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Pallet Racking Global Market Report 2024 To 2033 | Mecalux SA, Estral Innovation and Applied Logistics, Jungheinrich AG, Montel Inc., Hannibal Industries Inc.
Pallet Racking Global Market Trends
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According to The Business Research Company's, The pallet racking market size has grown strongly in recent years. It will grow from $11.41 billion in 2023 to $12.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to expansion of the global supply chain and logistics industry, growing demand for efficient warehouse storage solutions, adoption of pallet racking systems in manufacturing and distribution centers, increase in e-commerce activities, advances in material handling and storage technology.
The pallet racking market size is expected to see strong growth in the next few years. It will grow to $18.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to surge in demand for automated and robotic pallet racking systems, growth in the food and beverage industry, adoption of sustainable and eco-friendly racking materials and designs, expansion of the retail sector with a focus on efficient inventory management, increasing globalization of supply chains. Major trends in the forecast period include integration of iot technologies for real-time monitoring and inventory management, development of flexible and modular pallet racking systems for easy customization, use of artificial intelligence for predictive maintenance and optimization, integration of vertical farming and urban agriculture, collaboration between pallet racking manufacturers and logistics providers for innovative solutions.
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Market Drivers and Trends:
The increasing demand for warehouse space is expected to propel the growth of the pallet racking market going forward. Industrial racking systems are designed to support goods in a warehouse. With the rise of online shopping, the need for warehouses has increased to the point that a vast global logistics and distribution network is required. For instance, according to CBRE, a US-based real estate firm, e-commerce will account for one-quarter of all retail sales by 2025, which will require an additional 330 million square feet of warehouse space to accommodate the goods. Therefore, the demand for warehouse space is driving the growth of the pallet racking market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Mecalux SA, Estral Innovation and Applied Logistics, Jungheinrich AG, Montel Inc., Hannibal Industries Inc., Elite Storage Solutions Inc., SSI Schaefer, Interroll Holding Limited, ATOX Sistemas de Almacenaje SA, Stora Enso Oyj, Speedrack Products Group Ltd., Steel Storage Europe, Technical Supplies & Services Co. LLC, RackingDIRECT Limited, Shelf Space Limited, Finch Paper LLC, Stow International NV, AK Material Handling Systems, Advance Storage Products, Spacerack, Ohio Rack Inc., Elite Storage Solutions, FEMCO Steel Technology, Engineered Products, Meyer Material Handling Products Inc., Steel King Industries Inc., Nucor Warehouse Solutions, Vistamation Inc., Quality Material Handling Inc.
Pallet Racking Market 2024 Key Insights:
• The pallet racking market size is expected to see strong growth in the next few years. It will grow to $18.1 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• E-Commerce Expansion Fuels Pallet Racking Market Growth
• Innovative Warehouses System Revolutionize Pallet Racking Market
• Asia-Pacific was the largest region in the pallet racking market in 2023
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