SAN FRANCISCO, Oct. 14, 2019 /PRNewswire/ -- The global warehouse racking market size is expected to reach USD 10.5 billion by 2025, ascending at a CAGR of 3.6% over the forecast period, according to a new report by Grand View Research, Inc. Optimized utilization of warehouse space and structural storage of objects in racking systems is expected to propel their demand. High load-bearing capacity and rigidity of rack structures are expected to be the key factors propelling their demand in heavy duty applications.
These systems are commercially available in various structures, patterns, and designs, thus are gaining high consumer traction. Racking offers easy handling of materials and optimized way of product selection, thus are popular in large-scale storage facilities. Forklifts and conveyer mechanisms are used in racks to provide access to every object stored in racking structure.
Key suggestions from the report:
- Selective pallet system is expected to grow at the fastest CAGR of 4.2% over the forecast period owing to provision of easy accessibility to materials and less complicated structural rack design
- In 2018, retail applications for warehouse system dominated the market with a share of over 30% and is anticipated to progress with the highest CAGR over the forecast period on account of increasing e-commerce applications
- In Europe, the revenue for drive-in racking system in 2018 stood at USD 228.3 million and is likely to grow over the forecast period with growing acceptance of modern technology automation in racking systems in the region
- North America registered the largest warehouse racking market for warehouse racking in 2018 owing to well-established distribution networks for retail, food & beverage, and automotive applications in the region
- In 2019, Michelin North America, Inc. announced its operations of a new three million square feet distribution and warehouse, wherein the company installed racking systems and forklifts to smoothen the operations.
Read 143 page research report with ToC on "Warehouse Racking Market Size, Share & Trends Analysis Report By Product (Selective Pallet, Drive-In, Push Back, Pallet Flow, Cantilever), By Application, By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/warehouse-racking-market
Systematic storage of stock in warehouse and easy accessibility provided by racks are considered beneficial for applications such as retail and food & beverage. These systems are widely used in large warehouses where heavy, fragile, and ductile objects are stored. Developments in the industry have introduced enhanced racking with improved durability and lifespan of pallets used in the systems.
Prominent players in the warehouse racking industry are focusing on providing installation and maintenance services to the customers. The market is characterized by multinational and a large number of domestic players engaged in production and distribution of racking systems. Major players in the market include Daifuku Co., Ltd.; AK Material Handling Systems; Hannibal Industries, Inc.; and Mecalux, S.A.
Grand View Research has segmented the global warehouse racking market based on product, application, and region:
- Warehouse Racking Product Outlook (Revenue, USD Million, 2014 - 2025)
- Selective Pallet
- Push Back
- Pallet Flow
- Warehouse Racking Application Outlook (Revenue, USD Million, 2014 - 2025)
- Food & Beverage
- Warehouse Racking Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
- Saudi Arabia
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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