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Pallet Racking System Market is Booming Across the Globe, Explores the Latest Report

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Pallet Racking System Market is Booming Across the Globe, Explores the Latest Report

July 01
21:10 2021
Pallet Racking System Market is Booming Across the Globe, Explores the Latest Report

Pallet Racking System Market
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 growth of awareness for organized warehouse space is expected to boost the demand for pallet racking systems.

Transparency Market Research provides key insights on the pallet racking systems market in its recently published report, named “Pallet Racking Systems Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027.”

In terms of market value, the global pallet racking systems market is projected to grow at a CAGR of 7.4% during the forecast period, owing to various factors, about which TMR delivers thorough insights and forecast in the global pallet racking systems market report.

Increasing Warehouse Space Requirement Propelling Pallet Racking Systems Market Growth

The rise in demand for end-to-end services, driven by established end-user industries (such as pharmaceuticals, food & beverages, automotive, textiles, and other engineering goods), is crafting new storage/warehouse space requirements. This has, in turn, provoked growth opportunities for organized warehouses with improved value-added facilities and services. Notably, rising imports & exports among several economic belts are supporting the market growth of pallet racking systems.

For North America pallet racking systems market analysis, the United States and Canada are taken under consideration. The United States is projected to be a prominent region in the pallet racking systems market due to its large trade exports, coupled with robust growth in e-Commerce. Also, rapidly growing third-party logistics (3PLs) market is set to augment the sales of pallet racking systems in the North American region.

The market for pallet racking systems in Latin America is assessed to be a substantially fragmented market. The demand for automated pallet racking systems in Mexico is the result of its geographical proximity to the United States, evident through the Free Trade Agreements (FTAs) over the past years between the two economies.

The European pallet racking systems market is segmented into Italy, France, Germany, Spain, United Kingdom, Poland, Russia, and Rest of Europe. Germany is estimated to be a prominent region in the European pallet racking systems market in terms of system installations. However, Italy, France, and Spain are some of the largest pallet racking system exporters across the globe, followed by the United States and China.

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Lucrative Opportunities for Asia Pacific in the Pallet Racking Systems Market

Asia Pacific is projected to enjoy lucrative growth opportunities for pallet racking systems during the forecast period. Asia Pacific accounts for the highest market share, and is expected to witness significant growth over the forecast period, at a CAGR of 9.4% by value. The growing need for organized logistics to improve time, cost, and quality efficiencies in regions such as China, Southeast Asia (SEAP), and India is propelling opportunities for the growth of the pallet racking systems market.

For instance, India’s trade growth is expected to touch double digits during the coming decade. Surge in trade volumes will prove to be a strong demand driver for logistics services and automated racking systems in the future. Policy initiatives, such as GST and Make in India, will simplify logistics activities and also streamline 3PLs operations to some extent.

Also, the Government of India has taken a lot of initiatives in the infrastructure department, which include improving the connectivity between prominent metro cities, as well as ports, and the dedicated freight corridor plan to boost freight movement using multi-modal logistics parks and railroads across the country. These developments will also create a positive landscape for the pallet racking systems market.

The Middle East & Africa region is analysed in the pallet racking systems market report by evaluating key countries including Northern Africa, GCC Countries, Turkey, South Africa, and Rest of MEA. The lack of sufficient high-quality warehousing space is foreseen to encourage the robust demand for pallet racking systems in the MEA region.

Pallet Racking Systems Market: Key Players

Key players in the global pallet racking systems market are analysed during the development of the report to estimate the market revenue and identify market trends and scenarios. The companies profiled in the pallet racking systems report include Daifuku Co., Ltd., KARDEX AG, Interroll Dyanmic Storage., Jungheinrich AG., SSI Schaefer, AVERYS Group, Mecalux SA., NEDCON B.V., Estral Innovation and Applied Logistics, Dexion Gmbh., Montel Inc., Hannibal Industries, Inc., Elite Storage Solutions Inc., Ridg-U-Rak Inc., Atox Sistemas De Almacenaje, S.A., Vertice Diseño S.A., Poveda & CIA., Frazier Industrial Company, DR Storage Systems, Storage Equipment Systems, Inc., Gonvarri Material Handling, Stöcklin Logistics de México, AR Racking, Proman S.R.O., and AK Material Handling Systems.

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.

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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.

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.

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