The global pallet racking system market size is estimated to grow at 7.3% CAGR over the forecast time frame 2019-2026 and to reach the market value around USD 7.1 trillion by 2026.
Increased labor costs and rising warehouse rents have forced companies to make more resourceful use of their storage space over the past decade. End users need to keep a close eye on these cost factors and give the manufacturers of pallets a boost. Increased installations of E-commerce and 3PL industrial storage systems for retail and overall purposes and increasing demand by the food & beverage sector, inter alia, are expected to strengthen prospects of the global market for industrial storage systems.
Logistics is one of the main fundamental industries in any economy in terms of the management of product flows from their place of origin to their consumption and therefore it also covers the integration of material handling, warehousing, packaging, transport, inventory management, chain management and the procurement and shipping safety aspects. A complicated range of freight and cargo transport sectors is the main part of the global logistics industry. In the coming years, the logistics sector is expected to grow to about 10% -15%, mainly due to growth in the retail, e-commerce and production industries. The transport of goods throughout the world requires logistics and warehousing. A warehouse is a key part of any business infrastructure and a key contributor to the global supply chain. It then constitutes the hub to collectively build robust economies for procurement, production, and distribution services. The increasing need for organized logistics in emerging nations of Asian Subcontinent to improve the time, cost and quality of the racking systems markets is creating various opportunities for growth.
Pallet Racking Systems Fulfill the Need for Proficient Utilization of Bulk Storage Needs to Boost Market Growth
Increased labor costs and increased warehouse rents over the last decade have forced companies to make more resourceful use of their storing / storage space. End users must pay close attention to those cost factors, which give a boost to the manufacturers of pallet racking systems. Many products, such as pallet racking system, have been recently developed to meet this need with space-efficient storage systems. Automation is expected to continue to increase to further reduce labor costs. Various end-use industries that use automation for warehouse use have demonstrated that more companies are ready to improve, upgrade and not to implement new systems for existing warehouse management. The demand for autonomous subsystems and integrated subsystems also grows quickly. Furthermore, the shift to cheaper locations like India, China, Mexico, Brazil and Central & Eastern Europe is one of the key trends on the Industrial market.
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
Asia Pacific is anticipated to experience highest growth rate for pallet racking systems throughout the forecast period. India, which is a leader in growth rates, is committed to significant investments in e-commerce and manufacturing. The government in India has also taken a number of initiatives to boost the movement of freight via multifaceted logistics parks and railway lines across the country, including better connectivity between major metro cities and ports. These developments also provide the market for pallet racking systems with a positive landscape. In countries such as China, South - Eastern Asia (SEAP), India, there is a growing need for organized logistics to improve time, cost, and quality of efficiencies. Political initiatives like GST and Make in India are to some extent going to simplify logistical activities and to some extent also to streamline 3PL operations. The United States and Canada are considered for North America's pallet racking systems market analysis. The US, because of its extensive trade exports combined with strong growth in e-competition, is projected to be a prominent region in the pallet racking system market. In addition, the fast-growing third party logistics market (3PLs) in North America is planning to increase the sales of pallet racking systems.
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..