research firms. We can quickly design and implement pertinent research programs, including surveys and focus groups, and we have the resources and competence to deal with clients in practically any company sector.
Contact Us:
Akash Anand – Head of Business Development & Strategy
...
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
MENAFN12052024005025011514ID1108202189
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.