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The global Industrial Racking Systems Market will expand considerably in the coming years due to growing industrialization and e-commerce sectors. According to a report published by Fortune Business Insights, titled “Industrial Racking Systems Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 10,179.2 Mn in 2018. Fortune Business Insights predicts that the market will reach US$ 15,186.1 Mn by 2026, thereby exhibiting a CAGR of 5.2%.
The rising uptake of industrial racking systems has led to a massive reduction in injury and fatality rate at warehouses. The use of industrial racking systems helps avoid improper stacking of products and also minimizes injuries that are caused due to repetitive motion. The tremendous rise in logistic industry has created numerous growth opportunities for the growth of the global industrial racking systems. The enormous growth rate in the logistics sector has opened the doors for a fast-paced growth of the global industrial racking systems market. The logistics industry generates an overall revenue of US$ 10.1 Bn anually. Additionally, around 7 million people were employed in the logistics industry, which in turn will lead to an increase in the global industry racking systems market size. The increasing adoption of selective industrial racking systems has led to a rise in the global industrial racking systems market size in recent years.
High Demand for Equipment Handling Will Aid Industrial Racking Systems Market Growth
The rise in e-commerce activities has subsequently fueled the demand for industrial racking systems, worldwide. Additionally, the constantly rising e-commerce activities have created a massive growth platform for industry racking system market sales. The total spending on online sales is expected to cross the 500 Bn mark in the coming years. The use of industrial racking systems in online sales and e-commerce will constitute for an increase in the global industrial racking systems market value in the forthcoming years. Fortune Business Insights predicts that the rise in e-commerce sales will prove as a major factor in the growth of the global industrial racking systems market during the forecast period.
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Asia Pacific will Witness Substantial Growth Due to Active Government Participation
Industrial racking system market companies in the Asia Pacific are engaged in introducing technologically advanced products. Additionally, these companies serve the high population in Asia Pacific. The increasing population will lead to a subsequent rise in e-commerce and other online retailing activities. The increasing capital investment through government, as well as private organizations towards the development of products in the industrial racking systems industry, will favor the growth of the market in the coming years. Fortune Business Insights has predicted that the Asia Pacific will grow at a considerable rate in the global industrial racking systems market in the coming years. The industrial racking systems market in Asia Pacific was valued at US$ 2,443.0 Mn in 2018 and is expected to rise considerably in the coming years. Having said that the industrial racking systems market in Europe is likely to showcase growth at a healthy rate in the coming years due to the growing adoption of environment-friendly and productive technologies.
Fortune Business Insights profiles a few of the prominent companies that have accounted for significant industrial racking systems market share in recent years. Some of the leading companies that are operating in the market include Ridg-U-Rak Inc., Kardex, Averys SA, SSI Schaef, Gonvarri Material Handling, ROMAN, S.r.l., R Rackin, ARPA, North American Steel Equipment Inc, and AK Material Handling Systems.
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