March Analysis
The global pallet racking market will grow at a 6.8% CAGR by 2027, says the latest Market Research Future (MRFR) report.
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Drivers
Developments in logistics-related infrastructure to boost market growth
Developments in logistics-related and transport infrastructures such as engaged freight corridors will strengthen market growth over the forecast period.
Possibilities
Advances in information technology to provide robust capabilities
Advances in information technology offer robust opportunities for the market over the forecast period.
Restrictions and challenges
Higher inventory costs to act as a market constraint
Higher inventory costs and lower inventories can act as market disruptions over the forecast period.
COVID-19 Analysis
The COVID-19 crisis hit the pallet racking market hard and caused the end-user industry with huge revenue losses. In addition, the government imposed the ban on stopping trade in the international and domestic markets. Because most industries were forced to close temporarily or long-term, most raw materials for many goods were not available. This applies to the pallet racking industry. This has led to an increase in the manufacturing prices of fewer units. End consumers have paid the price as more expensive range of rack materials. The market, however, is back to normal witnessing the growing demand especially from the eCommerce sector.
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Market segmentation
The worldwide range racking market is bifurcated based on system, racking system, frame load capacity, and end consumption industry.
With the system, the hybrid / personalized rack system will guide the market throughout the forecast period.
With the type of rack system, the selective rack segment dominates the market over the forecast period.
Due to frame loading capacity, the 5-15 tons will jump the market over the forecast period.
From the end-consumption industry, warehousing and logistics will have the lows on the market over the forecast period.
Regional Analysis
North America to have Lions share in the Pallet Racking market
North America will hold the lion’s share of the range racking market over the forecast period. Exports of goods, booming e-commerce that needs range racking products, growth of third-party logistics, increase in trading activities, growing needs of the growing transportation and logistics (TPL) industries, USA is the largest import-export sector, large investments in upgrades and developments in the pallet racking industry, the presence of well-established distribution networks, rapid adoption of rack systems, constant innovations in storage space optimization, high demand for rack structures, and the growing food and retail industry contributing to it. Construction of new warehouses contributes to the worldwide range racking market growth in the region.
Key players
Eminent players profiled in the global pallet tracking market report include Ridg-U-Rak (US), Averys (France), SSI SCHAEFER (US), Hannibal Industries (US), Mecalux (Spain), KION Group (Germany), Daifuku (Japan) , Steel King (US), Elite Storage Solutions (US), AR Racking (Spain), Advance Storage Products (US), and Unarco Material Handling (US).
The global range racking market is both fragmented and competitive for the presence of various international as well as national industrial players. Players have used a myriad of innovative strategies to stay on top of the vanguard and also cater to the growing needs of customers, including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions, and more. They also invest in various research and development activities.
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