The report provides analysis of global pallet racking system market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year. According to Acumen Research and Consulting, the global pallet racking system market is expected to grow around 7.4 % CAGR throughout the forecast period and reach value around USD 7 trillion by 2026.
The increased demand for end-to-end services driven by established end-users (e.g. drugs, food & drinks, cars, textiles and other engineering products) creates new storage / warehouse space requirements. The demand is growing. In turn, this has given organized warehouses with enhanced value-added facilities and services growth opportunities. In particular, increasing imports & exports between various economic belts support the growth of pallet racking systems in the market.
Labor costs have steadily increased as warehousing rents have increased over the last decade, and compelled companies to make more resourceful use of their storage area. End users must keep a close watch on these cost factors, which gives the manufacturers of pallets. In every economy, the logistics industry deals with the flow from the production site to the use of products. Logistics therefore involves the mixing of warehousing, handling of material, packaging and transport, procurement, management of stock and supply chain, etc. These developments in recent times have given the pallet racking systems market a positive landscape. Many products with space-efficient storage systems have recently been developed to address this need, such as pallet racking systems. Automation is expected to continue to increase in order to further reduce labor costs. Diverse warehouse automation industries have shown that more companies are willing to enhance, upgrade and not implement new warehouse management systems.
Increasing installation of Ecommerce and 3PL industrial racking systems for retail & general purposes and increased demand from the food and beverage industry, inter alia, should strengthen the prospects in the global market of industrial racking systems. In the transportation of goods throughout the world, logistics and warehousing are playing essential roles. A warehouse is one of the main contributors of the global supply chain as a major part of any business infrastructure. The centrepiece of collectively robust economic development is then procurements, manufacturing and distribution services. Organized logistics are increasingly needed in the emerging Asian subcontinent to improve time, cost and quality efficiencies, promoting opportunities to expand the pallet racking systems market. Emerging customer segments like e-commerce offer 3PLPs a number of unique opportunities due to rising demand for full logistics management by aggregating vendors and services. Pallet racking systems manufacturers must use the appropriate capacity to meet this demand for new and differentiated services.
Based on region, the global Pallet Racking System market has been segmented into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa.
The United States and Canada are considered for the North America market analysis of pallet racking systems. The United States, due to its large trade exports and the strong growth in e-commerce, is projected to be a prominent region in the pallet racking systems market. In the North American region also, the rapidly expanding market of third-party logistics (3PLs) will increase sales of pallet racking systems. A market is considered to be substantially fragmented for pallet racking systems in Latin America. The demand in Mexico for automatic pallet racking systems is a result of its geographical proximity to the US, evident in the recent years in the two economies under the Free Trade Agreements (FTAs). In addition, the lack of modern warehouse equipment will lead to severe space competition among e-commerce players in the US. Given the lack of modern warehouse space and the rise of electronic commerce in the USA, new warehouses can be developed and old ones rebuilt to ensure they meet modern requirements. The European market is divided into Italy, French, Germany, Spain, the UK, Poland, Russia and Rest of Europe. The European market for pallet racking systems In terms of system installations, Germany is considered a prominent region in the European pallet racking system market. Italy, France, and Spain, however, are some of the world's largest exporters of pallet racking systems, followed by the United States and China. During the forecast period for pallet racking systems, Asia Pacific will take advantage of lucrative growth opportunities. The largest share of Asia-Pacific over this projected period, the highest share of CAGR, is expected to grow by more than 9 percent. In regions such as China, South East Asia (SEAP) and India, the growing need for organized logistics is boosting the growth of the market for pallet racking systems. India's growth in trade, for example, is expected to reach two numbers over the next 10 years. The increase in volumes of trade will in future prove to be a major driver of demand for logistics services and automated rugs. Policy initiatives, like GST and Make in India, will simplify logistics and somewhat streamline operations of 3PLs. The government of India has also taken a number of measures to enhance connectivity between prominent subway cities and ports in the Infrastructure Department as well as in the dedicated freighter corridor to boost freight movement across the country through multi-modal logistics parks and railways. These developments will also provide a positive environment for the market for pallet racking systems.
Global Pallet Racking System Market, by System Type
Global Pallet Racking System Market, by Racking System Type
Global Pallet Racking System Market, by Frame Load Capacity
Global Pallet Racking System Market, by Application
Global Pallet Racking System Market, by End Use Industry
Global Pallet Racking System Market, by Geography
The market research study on “Pallet Racking System Market (By System Type: Conventional, Shuttle Racking, Mobile Racking, Hybrid/Customized Racking; By Racking System Type: Oilseeds & Pulses, Narrow Aisle Rack, Drive-in Rack, Push-back Rack, Selective Pallet Rack, Mezzanine, Gravity Flow Rack, Others; By Frame Load Capacity: Up to 5 Ton, 5-15 Ton, Above 15 Ton; By Application: Cases & Boxes, Rigid Sheets, Pipes & Panels, Tires, Timber & Rolls, Drums & Pails, Trays & Crates, Others; By End Use Industry: Packaging, Healthcare, Metal Processing & Manufacturing, Building & Construction, Chemical, Food & Beverage, Chemical, Logistics & Warehousing, Electrical & Electronics, Mining, Other) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global pallet racking system market segments with market dynamics and their impact. The report provides insights on global pallet racking system market by system type, racking system type, frame load capacity, application, end use industry and major geographic regions. The report also covers basic technology development policies.
The report offers an overview of the market and statistical diagrams to support the expected figures. Our analysts predict the market scope and future prospects in an insightful way. The Acumen Research and Consulting report contains a comprehensive analysis of the global market in Pallet Racking System segmented by molecular type, test type and region. The report outlines numerous growth strategies implemented by companies as well as the latest market trends. The market share and current position of all leading players are discussed in detail. It analyzes players ' new revenue sources and highlights the different strategies.
Key Players & Strategies
The companies profiled in the pallet racking systems report include NEDCON B.V., KARDEX AG, Estral Innovation and Applied Logistics, Montel Inc., Jungheinrich AG., Daifuku Co., Ltd., AVERYS Group, Mecalux SA., Hannibal Industries, Inc., Interroll Dyanmic Storage., Dexion Gmbh., SSI Schaefer and Elite Storage Solutions Inc.
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