USD 10.55 billion
Report ID: SQSG25K2015 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 67 | Figures: 75
Global Industrial Racking Systems Market size was valued at USD 10.55 billion in 2021 and is poised to grow from USD 11 billion in 2022 to USD 15.41 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).
Trade volume, the manufacturing industry, and e-Commerce are all closely related to the global market for industrial racking systems. Industrial racking systems and the material handling sector continue to have a strong relationship with the general economy: if GDP is increasing, then the supply chain's overall demand for storage should increase as well.
Worldwide, a variety of cargo-related transportation and freight industries make up the logistics sector. Since it oversees the movement of commodities from their point of origin to their eventual destination, logistics is regarded as one of the most fundamentally important industries in every economy. The business includes all aspects of shipping security, procurement, supply chain management, inventory management, transportation, packing, warehousing, and material handling.
The growth of warehouse construction and freight in the US is a sign that the country's economy is expanding and getting stronger. Additionally, due to a lack of contemporary storage facilities, e-Commerce enterprises in the US are anticipated to encounter fierce rivalry for space. There is a sizable potential to build new warehouses and renovate existing ones to meet current standards given the dearth of modern warehouse space in the US and the growth of e-Commerce. The international market for industrial racking systems is anticipated to increase as a result of a thriving e-commerce industry.
US Industrial Racking Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 10.55 billion
Food and Beverage
Food and Beverage
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The global industrial racking systems market is segmented based on Type, End User and Region. Based on Type it is segmented into Cantilever Racking System, Drive-in or Drive-thru Racking System, Selective Pallet Racking System, Push Back Racking System. Based on End User it is segmented into: Automotive, Food and Beverage, Retail, Packaging, Others. Based on region Industrial Racking Systems Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Industrial Racking Systems Market Analysis by Type
The type segment is further broken down into push back pallet racking system, selected pallet racking system, drive-in/drive-thru pallet racking system, and others. With a market share of about 25% in 2021, the selective pallet racking system category dominated the industrial racking systems market worldwide. This is so because the most popular and adaptable pallet racking system in the business is selected pallet rack. It allows for effective use of available space and quick access to all loads stored while using any kind of forklift. This type of rack is available in structural steel that is resistant to debris and simple to clean—perfect for food processing activities.
Because it is the most common method of managing the load with a small system, drive-in or drive-thru racking systems are also anticipated to have a strong hold on the market. The system's high storage density, which can be attained in comparison to a traditional racking solution, is one of its key benefits.
Industrial Racking Systems Market Analysis by End User
The market is divided into Retail, Manufacturing, Packaging, Food and Beverages, Pharmaceuticals, and Others based on the Industrial Vertical. Since it includes a wide variety of goods, including stationery, toiletries, cosmetics, medications, and stationery, Retail is the industry's largest segment. The expansion of the Retail segment of Industrial Racking System is being driven by the increase in demand for retail goods.
As the automotive industry mainly relies on the shelving system to store small parts of autos, the automotive category is also anticipated to expand at the highest CAGR throughout the projection period. For quick and simple access, the merchandise is placed on stationary shelf units rather than movable pallets.
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Asia Pacific led the global for industrial rack systems and is expected to expand at the highest rate in the next years.
Increased government capital expenditures in warehousing, industrial infrastructure development, and industrial racking systems in general are anticipated to foster regional growth. The adoption of smart, efficient industrial units and increased public infrastructure investment in China are both expected to increase demand for industrial racking systems in the area. Additionally, the Indian government is collaborating with the business sector to develop industrial racking systems technology and enhance warehouse facilities by modernising the infrastructure.
Importantly, regional governments' activities are anticipated to promote the relocation of low-cost manufacturing to regions of South East Asia and Africa, and as supply chains are modernised, new transportation corridors will present substantial potential in the logistics sector. The need for industrial racking systems is relatively established in North America as a result of a rising need for warehouses across numerous industries, including food and beverage, construction, agriculture, semiconductor, automobile, and others.
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Industrial Racking Systems Market Driver
Industrial Racking Systems Market Restraint
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The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our industrial racking systems market reports, some of the leading industrial racking systems manufacturers are as follows: AK Material Handling Systems (US), AR Racking (UK), ARPAC (US), Averys (US), Cornix (US), Foothills Systems (US), Gonvarri Material Handling (Scandinavia), Hannibal Industries (US), Jungheinrich (Germany), Mecalux (US), Nedcon (Romania), North American Steel Equipment Inc. (US), Ridg-U-Rak Inc. (US), SSI Schaefer (US).
Industrial Racking Systems Market Top Company Profiles
Industrial Racking Systems Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by type, the drive-in or drive-thru segment is estimated to hold the largest share of the market. By End User, the Retails held the largest share of market due to the increase in demand for retail goods. Region-wise, the Asia Pacific had dominated the market, due to the increased government capital expenditures in warehousing, industrial infrastructure development, and industrial racking systems in general are anticipated to foster regional growth
|Market size value in 2021||USD 10.55 billion|
|Market size value in 2030||USD 11 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Industrial Racking Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Racking Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25K2015