Dallas, March 08, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights, the global industrial racking systems market is expected to grow from USD 10.30 billion in 2020 to USD 18.76 billion by 2028 at a CAGR of 7.71% during the forecast period 2021-2028.
The food and beverage industry are seeing extreme competition between food manufacturing companies. This also enabled such companies to provide better facilities, such as faster and in-time product deliveries. Such companies then set up warehouse facilities and warehouse racks near the cities. This fuels the need to rack up warehouses to optimize them.
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Industrial racking is an integral part of warehouse facilities that can impede or speed up warehouse operations. Warehouse managers maximize capacity with appropriate warehouse racking and optimize warehouse organization for efficiency and a streamlined picking process.There are many types of warehouse racking systems. Wooden, metal, or plastic pallets, or skids, are paired with larger racking systems that comprise of different levels of shelves. Decking bases are available in different widths to support items that are mounted on the storage racks.Pallet racking is a single or multilevel storage system used to enable massive piling of individual items or palletized loads.
The global market for industrial racking systems is inextricably linked up with trade volumes, the manufacturing sector and e-commerce. Material handling industry and industrial racking systems remain strongly connected to the global economy: as GDP rises, total supply chain storage demand will also rise. Therefore, boosting the market growth of industrial racking systems.In addition, as a leading industrial racking system, the logistics industry is growing at a tremendous pace across the globe. The logistics industry sector is one of the largest and fastest-growing sectors on the global market for industrial racking systems, thereby boosting the industrial racking systems market.
Key players operating in the global industrial racking systems marketinclude AK Material Handling Systems, AR Racking, ARPAC, Averys SA, Cornix SA, Foothills Systems, Gonvarri Material Handling, Hannibal Industries, Jungheinrich AG, Mecalux, S.A., Nedcon B.V., North American Steel Equipment Inc., Ridg-U-Rak Inc. and SSI Schaefer among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global industrial racking systems industry.
• For instance, in Averys disclosed a dealwith Ramada Aços SA to acquire 100 per cent of Storax's shares.Storax'stakeover suits well with Averys'strategy of combining organic expansion with industry consolidation. Storax is a well-known company in the material handling sector, active in Europe and bringing a strong team, a southern European platform for growth, and more market share for mobiles, shuttles and SILO's to the Averys group.
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The selective pallet racking system segment led the global industrial racking systems market with a market share of 24% and a market value of around USD 2.47 billion in 2020
The type segment is divided intothe cantilever racking system, selective pallet racking system, drive-in/drive-thru pallet racking system, push back pallet racking system and others. As selective pallet racking system is the most common mode of racking as it allows order picking at lower levels and unfettered access to any pallet, the selective pallet racking system segment led the global industrial racking systems market with a market share of 24% and a market value of around USD 2.47 billion in 2020.
The medium-duty racks segment is anticipated to grow at the highest CAGR of around 8.4% over the forecast period.
The carrying capacity segment includes light duty racks, medium duty racks and heavy duty racks. Due to its characteristics, medium duty racks can be conveniently used in all divisions of industry, therefore themedium-duty rackssegment is anticipated to grow at the highest CAGR of around 8.4% over the forecast period.
The automotive segment is projected to grow at the highest CAGR during the forecast period.
The industry verticals segment includes retail, food and beverages, pharmaceuticals and automotive. As the automotive sector is highly focused on the method of shelving small parts of automobiles, instead of mobile pallets the stock is put on static shelving units for fast and convenient access. Therefore, the automotive segmentis projected to grow at the highest CAGR during the forecast period.
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Regional Segment Analysis of the Industrial Racking Systems Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Because the North America experienced an expansion in distribution centers as international exchange and e-commerce expanded. The North America region emerged as the largest market for the industrial racking systems, with a market share of around 27.5% and a market value of about USD 2.83 billion in 2020. When e-commerce companies, including Amazon introduced day delivery services, demand for smaller facilities increased in urban areas. This has increased the number of warehouses that gradually fuelled the market in the region for the industrial racking systems. Asia Pacific is anticipated to grow at the highest CAGR over the forecast period. The anticipated growth in the region is likely to be driven by increased government capital investments in industrial racking systems in general, and warehousing sector in particular, and expansion of industrial infrastructure.
About the report:
The global industrial racking systems market is analysed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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