April 12, 2024

Warehouse Racking Market Forecasted to Reach US$ 10.8 Billion by 2033 | FMI

As per a recent market analysis by Future Market Insights (FMI), the global warehouse racking market is expected to capture a 3.8% CAGR from 2023 to 2033. The market is likely to increase from US$ 7,464.9 million in 2023 to US$ 10,839.2 million by 2033.

The global logistics industry comprises a wide range of freight and cargo-related transportation sectors. The integration of material handling, warehousing, packaging, transportation, inventory management, supply chain management, procurement, and shipping security are expected to drive sales of warehouse racking systems.

Furthermore, the need for flexible material storing and stacking architectures with new safety features and resource efficiency is a vital factor spurring demand for industrial racking systems. In addition to this, expansion of the e-Commerce sector is also fueling the growth in the market.

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Different solutions are being presented as technology advances to make operations easier. With cutting-edge approaches and effective solutions, smart storage ideas are gaining traction.  With the correct kind of training in automated solutions, a warehouse management system may be considerably more effective, empowering employees to be more productive even when working at a high intensity.

Upgrading, modifying, or relocating storage systems in accordance with changing business needs is another significant consideration. This is compelling manufacturers to employ racking systems, such as drive-in pallet racks and structural selective pallet racks, thereby augmenting the growth in the market.

“Growing need for quick product accessibility, maximum space utilisation, product and worker safety, convenient workability, and overall performance enhancement is expected to drive the market. Furthermore, the availability of both manual and automatic rack servicing is expected to boost sales in the forthcoming years,” says the FMI analyst.

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Key Takeaways:

  • Based on the product type, sales in the drive-in pallet market are projected to grow at a 3.1% CAGR over the forecast period.
  • In terms of application, demand in the retail segment will rise at a 2% CAGR through 2032.
  • Sales in the U.S. warehouse racking market will increase at a 2.2% CAGR, dominating the North America market.
  • Rapid expansion of the ecommerce sector will drive the India warehouse racking market at a 6.7% CAGR through 2032.
  • The U.K. will emerge as a lucrative market, with sales growing at a 4.1% CAGR over the assessment period.

Competitive Landscape  

Daifuku, SsiSchaefer, Interroll, Dematic, Vanderlande, AK Material Handling Systems, Beumer, Constructor, Dmw&H, Godrej Storage Solutions, Warehouse Rack & Shelf LLC., and Steel King Industries, Inc. among others are some players operating in the

Leading players operating in the warehouse racking market are employing smart promotional strategies, advertisements, and new product launches to gain a competitive edge in the market.

More Insights into the Warehouse Racking Market Report

Future Market Insights, in its new offering, provides an unbiased analysis of the global warehouse racking market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the warehouse racking market based on the product type (roll formed selective pallet rack, structural selective pallet rack, push back pallet rack, drive in pallet rack) application (automotive, food & beverage, retail, packaging, manufacturing) across seven major regions.

Global Warehouse Racking Market by Category

Product Type:

  • Roll Formed Selective Pallet Rack
  • Structural Selective Pallet Rack
  • Push Back Pallet Rack
  • Drive In Pallet Rack

Application:

  • Automotive
  • Food & Beverage
  • Retail
  • Packaging
  • Manufacturing

Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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