Market Analysis
Market Research Future (MRFR) estimates the global pallet racking market size to reach USD 14.1 billion at a CAGR of 7.8% from 2020 to 2027 (forecast period).
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Booming E-Commerce Sector Amid COVID-19 Pandemic
Pallet racking material is widely and intensively used in a variety of sectors. The logistics and warehousing business appear to be the most important.
Pallet racking material is useful because it enables businesses to pack items in bulk. This saves them both time and money. Because of its low cost, economic worth, practicality, and usefulness, the pallet racking industry is predicted to grow in popularity in an increasing number of industries over time.
Last year, the introduction of COVID-19 compelled societies and businesses to priorities protective measures such as social distancing, contactless delivery, remote work, and remote buying (in the form of purely e-commerce based shopping.) Since COVID-19 is still a major health concern, and many regions (including India) experienced a second wave, keeping precautions in place.
It looks that the world's shifting tendency toward e-commerce is here to stay. This was becoming increasingly true prior to COVID, but it is now a permanent fact. This is giving the pallet racking sector a genuine boost because it is creating actual demand for mass packaged items.
Market Segmentation
The global pallet racking market has been segmented into system, racking system type, frame load capacity, and end-use industry.
By system, the global pallet racking market has been segmented into Conventional, Mobile Racking, Shuttle Racking, and Hybrid/Customized Racking.
By racking system type, the global pallet racking market has been segmented into Cantilever Racking, Selective Racking, Push Back Racking, Drive-In Racking, Pallet Flow Racking, Carton Flow Racking, and others),
By frame load capacity, the global pallet racking market has been segmented into Up to 5 Ton, 5–15 Ton, and Above 15 Ton.
By end-use industry, the global pallet racking market has been segmented into Automotive, Food & Beverage, Retail, Manufacturing, Warehouse & Logistics, and others.
Regional Analysis
North America to Dominate the Global Market
The North American region dominates the pallet racking market. The American market is the most important in this region. This is primarily due to the fact that it exports a large number of goods. This, together with the remarkable expansion of e-commerce, has resulted in high demand for pallet racking products. In the United States, the third-party logistics market is quickly expanding. Pallet racking products have historically been in high demand in this market.
Key Players
Elite Storage Solutions (US), Ridg-U-Rak (US), Averys (France), AR Racking (Spain), Daifuku (Japan), SSI SCHAEFER (US), Hannibal Industries (US), Mecalux (Spain), KION Group (Germany), Steel King (US), Advance Storage Products (US) and Unarco Material Handling (US).
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