The warehouse racking market is projected to grow at a CAGR of 3.8% from 2023 to 2033, increasing from USD 7,464.9 million in 2023 to USD 10,839.2 million by 2033.
Increasing Demand for Storage and Warehousing
The expanding online retail industry is expected to support market growth over the forecast period. Warehouse racking aids in the optimization of storage spaces and enhances storage capacity. Furthermore, it improves the organization of the stored products. The systematic arrangement of products in the warehouse facilitates order identification, picking, and completion.
Storing finished goods increases a company’s operating costs. But when done correctly, it offers value by maintaining product availability in the market. Storage and warehousing are thus essential secondary activities for the organization. As a result, businesses are increasingly outsourcing warehousing and storage to logistics service providers.
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Logistics partners offer warehousing solutions for incoming raw materials and outgoing finished goods. Such as specially designed shelves and racks, inventory control software, and specialized material handling equipment. It also possesses the ability to order raw materials and parts and ship goods on behalf of customers. As a result, they add value to organizations’ inbound and outbound logistics while being cost-effective. This is increasing the demand for warehouse racking.
Racking systems such as drive-in or drive-through racks and mezzanine flooring warehouse racks help to maximize storage density by maximizing area utilization. Furthermore, as many organizations optimize their warehouses, the need for racking systems rises because these systems efficiently utilize space.
Key Points from the Market
- The market is expected to surpass US$ 10.70 billion by 2033.
- The primary factors driving the market include the increasing popularity of online stores, new product releases, and increased mergers and acquisitions.
- The warehouse racking market is expected to capture a CAGR of 3.8% during the forecast period 2023 to 2033.
- North America dominated the warehouse racking market.
Key Players:
- Daifuku
- SSI Schaefer
- Interroll
- Dematic
- Vanderlande
- AK Material Handling Systems
- Beumer
- Constructor
- Dmw&H
- Godrej Storage Solutions
- Warehouse Rack & Shelf LLC.
- Steel King Industries, Inc.
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Key Development in the Market
- November 2021 – Tee Yih Jia Food Manufacturing Pte Ltd, a leading manufacturer of frozen foods, and SSI SCHAEFER. A leading global provider of storage and logistics solutions announced the launch of Singapore’s automated rack stilt warehouse in the first quarter. Opened in Tea. New his 450-Yih Jia million-dollar manufacturing facility in Senoko in 2022 – Tee Yih Jia Food Hub.
- March 2020 – Dematic introduced the Dematic Multishuttle 2 E, the recent iteration of its warehouse automation technology. In addition, the company concentrated on inorganic growth tactics such as acquisitions and partnerships, which allowed for portfolio expansion.
- June 2021 – Interroll broadens its range of services to better serve system integrators and end users, including the organization and use of the new spare parts warehouse. Interroll offers new and existing customers on a new organizational basis the services sold under the Interroll Lifetime Service.
- July 2019 – Groupe Legris Industries acquired Laulagun Bearings. The company designs and manufactures large-diameter bearings for wind turbines (blade and yaw bearings) and other industries. It also lifts and handles equipment and water treatment.
Key Segmentations:
Product Type:
- Roll Formed Selective Pallet Rack
- Structural Selective Pallet Rack
- Push Back Pallet Rack
- Drive in Pallet Rack
Application:
- Automotive
- Food & Beverage
- Retail
- Packaging
- Manufacturing
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
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