Warehouse Racking Market Growth & Trends
The global warehouse racking market size is expected to reach USD 11.40 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.7% from 2021 to 2028. The rising awareness regarding the benefits of systematic storage and easy material handling processes is likely to further benefit the market growth.
The expansion of various application industries such as automotive, manufacturing, retail, and food and beverage, is projected to promote the demand for the storage of goods. Racking is a cost-effective solution for the systematic storage of heavy and fragile goods. Rising demand for warehouse space in order to store and gain easy access to the products is anticipated to propel market growth.
Poor storage and material handling processes result in bottlenecks, increase motion waste, and raise the risk of injury due to manual material handling. In addition, it optimizes the accessibility of goods and increases the worker’s speed. Moreover, it helps in prioritizing the flow and using the space efficiently. Thus, the industries are increasingly adopting warehouse racking systems.
The global market is witnessing significant growth on account of the continuous product development strategies by the market players in order to offer technologically driven products in the market. Automation, robotics, and software-based warehouse racking systems are expected to be the major development in the market.
Warehouse Racking Market Report Highlights
- By product, the selective pallets segment is expected to witness the fastest growth from 2021 to 2028. The system provides efficient use of space and quick access to the load or product stored, thus benefiting the growth of the segment
- The retail application segment accounted for the largest revenue share of over 30.0% in 2020. An increasing number of warehouses, online retail, supermarkets, hypermarkets, food retails, and others are anticipated to augment the product usage across the retail industry
- The food and beverage application segment is projected to expand at a CAGR of 3.2% from 2021 to 2028. Increasing demand for processed and packed food, coupled with the rising number of supermarkets, is the major growth factor
- North America accounted for the largest revenue share of over 25.0% in 2020. The expansion of current warehouse capacities of the existing plants is likely to augment the market growth over the forecast period
- Ongoing research and continuous development, technological advancements, and standardized and tailor-made products are expected to witness significant opportunities in the market