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.
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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).
The global market for pallet racking systems is segmented by frame load carrying capacity, system type, racking type, applications, and end use. On the basis of frame load carrying capacity, the global market is segmented into racking systems with frame load carrying capacity less than 5 tons (light-duty pallet racking systems), between 5 to 15 tons (medium-duty pallet racking systems), and lastly above 15 tons (heavy-duty pallet racking systems).
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On the basis of systems type, the global pallet racking systems market is segmented into conventional racking, mobile racking, shuttle racking, and hybrid & customized systems. The mobile racking segment is further categorised into horizontal rotating and vertical rotating. On the basis of racking type, the global pallet racking systems market is segmented into selective pallet racking, narrow aisle racking, drive-in rack, push-back rack, gravity flow rack, and mezzanine.
On the basis of application, the global pallet racking systems market is segmented into cases & boxes, pipes & panels, tires, drums & pails, rigid sheets, timber & rolls, trays & crates, and others. On the basis of end-use, the global pallet racking systems market is segmented into packaging, food & beverages, electrical & electronics, healthcare, metal processing & manufacturing, building & construction, chemicals, logistics & warehousing, mining, and others.
