Sep 25, 2023
Warehouse racking market likely to reach $10,839.2 million by 2033
By: AJOT | May 04 2023 at 11:39 AM | Logistics As per a recent market
By: AJOT | May 04 2023 at 11:39 AM | Logistics
As per a recent market analysis by Future Market Insights (FMI), the global warehouse racking market is expected to capture a 3.8% CAGR from 2023 to 2033. The market is likely to increase from US$ 7,464.9 million in 2023 to US$ 10,839.2 million by 2033.
The global logistics industry comprises a wide range of freight and cargo-related transportation sectors. The integration of material handling, warehousing, packaging, transportation, inventory management, supply chain management, procurement, and shipping security are expected to drive sales of warehouse racking market.
Furthermore, the need for flexible material storing and stacking architectures with new safety features and resource efficiency is a vital factor spurring demand for industrial racking systems. In addition to this, the ex; expansion of the e-Commerce sector is also fuelling the growth in the market.
Different solutions are being presented as technology advances to make operations easier. With cutting-edge approaches and effective solutions, smart storage ideas are gaining traction. With the correct kind of training in automated solutions, a warehouse management system may be considerably more effective, empowering employees to be more productive even when working at a high intensity.
Upgrading, modifying, or relocating storage systems following changing business needs is another significant consideration. This is compelling manufacturers to employ racking systems, such as drive-in pallet racks and structural selective pallet racks, thereby augmenting the growth in the market.
"Growing need for quick product accessibility, maximum space utilization, product and worker safety, convenient workability, and overall performance enhancement is expected to drive the market. Furthermore, the availability of both manual and automatic rack servicing is expected to boost sales in the forthcoming years," says the FMI analyst.
Growing Demand for Warehouse Space Optimization
· Global trade volumes are increasing at an unprecedented rate as a result of improved trade connections via roads, trains, and airways. This is rising the demand for customized products and favorable trade agreements. The Trade and Transportation Corridor Initiative, for example, is expected to invest roughly US$ 2,000 million over the next decade. To improve Canada's transportation efficiency and effectiveness.
· Many manufacturing companies do not own warehouses and instead prefer to use third-party logistics providers to keep their goods. This saves money and allows them to focus on the quality of their products and services. As a result, warehouses must optimize their space to accommodate more goods. Most warehouse racks manufacturers also offer consulting services to help with warehouse management.
The Key Driver of Market Growth is Rising Demand for Retail Space
· Growing retail space globally is expected to boost the global storage rack market over the forecast period. The worldwide retail market is expanding as a result of robust economic expansion and urbanization. E-commerce is quickly becoming a popular way for customers to buy consumer products, resulting in a high need for warehousing. This is projected to help the highlighted market grow during the forecast period. Furthermore, shopping convenience is one of the numerous aspects driving consumer interest in online channels.
· Furthermore, supermarkets, hypermarkets, and convenience stores have traditionally been the primary sales channels for consumer goods. Traditional retail establishments sell a variety of brands offered by vendors. Allowing customers to readily select the best brands available. Vendors' rising emphasis on raising retail sales and retailer expansion fuel demand for warehouse racking, accelerating the market's growth pace throughout the forecast period.
A Glimpse of Country-wise Insights
Does the Expansion of the Food and Beverage Sector Boost the Market in the United States?
· Manufacturers in the United States use Warehouse Shelving to Improve Inventory Management
· The market in the United States is predicted to increase at a 13.4% CAGR during the forecast period, according to FMI.
· The food and beverage business is vital to the country's economy. According to the USA Committee for Economic Development, the industry employs over 1.5 million people and includes nearly 27,000 enterprises.
· As a result, growth in the food and beverage sector, as well as increased export and retail of organic food items, drive sales in the United States over the forecast period.
What Indian Storage Rack Market is expected to Grow?
Increased Acceptance of Warehouse Racking Systems in India Drives Growth
· The rapid expansion of India's e-commerce industry is boosting market growth. With sales expected to expand at a 7.2% CAGR over the assessment period.
· In India, the shift from traditional brick-and-mortar storefronts to online retail platforms is increasing. This is driving the demand for effective storage solutions and sales of warehouse racking equipment.
The Automotive Sector Drive the Market in the United Kingdom?
Automakers Invest in Warehouse Shelving Units to Improve Supply Chain Management
· The warehouse racking market in the United Kingdom is expected to register a 3.0% CAGR over the forecast period, according to FMI.
· In the automotive industry, warehouse racking systems are utilized to store various automotive spare parts and automobiles. Increased motor vehicle sales in the United Kingdom are driving manufacturers. To implement industrial shelving systems to maximize storage area utilization. With these elements behind it, the United Kingdom market is expected to rise rapidly in the future years.
Daifuku, SsiSchaefer, Interroll, Dematic, Vanderlande, AK Material Handling Systems, Beumer, Constructor, Dmw&H, Godrej Storage Solutions, Warehouse Rack & Shelf LLC., and Steel King Industries, Inc. among others are some players operating in the
Leading players operating in the warehouse racking market are employing smart promotional strategies, advertisements, and new product launches to gain a competitive edge in the market.Growing Demand for Warehouse Space Optimization The Key Driver of Market Growth is Rising Demand for Retail Space A Glimpse of Country-wise Insights Increased Acceptance of Warehouse Racking Systems in India Drives Growth Automakers Invest in Warehouse Shelving Units to Improve Supply Chain Management Competitive Landscape