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Pallet Racking Market Overview and Projections for 2024 - 2031 | Averys, AR Racking, SSI SCHAEFER, KION Group

08-02-2024 08:56 AM CET | Consumer Goods & Retail

Press release from: CMI

Pallet Racking Market

Pallet Racking Market

Market Overview:

The pallet racking market is estimated to be valued at USD 10.73 Bn in 2024 and is expected to reach USD 20.04 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.

Market Dynamics:

The rapidly growing 3PL and warehousing sector is fueling the demand for efficient warehouse storage solutions like pallet racking. 3PL services help businesses focus on their core competencies by outsourcing logistics operations. According to industry estimates, the global 3PL market will grow at a CAGR of over 7% during the forecast period. Growing e-commerce is another key driver of warehousing demand. E-commerce companies heavily rely on warehouses to store inventory close to major consumer markets to facilitate fast fulfillment of orders. This rising warehousing demand is estimated to significantly contribute to the pallet racking market growth in the coming years.

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Major Drivers Propelling Growth in the Pallet Racking Market

Increased Demand from E-commerce and Retail sectors

As the e-commerce and retail sectors continue to grow significantly across the globe, there has been a substantial rise in the demand for warehouse space and inventory management solutions. Pallet racking systems allow efficient storage and organization of inventory across multi-tier racks, thereby maximizing the utilization of available space. The growth in the warehouse capacity additions by e-retailers and retailers is directly fueling the demand for pallet racking installations.

Market Opportunity Driving Increased Adoption Rates

New Areas of Application Emerging

Pallet racking is increasingly finding new application areas beyond traditional warehousing and logistics domains. Sectors like food and beverage processing, pharmaceutical manufacturing, and automotive component assembly are adopting pallet racking for in-plant inventory management and movement of work-in-progress inventory. There is also rising demand from non-traditional industries like e-pharmacies, consumer goods manufacturing, 3PL logistics, and cold storage. Market players need to tap into these emerging opportunities by customizing pallet racking solutions as per the specific industry needs.

Notable Trend Transforming Competitive Dynamics

Growing Focus on Sustainability and Labor Efficiency

Sustainability is fast emerging as an important trend impacting business decisions across industries. Green warehouse initiatives and reducing carbon footprint are becoming key priorities for many companies. Advanced pallet racking systems which allow optimized space utilization through dynamic storage techniques can help boost energy efficiency significantly. Additionally, automated pallet handling equipment integrated with robotics is allowing increased throughput with minimal manual labor dependency. Leveraging these trends, industry players need to promote their pallet racking offerings as environment-friendly and labor-saving solutions.

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Top Companies Included in This Report:

β˜… Averys
β˜… AR Racking
β˜… SSI SCHAEFER
β˜… KION Group
β˜… Steel King
β˜… Advance Storage Products
β˜… Unarco Material Handling
β˜… Daifuku Co., Ltd.,
β˜… Mecalux S.A.
β˜… Kardex Group
β˜… Hannibal Industries Inc.
β˜… Emrack International
β˜… Jungheinrich AG
β˜… AK Material Handling Systems
β˜… SSI Schaefer Group
β˜… Dematic
β˜… Toyota Industries Corp.

Market Segmentation:

Based on Product Type:

β˜… By System: Mobile Racking, Conventional, and Shuttle Racking and Hybrid/Customized Racking
β˜… By System Racking Type: Cantilever Racking, Selective Racking, Push Back Racking, Drive-In Racking, Pallet Flow Racking, and Others
β˜… By Load Capacity: Up to 5 Ton, 5 - 15 Ton, and Above 15 Ton

Key Regions/Countries Classified as Follows:

Β» North America (U.S., Canada, Mexico)

Β» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

Β» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

Β» South America (Brazil, Argentina, Rest of SA)

Β» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Latest Trends in the Navigation Pallet Racking Market:

πŸ’‘ Surging Demand: Witness a rising demand for navigation Pallet Racking owing to the escalating usage of GPS-enabled devices and the imperative for precise, up-to-date mapping data.

πŸ’‘ Innovations in Technology: Witness the emergence of novel technologies aimed at enhancing the precision and dependability of navigation Pallet Racking, encompassing real-time traffic updates, 3D mapping, and augmented reality.

πŸ’‘ Tailored Solutions for Diverse Industries: Companies are tailoring navigation Pallet Racking solutions to cater to the distinct requirements of various sectors such as automotive, aviation, and maritime.

πŸ’‘ Fusion with Emerging Technologies: Observe the integration of navigation Pallet Racking with cutting-edge technologies like artificial intelligence and the Internet of Things, facilitating the provision of advanced functionalities.

πŸ’‘ Rise of Mobile Applications: Experience the proliferation of navigation Pallet Racking in the form of mobile applications, offering enhanced convenience and accessibility to users.

πŸ’‘ Emphasis on Environmental Sustainability: Witness the development of navigation Pallet Racking systems that consider environmental factors such as traffic congestion and air quality, fostering the provision of sustainable transportation alternatives.

Frequently Asked Questions (FAQs) for Global Navigation Pallet Racking Market Research:

What are the critical factors that companies should prioritize when entering the Navigation Pallet Racking market?

What is the growth rate of the Navigation Pallet Racking Market?

What is the current size of the Navigation Pallet Racking Market?

Which region demonstrates the highest growth rate in the Navigation Pallet Racking Market?

Which region commands the largest share in the Navigation Pallet Racking Market?

Who are the key players operating in the Navigation Pallet Racking Market?

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Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)

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About Us

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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