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The global industrial racking systems market size which was valued at US$ 10,179.2 Mn in 2018 is projected to reach US$ 15,186.1 Mn by 2026, exhibiting a CAGR of 5.2% during the forecast period (2019 – 2026)
The warehousing market is growing with the adoption of technological advancements in industrial racking systems. Industries are using racking systems for storage purposes. Adoption of industrial racking systems has reduced fatal injury rate for the warehousing industry. Also, these racking systems are used to reduce the improper stacking of products and repetitive motion injuries. The global market is expected to grow with the increase in manufacturing and retail outlet units.
Furthermore, the logistics market, as a key industrial racking system, is growing at an enormous rate across the globe. The logistics business sector is one of the biggest and one of the fastest-growing industries in the global industrial racking systems market. In Europe, the logistics industry generated a revenue of US$ 10.1 Billion yearly and employing more than 7 million people.
Consumers are using the selective industrial racking systems owing to its easy installation and high capacity advantages. Such type of racking system is also known as selective pallet racking systems, which provides the pallet storage capacity and low cost per square meter of racking. In selective racking systems, the consumer can do First in First out (FIFO) inventory management. FIFO inventory management system enables consumers to access every single pallet in the storage.
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"Increasing demand for industrial racking systems in multiple sectors, such as logistics and e-Commerce"
The increasing number of warehouses across the globe is the primary factor that is driving the global industrial racking systems market growth over the forecast period. Moreover, the growth in the e-Commerce sector is boosting the warehouse management systems market, a specialized segment of industrial racking systems. For instance, online sales in the U.S. is expected to reach more than US$ 500 billion, which is a testament to the rising importance of industrial racking systems. By this, the demand for material handling equipment may increase in the coming future in the U.S. and as well as globally.
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"Government initiatives for the development of the warehousing industry are driving the growth of the global market in Asia Pacific"
Asia Pacific was valued at US$ 2,443.0 Mn in 2018 and is expected to emerge as the emerging region in the global market for the forecast period. Growth perceived in the region is likely to be driven by increasing capital investments by the government in the industrial racking systems in general and warehousing sector and industrial infrastructure development in particular. Similarly, China is spending its capital more in public infrastructure along with the adoption of smart and efficient industrial units, which is expected to drive the industrial racking systems in the region.
The global industrial racking systems market is expected to grow in the forecasted period, owing to multiple advantages as compared with other material handling equipment, such as easy adaptability and installation processes. In North America, the market for industrial racking systems is relatively matured because of an increasing number of warehouses in several industries, such as food and beverages, manufacturing, agriculture, semiconductor, automotive, and among others. Moreover, owing to increasing penetration in the logistics sector, the demand for industrial racking systems has increased from the past few years. This attributed growth is the primary and major factor that is driving the market in the region, consequently boosting the global industrial racking systems market revenue. In Europe, several manufacturing companies are adopting industrial racking systems to store materials in a systematic way. Furthermore, warehousing companies are focused on investing in building smart warehouses for making the flow of packages more smooth and accurate, thus swelling the demand for industrial racking systems.
In Asia Pacific, countries such as India and China are in a developing stage and the governments are focusing on improving its warehousing facilities. In addition, the government of India is working with private sectors to develop industrial racking systems technology and enhance the warehousing facilities by improving its infrastructure.
Asia Pacific Industrial Racking Systems Market, 2018
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"The increasing demand for modern industrial infrastructure and development of warehouses for manufacturing processes, retail and pharmaceuticals had a significant impact on the global industrial racking systems market size."
The report provides qualitative and quantitative insights on industrial racking systems and detailed analysis of market size & growth rate for all possible segments in the global market. The market has been segmented by system type and geography. By system type, the market is classified into cantilever racking system, drive-in/drive-thru pallet racking system, selective pallet racking system, push back pallet racking system, and others.
By industry verticals, the market is segmented into retail, manufacturing, packaging, food and beverages, pharmaceuticals and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries, which enables an analysis of market trends for industrial racking systems at a granular level.
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Along with this, the report provides elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis of industrial racking systems technologies, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, SWOT analysis, and key industry trends.
By System Type
By Industry Verticals
Fortune Business Insights says that the value of the global Industrial Racking System Market was USD 10,179.2 Million in 2018
The Industrial Racking System Market is projected to reach USD 15,186.1 Million by 2026
The Industrial Racking System Market will grow at the rate of 5.2% CAGR