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Specialized Warehousing and Storage Solutions: 2024 Global Market Trends and Forecast
specialized warehousing and storage market research
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According to The Business Research Company's, The specialized warehousing and storage market size has grown strongly in recent years. It will grow from $101.37 billion in 2023 to $110.25 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to e-commerce growth, globalization, pharmaceutical and healthcare sector, automotive and aerospace industries.
The specialized warehousing and storage market size is expected to see strong growth in the next few years. It will grow to $152.61 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to evolving supply chain models, sustainability and green warehousing, pharmaceutical cold chain growth, advanced materials and chemicals. Major trends in the forecast period include technological integration, specialized cold storage for e-pharmacies, cross-border trade and compliance, urban and micro-hubs.
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Market Drivers and Trends:
Many warehousing and storage companies are using big data analytics as a tool to plan and optimize warehouse operations. Big data analytics refers to the process of examining large sets of data to obtain useful information such as hidden patterns, market trends, unknown correlations, and customer preferences. Big data analyses the location, capacity, and flexibility of warehouses to predict customer requirements. It helps with improving warehouse planning and replenishment and creating lean supply chains with sophisticated inventory systems. This maximizes workflow, improves floor utilization, and increases operational efficiencies and ROI.
Major companies operating in the specialized warehousing and storage market are focused on developing new innovative specialized warehouses to strengthen their position in the market. A specialized warehouse is a type of warehouse that is designed to store and handle specific types of goods. For instance, in July 2023, Amazon.com Inc., a US-based internet-based enterprise, launched a specialized warehouse to support the local sellers. The new warehouse has a storage capacity of around 3 lakh cubic feet and is specifically designed to store and handle customer orders for large furniture and appliances. A bigger assortment and quicker deliveries will be available to more than 11,000 sellers.
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Major Key Players of the Market:
Nippon Express Co. Ltd., Glencore plc, Financière de l'Odet SA, ONEOK Inc., Husky Energy Inc., Anadarko Petroleum Corp., Dominion Energy Inc., Marubeni Corporation, Batu Kawan Bhd, Transneft' PAO, Beltmann Integrated Logistics, DHL Supply Chain, XPO Logistics, Ryder Supply Chain Solutions, Geodis, Schneider National Inc., Hub Group, Kenco Logistics services LLC., NFI Industries Inc., ODW Logistics Inc., Penske Logistics inc., Port Jersey Logistics, SEKO Logistics, St. George Logistics, Total Quality Logistics, Superfrio Logistica Frigorificada, Trinity Logistics, Unyson Logistics, Werner Enterprises Inc., Yusen Logistic Inc., Zipline Logistics LLC, Barrett Distribution Centers Inc., C.H. Robinson Worldwide Inc., Echo Global Logistics Inc., Saddle Creek Logistics Services.
Specialized Warehousing And Storage Market 2024 Key Insights:
• The specialized warehousing and storage market size is expected to see strong growth in the next few years. It will grow to $152.61 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Leveraging Big Data Analytics For Warehouse Optimization
• Innovation In Specialized Warehousing By Major Companies
• Asia-Pacific was the largest region in the specialized warehousing and storage market in 2023
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