Pallet racking is an essential
storage solution that helps maximize storage space in warehouses. It allows
vertical storage and retrieval of pallets using powered lift trucks or manual
jacks. Growth in e-commerce and cold supply chain operations have augmented
demand for pallet racking. The systems offer benefits like improving
productivity in warehouse operations, handling high volumes of inventory, and
organizing products in an efficient manner.
The Global Pallet Racking Market is
estimated to be valued at US$ 20.04 Bn in 2024 and is expected to exhibit a
CAGR of 6.7% over the forecast period 2024 to 2031.
Widespread adoption of warehouse
automation solutions and increased focus on effective management of warehouse
space are major factors driving growth of the pallet racking market.
Key Takeaways
Key players operating in the Pallet Racking market are Averys, AR Racking, SSI
SCHAEFER, KION Group, Steel King, Advance Storage Products, Unarco Material
Handling, Daifuku Co., Ltd., Mecalux S.A., Kardex Group, Hannibal Industries,
Inc., Emrack International, Jungheinrich AG, AK Material Handling Systems, SSI
Schaefer Group, Dematic, and Toyota Industries Corp. These players are focusing
on new product development and mergers & acquisitions to strengthen their
market position.
The growing e-commerce sector presents significant opportunities for Pallet
Racking Market Demand suppliers to cater to storage needs. E-commerce companies
require efficient warehousing infrastructure to handle a high volume of
inventory and fulfill orders at a fast pace. Rapid growth of the cold chain
market also increases the demand for pallet racking designed to maintain
controlled temperatures for perishable products.
Global expansion remains a key strategy for pallet racking manufacturers. They
are expanding product portfolios and manufacturing footprint to emerging
markets in Asia Pacific and Latin America which are witnessing increased
warehousing and logistics infrastructure development.
Market Drivers: Rapid automation of warehouses to optimize inventory management
practices and space utilization drives demand for Pallet
racking Market Size And Size compatible with automated storage and
retrieval systems.
Market restraints: High initial investment required for pallet racking
installation limits their adoption for small inventory storage requirements.
Shutting down warehouses during installation also constrains operations.
Segment Analysis
The pallet racking market is dominated by selective pallet racking segment as
it provides high flexibility in terms of rack spacing and design. Selective
pallet racking allows operators to pick and place pallets individually using
powered trucks like forklifts or manual means and helps maximize the storage
potential within existing warehouse space. This segment allows manufacturers to
effectively store a variety of products of variable sizes and weights and
efficiently manage high volume product movements.
Global AnalysisRegionally, North America accounts for the largest share in pallet racking
market. Rising e-commerce activities and increasing focus of companies towards
supply chain efficiency are driving higher demand for warehousing space in the
region. Further, presence of leading manufacturers and technological
advancements contribute to North America's dominance. Asia Pacific is expected
to witness the fastest growth during the forecast period supported by rapid
industrialization and growth of third-party logistics sector in countries like
China and India. Growing focus on automation along with rising need for
optimization of available warehouse space also boost the regional market.
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More Insights On, Pallet
Racking Market
About
Author:
Money Singh is a seasoned content
writer with over four years of experience in the market research sector. Her
expertise spans various industries, including food and beverages,
biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
(https://www.linkedin.com/in/money-singh-590844163)
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