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Global Pallet Racking System Market Analysis & Trends - Industry Forecast to 2028

Global Pallet Racking System Market Analysis & Trends - Industry Forecast to 2028

  • July 2021
  • 154 pages
  • ID: 5796570
  • Format: PDF
  • Accuray Research LLP

Summary

Table of Contents

Pallet Racking System: Market Size

From $9.00 billion in 2020, the global Pallet Racking System market is projected to reach $18.46 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 9.4% from 2020 - 2028 timeframe.


Some of the prominent trends that the market is witnessing include, increasing demand in imports & exports among several manufacturers, high demand in the industries of retail, food and beverage, and recent technological developments in the pallet racking system.

Global Pallet Racking System Market: Market Dynamics

Increase in labor costs along with rising warehousing rents reliably over the last decade; have compelled companies to utilize more resourceful use of their storage area. In every economy, the logistics industry deals with the flow from the production site to the utilization of products. Logistics, therefore, involves the mixing of warehousing, handling of material, packaging and transport, procurement, management of stock and supply chain, etc. These developments in recent times have given the pallet racking systems market a positive landscape. The further factors driving the pallet racking system market are the growing e-commerce platform, increasing demand from the food and beverage industry, and rising prevalence for stand-alone sub system.

On the other hand, the high investment cost is likely to obstruct the profit boundaries. In addition, increasing need for organized logistics in the emerging Asian subcontinent to improve time, cost, and quality efficiencies promoting opportunities will further boost the Pallet Racking System market.

Impact of COVID-19 on Pallet Racking System

The pandemic is rapidly changing consumer behavior toward online channels. Online demand has increased for multiple categories, including food and beverages, essentials, and pharmaceuticals, that are being delivered with innovative contactless formats. This has given an impetus to the growth of the e-commerce, automotive, and food and beverages industries. The demand for warehousing has also increased due to the online demand for several products. Several multinational companies are setting up new warehouses across various countries to accommodate this increased demand. Since the COVID-19 struck the market in early 2020 with consequent lockdowns in multiple countries, there has been a standstill in the overall demand activity in diverse industries, such as automotive, electronics, and chemicals. As the e-commerce industry is continuously under the pressure of procuring and delivering a huge number of articles within the stipulated time, e-commerce companies have adopted automation in their facilities.

By End User

Automotive Segment Dominate the Market in 2020

The automotive segment made huge revenue in 2020 and growing its prominence during the forecast period owing to the need for large and durable racking systems to store heavy and fragile objects. Growing automotive industry across the globe and increasing demand for automotive aftermarket components has created a scope for construction of new warehouses, thereby influencing the industry on a positive note.

By Geography

North America Region is Leading in the Global Market Place

North America is likely to have a huge demand in the forecast period due to the rapidly expanding market of third-party logistics (3PLs), well-established distribution network, early adoption of racking systems and continuous innovations in storage space optimization resulting in high demand for racking structures in the region. The increasing retail and food industries in the region are mainly contributing to the construction of new warehouses which in turn should drive demand for products.

List of the Key Players Profiled in the Market Include:

• SSI Schaefer
• Nedcon B.V.
• Montel Inc.
• Estral Innovation and Applied Logistics
• Kardex Ag
• Jungheinrich AG
• Interroll Dyanmic Storage
• Hannibal Industries, Inc.
• Elite Storage Solutions Inc.
• Dexion Gmbh
• Daifuku Co., Ltd
• AVERYS Group
• Mecalux SA.

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others

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