The latest report by Market Research Future (MRFR) asserts that the Global Pallet Racking Market 2020 is slated to procure a substantial market valuation from USD 8.2 billion in 2018, at a moderate 6.8% CAGR over the review period.
Drivers and Restraints
The global pallet racking market is poised to witness significant growth owing to the key driving factors, such as the growing demand for automation in the warehouses. The e-commerce industry is observing seamless growth in developing countries of the Asia Pacific and the Middle East and Africa regions, such as India, China, South Korea, Kuwait, Saudi Arabia, and the United Arab Emirates (UAE), among others. The rising labor costs, coupled with rising warehousing rents consistently over the last decade, have forced companies to employ their warehousing /storage space more efficiently. End-users need to keep a sharp eye on these cost factors, which is giving impetus to pallet racking system manufacturers. Many products with space-efficient storage systems, such as pallet racking systems, have been developed recently to address this need. In order to decrease labor costs further, automation is expected to continue to rise.
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Competitive Analysis
The top market players recognized by MRFR in the global market are Ridg-U-Rak (US), Elite Storage Solutions (US), AR Racking (Spain), Averys (France), Advance Storage Products (US), Daifuku (Japan), Hannibal Industries (US), SSI SCHAEFER (US), Mecalux (Spain), Steel King (US), KION Group (Germany), and Unarco Material Handling (US).
Segmental Analysis
The global pallet racking market has been analyzed on the basis of pallet racking types, frame load capacity, racking system type, and end-use industry.
The pallet racking system type segment comprises shuttle racking, conventional, mobile racking, and hybrid/customized racking. The hybrid/customized racking segment held the largest market share of the global pallet racking market in 2018 and is slated to witness the highest CAGR during the forecast period. Due to their multiple applications, customized racking is used in almost all small-scale and large-scale warehouses.
The racking system type segment includes cantilever racking, push back racking, carton flow racking, selective racking, pallet flow racking, drive-in racking, and others. Selective racking is the most commonly used racking system as it offers access to every location, giving users flexibility in product storage and retrieval.
The frame load capacity segment comprises up to 5 ton, 5-15 ton, and above 15 ton.
The end-use industry segment includes automotive, food & beverage, retail, manufacturing, warehouse & logistics, and others. The warehouse & logistics segment is expected to hold the largest share of the global market, owing to the growing e-commerce logistics market.
Regional Analysis
The geographical analysis of the global pallet racking market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (covering Latin America as well as the Middle East and Africa).
The Asia Pacific has been considered as the fastest growing regional market for pallet racking over the review period. This is accredited to the rapid industrialization and improving economic dynamics in developing countries such as China, India, Japan, Taiwan, South Korea, and others. The disposable income and purchasing power of consumers has improved fourfold in the Asia Pacific, contributing to the flourishing e-commerce sector in the region. This further drives the transportation and logistics processes, thus driving the pallet racking market over the assessment period.
The rest of the world segment is also expected to witness gradual growth over the review period. The primary influential factor for the growth of the pallet racking market in this regional market is the e-commerce boom in the middle east and Africa and the need for advanced transportation and logistics processes in the region.
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Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
Continue………
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