Industrial Racking System Market To Reach US$ 23 Bn By 2030-End

The need for flexible material storing and stacking architectures with new safety features and resource efficiency for all industries is a vital driving factor for the industrial racking system market. The industrial manufacturing sector has witnessed significant growth in recent years, and this growth is estimated to persist over the coming years. Rising e-Commerce sector is also a vital market driver. As such, the global industrial racking system market is estimated to expand at a CAGR of over 7% throughout the forecast period of 2020-2030, to be valued at US$ 23 Bn by the end of 2030.

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With flexible production being in demand, autonomous handling systems and robots are expected to adapt to changing requirements faster. Besides, those moving around with “domain+” skills would be on the top of the recruiters’ agenda.

Augmented reality solutions are being asked for IoT functionality is capable of tracking and evaluating production quotas, expanding control rooms, and creating various models related to predictive maintenance. Industry 4.0 workforce would, indeed, be complementing robotics. Persistence Market Research is endowed with expertise herein in the form of consultants and analysts.

Key Takeaways from Industrial Racking System Market Study

The agile adoption of technologically-advanced products amongst highly volatile market dynamics, including price, robustness, and optimum performance of any product has a significant impact on the industrial racking system market.
Ever-increasing trade volume exports, focus on e-Commerce, and policy support of governments are key reasons for the growth of the global industrial racking system market.
Development of low-cost manufacturing hubs across parts of Southeast Asia and Africa and new transport corridors are expected to provide significant opportunities in the logistics sector, which directly boosts market growth.
Technology, macro-economic environment, and changing consumer behavior are having a huge impact on the operations of warehouses and distribution centers, subsequently paving way for expansion of the global industrial racking system market.
North America and Europe account for half of the industrial racking system market share, due to excessive demand of selective racking in third-party logistics (3PL), followed by retail and e-Commerce end-use industries.
Since the past two decades, urban population has been on the rise. This has been driving the demand for finished consumer goods, e-Commerce growth, energy, and construction of new projects, which, in turn, would create substantial demand for industrial racking systems.
The COVID-19 outbreak has led to a boom in the e-Commerce industry, which is having a positive impact on the growth of the industrial racking system market space.

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Market Landscape Continues to Remain Moderately Fragmented

The global industrial racking system market has been identified as a significantly unorganized/fragmented market, with the unorganized sector occupying up to three-fourth of the market. Tier 1 manufacturers account for only one-fourth of the market share. Some of the leading players included in the industrial racking system market report are Stow International, Jungheinrich AG, Mecalux S.A., Kardex AG, Daifuku Co. Ltd., and others.

Industrial Racking System Market: Conclusion

The industrial racking system market will grow substantially due to the backdrop of a growing e-Commerce sector, increasing industrial investments to enhance efficiency of current storage space, and surge in the relationships of logistics players in the supply chain. Regions such North America and Europe hold major shares of the global market. Also, cumulative demand from applications in 3rd party logistics, retail, and distribution centers is further anticipated to grow over the coming future, catalyzing the growth of the industrial racking system market.

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