According to Transparency Market Research’s recent report titled “Pallet Racking Systems Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast Analysis 2019–2027,” the growth of awareness for organized warehouse space is expected to boost the demand for pallet racking systems during the forecast period. The global market for pallet racking systems was valued at US$7.8 Bn in 2018 and is projected to expand at a CAGR of 7.4%, during the forecast period (2019-2027).
The global market for pallet racking systems is segmented by frame load carrying capacity, system type, racking type, application, and end use. In terms of end use, the pallet racking systems market is segmented into packaging, food & beverages, electrical & electronics, healthcare, metal processing & manufacturing, building & construction, chemicals, logistics & warehousing, mining, and others.
The logistics sector is expected to grow at around 10-15% in the forthcoming years, largely due to growth in retail, E-commerce, and manufacturing sectors. This indicates that logistics demand will continue to grow and will create demand for large-scale warehouse spaces. Hence, robust growth in automation in warehouse space, coupled with rise in e-Commerce growth are cited to emerge as the key reasons for concrete growth in the global pallet racking systems market.
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Growing 3PLs Market Set to Augment the Sales of Pallet Racking Systems
According to an independent analysis, the total global market logistics in terms of value in 2017 reached about USS$ 7.2 trillion, which represent approx. 9% of the global GDP.
In any economy, the logistics industry deals with the flow of products flow from place of manufacturing/origin to their consumption/end use. Logistics thus involves the amalgamation of warehousing, material handling, packaging and transportation, procurement, inventory & supply chain management, etc. These developments in the recent past have created a positive landscape for the pallet racking systems market.
Pallet Racking Systems Fulfill the Need for Efficient Utilization of Bulk Storage Needs
Increase in labor costs along with rising warehousing rents consistently over the last decade, have forced companies to utilize their warehousing /storage space more resourcefully. End users need to keep a sharp eye on these cost factors, which is giving impetus to pallet racking system manufacturers. Many products with space efficient storage systems, such as pallet racking systems, have been developed recently to address this need. In order to reduce labor costs further, automation is expected to continue to rise. Various end-use industries using warehouse automation revealed that more companies are willing to enhance or upgrade their existing warehouse management systems rather than implement new ones.
Additionally, the demand for stand-alone subsystems and integrated ones is growing fast. Lastly, one of the key trends in the industrial market remains the movement of manufacturing operations to cheaper locations such as India, China, Mexico, Brazil, and Central & Eastern Europe (CEE).
Growth in E-commerce and Positive Business Environment to Play a Pivotal Role in Pallet Racking Systems Market Development
Logistics and warehousing play an indispensable role in the transportation of goods across the globe. A warehouse is a fundamental part of any business infrastructure and is one of the key enablers in the global supply chain. Subsequently, it is the fulcrum for procurement, manufacturing, and distribution services that collectively build robust economies. The growing need for organized logistics to improve time, cost, and quality efficiencies in emerging countries of Asian Subcontinent are propelling opportunities for the growth of the pallet racking systems market.
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Emerging customer segments such as E-commerce, present several unique opportunities for 3PLPs, owing to the rising demand for complete logistics management through the aggregation of vendors and services. Manufacturing companies of pallet racking systems must leverage this demand for new and differentiated services by suitably building capabilities.
Global Pallet Racking Systems Market: Recent Developments
- In 2018, Mecalux, S.A. constructed a new automated warehouse for Yamazaki Mazak in the U.K., which can store up to 60 containers weighing up to 500 kg each.
- In 2018, Mecalux, S.A. installed Movirack mobile pallet racking systems in the logistics center of F.lli Sabbini, Italy, which can hold up to 2,132 pallets of 1,100 * 1,100 mm with a maximum weight of 1,300 kg.
- In May 2016, the company Daifuku Co., Ltd. was ranked no.1 in the “Top 20 worldwide materials handling system suppliers 2016” by the U.S.-based Modern Material Handling magazine.
- In September 2017, the company SSI Schaefer expanded its product portfolio through cooperation with and investment in the Austrian AGV specialist DS automation.
- In July 2017, Kardex Remstar announced the purchase of the service operations of Alternative Handling Technologies
Global Pallet Racking Systems Market: Competitive Landscape
The global pallet racking systems market critically analyzed key players during the course of the study. These include Stora Enso Oyj, Georgia-Pacific LLC, Canfor Corporation, International Paper Company, Clearwater Paper Corporation, UPM-Kymmene Oyj, P.H. Glatfelter Co., Domtar Corporation, Mitsubishi Paper Mills Limited, Verso Corporation, BillerudKorsnäs AB, Burgo Group SPA, Twin Rivers Paper Company Inc., American Eagle Paper Mills, Delta Paper Corp., Catalyst Paper Corporation, Asia Pacific Resources International Holdings Ltd., Rolland Enterprises Inc., Alberta Newsprint Company Ltd., and Finch Paper LLC.
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