Market Research Future (MRFR), in its recently published research report, asserts that the global pallet racking market is booming and expected to grow exponentially over the review period, recording a substantial market valuation and a healthy 6.8% CAGR in the forecast period.
Drivers and Restraints
The need for proper space management in warehousing and logistics is prompting manufacturers to focus on advanced pallet racking systems.
The pallet racking industry is slated to observe significant growth in the next few years owing to the growing transportation and logistics (TPL) industries. Furthermore, higher consumer preferences towards e-commerce shopping, specifically in emerging economies, especially in Asia-Pacific and the Middle East & Africa, has led to an advent in the number of pallet racking warehouses. The growing demand for automation in warehouses spaces and the rise in e-commerce shopping are likely to be the key reasons that fuel the need for warehousing racking systems.
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The major market players operating in the global market as identified by MRFR are Ridg-U-Rak (US), Elite Storage Solutions (US), Averys (France), Daifuku (Japan), AR Racking (Spain), SSI SCHAEFER (US), Hannibal Industries (US), Advance Storage Products (US), KION Group (Germany), Mecalux (Spain), Steel King (US), and Unarco Material Handling (US).
The global pallet racking market is relatively competitive, with a higher number of players, across the globe. The players are slated to adopt numeroud strategies to expand their presence and increase their shares in the global market. The manufacturers are focusing on developing a more advanced and Automated system to remain in sync with global demand over the review period.
The global pallet racking market has been segmented based on racking system type, system type, frame load capacity, and end-use industry. Based on system type, the global market is segmented into mobile racking, conventional, shuttle racking, and hybrid/customized racking. The hybrid/customized racking segment accounted for the largest market share of the global pallet racking market in 2018 and is poised to witness the highest CAGR during the review period. Due to their multiple applications, customized racking is used in almost all small-scale and large-scale warehouses.
Based on the racking system type, the global market is segmented as selective racking, push back racking, cantilever racking, drive-in racking, carton flow racking, pallet flow racking, and others. Selective racking is the most generally used racking system as it offers access to every location giving consumers flexibility in product storage and retrieval. Additionally, its installation cost is very low and assists in space utilization. Owing to their higher lift technology, selective pallet racking systems are more favored over the other types of pallet racking systems.
Based on the end-use industry, the global pallet racking market is segmented into food & beverage, automotive, retail, warehouse & logistics, manufacturing, and others. The warehouse & logistics segment is slated to hold the largest share of the global market, due to the expanding e-commerce logistics market.
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa).
The consumers in Asia-Pacific hold a better purcchasing power that has led the e-tailers to move to logistics. The growing adoption of smartphones, coupled with social media culture, particularly in emerging economies, has contributed to an augmented demand in online shopping. The increasing presence of major e-commerce market players, such as Amazon, Flipkart, eBay, and Alibaba, has led to a rise in the expansion of logistics infrastructure, which is likely to fuel the global market for pallet racking in the region during the review period. Asia-Pacific is slated to witness the fastest growth rate in the global pallet racking market during the assessment period due to the rapid industrialization in India, China, and other emerging economies 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
2.2.2 Research Objective
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
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
5 Global Pallet Racking Market, By System Type
5.2.1 Market Estimates & Forecast, 2019–2025
5.2.2 Market Estimates & Forecast, By Region, 2019–2025
5.3 Mobile Racking
5.3.1 Market Estimates & Forecast, 2019–2025
5.3.2 Market Estimates & Forecast, By Region, 2019–2025
5.4 Shuttl Racking
5.4.1 Market Estimates & Forecast, 2019–2025
5.4.2 Market Estimates & Forecast, By Region, 2019–2025
5.5 Hybrid/Customized Racking
5.5.1 Market Estimates & Forecast, 2019–2025
5.5.2 Market Estimates & Forecast, By Region, 2019–2025
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