Market Overview
The rapid growth in logistics and warehousing industries has increased the demands for proper space management. Pallet racking systems have decreased the complications and adoption of advanced systems. The rapid rise in the e-commerce segment has increased the sizes of warehouses, which can create problems for sorting the right products at the right time and will damage the working process. The swift rise in demand for cost-effective alternates with maximum efficiency has provided significant growth to this market.
The rapid rise in the food & beverage industry has also boosted the market as this industry is going through rapid global expansion. Increasing adoption of automation procedures free from human errors has increased the use of such systems and is getting a reasonable response from all industries. The emerging economies will provide the maximum growth opportunities to this market and will cover the maximum part of the market due to vast opportunities. The companies invest in research & development programs to unfold the new aspects, imposing an extra load on the market and helping the market gain accelerated speeds.
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Apart from the uses and features, the global pallet racking market faces challenges from high investment costs included, which has restrained the global market growth. This report offers a complete outlook on the opposition, opportunities, drivers & restraints, and other factors affecting the neighborhood and global pallet racking marketplace. The worldwide market is anticipated to sign in approximately 07 % annual growth in this era.
Market Segmentation
The global pallet racking market has been segmented based on racking system type, system, rack load capacity, and end-use industry. On the basis of racking system type, the market for pallet racking is segmented based on carton flow racking, drive-in racking, pallet flow racking, push back racking, selective racking, cantilever racking, and others. Additionally, the market on the basis of system, is segmented into mobile racking, shuttle racking and hybrid/customized racking, conventional. The global market for pallet racking is also covered based on rack load capacity segment which is further split into up to 5 ton, 5–15 ton and above 15 ton. On the basis of end-use industry, the market for pallet racking is segmented based on food & beverage, manufacturing, retail, warehouse & logistics, automotive, and others.
Factors like growing transportation and logistics industries and e-commerce shopping trends support the pallet racking market growth. The performance of the pallet racking market has also been studied for the past and current years. Additionally, the pallet racking market report provides analysis of these segments. The pallet racking market segmental analysis provided in the report offers major details about the pallet racking market based on the data and forecasts till 2025.
Regional Classification
The pallet racking market has gained global adoption due to the rapid expansion of logistics & warehousing industries, fast adoption of automation systems, and demands for cost-effective techniques. The global pallet racking market is divided into North America, the Asia Pacific, Europe, and the rest of the world. The Asia Pacific region is presently leading the market and will file the fastest growth due to the rapid expansion of the pallet racking industry, rapid urbanization, the rapid development of economies, rapidly developing industrial structures, and other factors with rapidly developing economies like India, China and others among the major contributors.
Competitive Landscape
The pallet racking market is supported by increasing use of smartphones and ecommerce apps. The population growth around the world and increasing demand of pallet racking market based services and products also support the market growth. However, the pallet racking market growth can be affected due to the slow pace of growth in packaging and TPL industries. The report covers all such details which will help companies in the pallet racking market to strengthen their business plan and improve their product portfolio. The pallet racking market research report also provides company profiles of major companies. The company profiles of many organizations operating in the pallet racking market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the pallet racking market. New companies and established businesses can plan their strategies based on this data provided in the pallet racking market research report.
Key Market 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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Industry News
Stonelake Capital Partners has purchased 6161 Bingle, a 127,513-square-foot commercial property located on 17 acres in the center of northwest Houston. This purchase marks Stonelake's sixth industrial transaction in Houston in 2020 and its 18th industrial transaction in Houston in 2015. The vendor, Graybar Electric Company, had recently vacated the property and decided to sell the building quickly. Graybar was led by Andy Sowell, SIOR with Boyd Industrial, LLC. With Sowell's assistance, Stonelake started to focus on the purchase of this practical, infill storage center near the intersection of Highway 290 and Bingle Lane. Stonelake and Graybar have agreed to the terms.
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