The global Warehouse Racking Market size is expected to reach USD 10.5 billion by 2025, ascending at a CAGR of 3.6% over the forecast period, according to a new report by Grand View Research, Inc. Optimized utilization of warehouse space and structural storage of objects in racking systems is expected to propel their demand. High load-bearing capacity and rigidity of rack structures are expected to be the key factors propelling their demand in heavy duty applications.
These systems are commercially available in various structures, patterns, and designs, thus are gaining high consumer traction. Racking offers easy handling of materials and optimized way of product selection, thus are popular in large-scale storage facilities. Forklifts and conveyer mechanisms are used in racks to provide access to every object stored in racking structure.
Systematic storage of stock in warehouse and easy accessibility provided by racks are considered beneficial for applications such as retail and food & beverage. These systems are widely used in large warehouses where heavy, fragile, and ductile objects are stored. Developments in the industry have introduced enhanced racking with improved durability and lifespan of pallets used in the systems.
Prominent players in the warehouse racking industry are focusing on providing installation and maintenance services to the customers. The market is characterized by multinational and a large number of domestic players engaged in production and distribution of racking systems. Major players in the market include Daifuku Co., Ltd.; AK Material Handling Systems; Hannibal Industries, Inc.; and Mecalux, S.A.
Request a free sample copy or view report summary: Warehouse Racking Market Report
Warehouse Racking Market Report Highlights
- Selective pallet system is expected to grow at the fastest CAGR of 4.2% over the forecast period owing to provision of easy accessibility to materials and less complicated structural rack design
- In 2018, retail applications for warehouse system dominated the market with a share of over 30% and is anticipated to progress with the highest CAGR over the forecast period on account of increasing e-commerce applications
- In Europe, the revenue for drive-in racking system in 2018 stood at USD 228.3 million and is likely to grow over the forecast period with growing acceptance of modern technology automation in racking systems in the region
- North America registered the largest warehouse racking market for warehouse racking in 2018 owing to well-established distribution networks for retail, food & beverage, and automotive applications in the region
- In 2019, Michelin North America, Inc. announced its operations of a new three million square feet distribution and warehouse, wherein the company installed racking systems and forklifts to smoothen the operations.