The global Warehouse Racking market is forecast to reach USD 11.02 Billion by 2027, according to a new report by Reports and Data. Warehouse racking systems of different types have become an integral part of warehouse operations and inventory needs. The main goals have been to make the best use of warehouse floor space, maximize worker productivity, and minimize inventory management costs. Industries adopt a range of racking systems that best meet their needs in terms of warehouse design, type of goods and materials stored, expected capacity, and specific picking process used. These considerations also aid in choosing the choice of materials from which the racks should be made.
In recent years, developed countries like the UK have experienced a growing trend in warehouse automation. This opens up new lucrative avenues. Besides, the expansion of the storage system product portfolio is a notable trend that is driving demand for new designs and materials in warehouse racking systems. Much of the growth in the warehouse racking market also stems from the ever-increasing need for frozen food storage in various parts of the world. The pace of growth in e-commerce sales in emerging economies has spurred demand for more massive warehouse racks. The growing need for bulk storage in various parts of the world is also boosting prospects in the market.
Several other retail businesses have also suffered from crippling inconsistencies in meeting consumer demands due to the lack of appropriate warehouse shelving. In this regard, the growing demand for automated storage and retrieval systems in warehouse infrastructure has also opened up new avenues for players in the market.
The COVID-19 impact:
The COVID-19 pandemic is expected to have a slightly neutral impact on the global Warehouse Racking market in 2020, the reason being the rise in e-commerce purchases, which were also responsible for the significant demand in market share terms in 2019 through retail and food & beverage.
The, supply chain disruptions and production shutdowns have resulted in a downgraded outlook for the manufacturing and automotive industry, which are a significant market for Warehouse Racking application, which will have short-term impacts on market sales that could have lasting effects. While the industry expects things to return to near normal state well before the end of 2020, negative demand shock caused by the crisis is likely to last.
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Further key findings from the report suggest
- The early acceptance of automated technologies in storage facilities has introduced forklifts and hydraulic systems, which have had a positive impact on the United States market.
- The manufacturing industry in emerging countries is proliferating due to increasing industrialization. To optimize the distribution networks for manufactured products, industry players are focusing on the creation of distribution centers, which should help the warehouse racking Optimizing the supply channel and transport and storage costs should drive demand for warehouse racking.
- Cantilever shelving systems are mainly used in large warehouses to accommodate large objects such as pipes, rods, panels, structural sheets, and frames. These supports attract consumers’ attention because they can hold products on both sides and are easily accessible by machines and forklifts. The growing demand for rods, pipes, and metal panels in the construction industry is expected to have a positive impact on market growth.
- Europe is a center of automotive production with the presence of major manufacturers. Thus, the automotive industry should be a large consumer of warehouse racking in the region.
- Key participants include Daifuku, Ltd., Mecalux, S.A., SSI Schaefer, Foothills Systems, Hannibal Industries, EMRACK INTERNATIONAL, Kardex Group, ARPAC. Dematic, and Jungheinrich AG, among others.
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For the purpose of this report, Reports and Data have segmented into the global Warehouse Racking market on the basis of Type, Carrying Capacity, End-Use Industry, and Region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Selective Pallet
- Push Back
- Pallet Flow
Carrying Capacity Outlook (Revenue, USD Billion; 2017-2027)
- Light Duty
- Medium Duty
- Heavy Duty
End-Use Industry Outlook (Revenue, USD Billion; 2017-2027)
- Food and Beverage
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Major Benefits of Global Warehouse Racking Market Report:
- Comprehensive analysis of the changing competitive landscape
- Assists in decision making processes for the businesses along with detailed strategic planning methodologies
- The report offers an 8 year forecast and assessment of the Global Warehouse Racking Market
- SWOT analysis and Porter’s Five Forces analysis to offer accurate insights
- Complete coverage of key technological developments, market trends, and product developments
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