Global Warehouse Racking Market is valued at USD 8696.5 Million in 2021 and is expected to reach USD 11290.9 Million by 2028 with a CAGR of 3.8% over the forecast period.
Warehouse racking is a kind of steel structure that fuses metal beams, frames, and associations that is utilized to store things in warehouses. Cutting, welding, and bolting are some of the strategies used to construct and make warehouse racking systems. Racking systems arrive in an assortment of sizes and widths to help the materials or items that are stored on them. The primary objectives are to utilize warehouse floor space, increment laborer efficiency, and diminish inventory handling costs. Different businesses are utilizing an assortment of pallet systems to all the more likely satisfy their requests as far as warehouse design, the kinds of things and materials kept, desired limit, and hence the particular picking technique utilized. Warehouse racking structure is a layout to organize the warehouse racks which can increase the efficiency of the picking processes. Selective racks are the most commonly used warehouse racking systems and access is provided from an aisle. Post World War 1 in the late 1920s warehouse racking systems were developed.
The ongoing coronavirus has shown a significant impact on the growth of the global warehouse racking market. During the Covid-19 pandemic, there has been an increase in e-commerce usage due to door-to-door delivery which generated a need for warehouses and racking systems. However, the spending power of people decreased due to the inflation rise in coronavirus which causes a dent to the warehouse market.
Global Warehouse Racking Market: Global Size, Trends, Competitive, Historical Forecast Analysis, 2022-2028: Increasing workforce safety protocols and growing e-commerce industry are some of the major factors driving the growth of the Global Warehouse Racking Market.
The global warehouse racking market is segmented on the basis of product type, end-user and region country level. Based upon product type, the warehouse racking market is divided into selective pallet rack, drive-in, pallet flow, push back, cantilever and others. Based upon end-user, the warehouse racking market can be differentiated by automotive, packing, food and beverage, retail, manufacturing, pharmaceuticals and others.
The regions covered in this global warehouse racking market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of warehouse racking is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some of the key players for the global warehouse racking market are
By Product Type
On April 26th, 2021; IWS Group, the Industrial Workspace Specialists procured the Rack Group, a supplier of pallet racking safety, assessment, repair and maintenance arrangements. IWS Group offers types of assistance and supplies to the operations, warehousing and material handling sectors in the UK, across Europe and beyond. The acquisition will additionally reinforce its situation in core business sectors, expand the scope of the current contribution and open up opportunities to give clients extra product solutions and services.
On September 12th, 2018; ABCO Systems announced the launch of its Warehouse Racking Estimator App, accessible on the iTunes and Google Play stores. The ABCO Racking Estimator application is an inventive mobile tool for business real estate professionals, warehouse administrators, engineers, development organizers and others engaged warehouse. Utilizing the ABCO application, clients can quickly decide the potential storage racking limit of a building in view of building aspects and client needs. Alternately, clients can likewise calculate the suitable building size equipped for obliging an organization's specific racking requirements.
One of the major factors driving the growth of the global warehouse racking market is increasing importance of workforce safety. Work safety implies a guarded environment in workplace which leads to 0% injuries to the workplace workers. Workforce safety is an ongoing concern since a prolonged period of time. To curb this alarmingly high number, warehouse racking is an efficient technique. Warehouse racks can be efficiently structured which will ensure that there is minimal forklifts (which is a manned vehicle to transfer material) collision. Having a proper racking system will also lead to minimum pressure damage. For instance, according to the International Labor Foundation, more that 340 million men and women loss their lives due to work related accidents. This accounts to 6000 deaths per day because of work accidents and disease. Also, according to the International Labor Foundation, annually there are more than 340 million victims of workplace accidents. Therefore the increasing demand for workforce safety leads to growth in warehouse racking market.
Additionally, another factor supplementing the growth of global warehouse racking market is growing e-commerce industry. The movement of selling or buying items and services online or over the internet is a brand new evolution of the customary process of commerce. Clients request quick delivery from their e-commerce sellers, so in e-commerce industry warehouse racking systems should empower quick, exact picking. To further develop picking productivity, it's ideal to store well known things close together, separating mass packs into smaller quantities stored in bins in bins or sacks close to the packing region. Developing bulk storage necessities in numerous districts of the world are likewise driving warehouse racking market potential. For instance; in 2018, Amazon.com made USD 232,887 million in pay, while Walmart made USD 514,000 million around the same year. Hence, increasing e-commerce industry also drive the growth in global warehouse raking Market.
Moreover, rising awareness regarding the ideal utilization of space through supply channels, for example, storage services, distribution centers, and stockyards, is probably going to encourage development in the business. Stockroom racking offers cost-effective and precise storage activities for bulky and delicate articles. However, high cost associated with the installation of warehouse racks may hamper the global warehouse racking market growth. In spite of that, warehouse racking allows the organizations to utilize its vertical space instead of floor space can provide various opportunities for the further growth of the global warehouse racking market.
Geographically, North America is expected to dominate the global warehouse racking market owing to the increasing adoption of warehouses, technological development and presence of key players in this region. Growing online shopping and e-commerce industry need extra storage capacity which increases the demand of warehouse racking. For instance; according to DcVelocity which is a logistic company, there are around 19,190 warehouses in United States of America. This dominant presence of warehouses results in stark presence of warehouse racking market in North America. Also., presence of key players in this region also drive the market in this region. For example; in May 2018, Ridg-U-Rak launched Extendo-Max100V Roll-out racks, which includes a ""V"" roller rack guide system. These racks have a limit of 3,000 pounds/rack.
Asia Pacific is another emerging region for global warehouse racking market due to the increasing demand from retail industry and growing investment by government and private organization in this region. For instance; as per India Brand Equity Foundation (IBEF), India's retail area is anticipated to reach about USD 180000 million by 2020.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 8696.5 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||3.8%|
|Market Size Expected in 2028:||USD 11290.9 Million|
|Tables, Charts and Figures:||175|
|Warehouse Racking Manufacturers||AK Material Handling Systems, Constructor Group AS, Daifuku, Dematic, DMW&H, EUMER Group, Fives Group, Interroll Group, SSI SCHAEFER, Vanderlande, and others.|
|Segments Covered||By Product Type, By End-User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|