The Global Pallet Racking Market is projected to grow at a CAGR of 6.8% during the forecast period: MRFR

Pune, India, July 2022, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Pallet Racking Market.

The pallet racking market is predicted to reach USD 17,750.09 million by 2030, registering a 6.8% CAGR during the forecast period, 2022 - 2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global pallet racking market is expected to witness substantial growth during the forecast period, primarily due to the growing logistic and e-commerce sector.

Segmental Analysis

The global pallet racking market has been segmented based on system type, racking type, and end user.

Based on system type, the global market has been segmented into conventional, mobile racking, shuttle racking, and hybrid/customized racking. Conventional pallet racking also known as adjustable pallet racking that enables direct access to all loading units at any moment. This racking system is usually designed in single or double rows. Mobile racking is used at a workplace where a huge number of items in an ordered manner are stored. This system allows operators to direct access many shelves by entering in a single working aisle. Further, the shuttle pallet racking is a high-density, compact storage solution that uses powered shuttles to transport goods into the rack automatically. Whereas hybrid pallet racking refers to combine rolled formed rack and structural pallet rack components. This system is more user-friendly than a full structural pallet rack. In 2020, the conventional segment accounted for the largest market share of 67.86% and is projected to register a 4.22% CAGR during the projected timeframe.

Based on racking type, the global market has been segmented into cantilever racking, selective racking, push back racking, drive-in racking, pallet flow racking, carton flow racking, and others. Cantilever racking is a type of storage system that is used to store long and bulky materials. Whereas selective racking is a pallet racking system that allows operators to choose any pallet load from the racking system without moving any other pallets. This racking system is utilized to optimize flexibility and enhance the speed of operation and access.

Based on end user, the global market has been segmented into automotive, food & beverage, retail, manufacturing, warehouse & logistics, and others. Food & beverage distributors deal with growing complex environments to deliver a diverse range of products to consumers, as a result, more efficient storage and picking solutions are in high demand. Similarly, the rising retailing sector includes online retail, supermarkets, hypermarkets, food retail, and convenience stores anticipated to grow the demand for pallet racking. In 2020, the retail segment accounted for the largest market share and is projected to register a 4.16% CAGR during the projected timeframe.

Regional Analysis

Asia-Pacific accounted for the largest market share of 38.85% in 2020 and is expected to register the highest CAGR of 6.31% during the forecast period. The presence of a large number of manufacturing companies in countries such as China, India, and Japan are the key factor driving the regional market. Furthermore, rapid industrialization in the region due to the low cost of manufacturing is expected to benefit the market growth. Other key factors such as the rising per capita disposable income of the middle-class population and increasing consumer focus on reducing packaging waste are anticipated to boost the demand for pallet racking products in Asia-Pacific during the forecast period.

North America is a key market for pallet racking. The region has witnessed increased investments in R&D and product innovation as far as product storage is concerned. Stringent food safety policies in the US and Canada, increased consumption of beverages, and rapid growth of the pharmaceutical sector are the factors driving the demand for pallet racking in the region. In the US, the logistics industry is witnessing rapid growth. With the expanding market for processed food and packaged beverages, the demand for pallet racking is increasing continuously. Additionally, the country is home to one of the largest foods & beverages and pharmaceutical industries. This boosts the demand for pallet racking in the country.

The growing end-use industries in the region are contributing to the growth of the European pallet racking market. For instance, the European Union is the largest market for the UK-manufactured vehicle exports, both in passenger cars & commercial vehicles. Germany is witnessing substantial growth in the market due to the increasing automotive & food & beverages industry. Similarly, France is one of the largest package food markets in the world. Such factors are expected to drive the market for pallet racking in Europe during the forecast period.

Competitive Landscape

The global market for pallet racking has witnessed significant growth over the forecast period due to the growing e-commerce industry. There are several domestic, regional, and global players operating in the pallet racking market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global pallet racking market who have contributed to the market growth. Gonvarri Material Handling (Norway), Hannibal Industries (US), Mecalux (Spain), Daifuku Co. Ltd. (Japan), Unarco Material Handling (US), and Schaefer Systems International (Germany) are some of the key players operating in the global market. These players focus on expanding and enhancing their product portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.

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