Pallet Racking Market to hit $20.04 billion, Globally, by 2031 at 9.3% CAGR, says Coherent Market Insights
Burlingame, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The global Pallet Racking Market Size to Grow from USD 10.73 Billion in 2024 to USD 20.04 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Leading manufacturers are developing pallet racks equipped with sensors and controls to facilitate automation. This trend is expected to drive significant growth in the pallet racking market in coming years as warehouses increasingly automate their operations. The growing adoption of warehouse automation solutions is creating strong demand for advanced pallet racking systems that can seamlessly integrate with automated equipment.
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Market Dynamics:
The pallet racking market is expected to grow significantly owing to increasing demand from end-use industries such as food and beverage, automotive, retail, and third-party logistics. Pallet racking is highly efficient in optimizing warehouse storage space and improving inventory management. It allows vertically stacking of pallets two to three times more than conventional shelving. Moreover, pallet racking systems enable First In First Out (FIFO) inventory flow to avoid product expiration. Mobile pallet racking systems further improve accessibility for lifting equipment such as forklifts.
Pallet Racking Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $10.73 billion |
| Estimated Value by 2031 | $20.04 billion |
| Growth Rate | Poised to grow at a CAGR of 9.3% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By System, By System Racking Type, By Load Capacity |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising E-commerce industry • Increasing employment of lean manufacturing practices |
| Restraints & Challenges | • Availability of substitutes • High initial investment |
Market Trends:
The growing adoption of shuttle racking systems: Shuttle racking systems are gaining popularity in warehouse management due to higher storage density and efficient inventory handling. Shuttle racking utilizes an automatic storage and retrieval system with computer-controlled shuttles to load and unload pallets from racks. It provides around 30%-40% more storage capacity than conventional pallet racks.
Mobile pallet racking systems are high in demand: Mobile pallet racking allows easier accessibility for lifting equipment such as forklifts to load and unload pallets. It provides flexibility of moving the entire racking system for better space utilization. Mobile racks are well-suited for small storage areas and fluctuating inventory levels. They are extensively used in third-party logistics and e-commerce warehouses.
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Market Opportunities:
Mobile racking segment is expected to witness significant growth over the forecast period. Mobile racking provides flexibility of movement and space optimization which helps in better management of inventory. Features like powered movement and self-locating properties reduce damage and spillage during movement. They are commonly used in distribution centers, warehouses and manufacturing units where frequent stock rotation is required. Growing e-commerce and need for efficient stock management is driving demand for mobile racking systems.
Shuttle racking segment accounts for considerable share of the market. Shuttle racking allows efficient utilization of floor space by stocking pallets on both sides of the aisle with the help of shuttle vehicles. It maximizes storage density to about 80-85% compared to conventional racking. Shuttle racking is suitable for bulk storage and movement of pallets within the facility. Growth in 3PL and cold storage industries relying on bulk storage is a key factor bolstering segment growth.
Key Market Takeaways
The global pallet racking market is anticipated to witness a CAGR of 9.3% during the forecast period 2024-2031, owing to growth of the e-commerce and manufacturing industries relying on warehouse automation.
On the basis of system, mobile racking segment is expected to hold a dominant position, owing to benefits like space optimization, flexibility and easy inventory management.
On the basis of system racking type, selective racking segment accounts for a major share due to advantages like optimized utilization of vertical warehouse space.
On the basis of frame load capacity, above 15 ton segment captures leading share as heavy duty racks are needed for warehousing heavy items.
By end-use, warehouses segment holds the largest share and is expected to grow at a high rate over the coming years due to expansion of distribution centers and mega warehouses.
By region, North America is expected to hold a dominant position over the forecast period, due to presence of major players and focus on technological advancements in the region.
Key players operating in the pallet racking market include Elite Storage Solutions, Ridg-U-Rak, Averys, North American Steel, SSI SCHAEFER, and Daifuku among others. The market is fragmented with the presence of several global and regional players.
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Recent Developments:
In September 2022, GXO Logistics Inc., a leading pure-play contract logistics company, has collaborated with Bayer to open a new warehouse facility. GXO will manage warehouse support, including all shipping and receiving activities, for Bayer's Crop Science division at the new 350,000-square-foot facility in Kearney, Nebraska, via its shared-space distribution network GXO Direct.
In August 2022, Kardex, a manufacturer of racking solutions, has acquired shares in Rocket Solutions, a startup that develops the most recent standardized innovative autonomous storage and retrieval systems. With these strategic moves, Kardex is entering and growing its portfolio in the storage and movement of light goods materials.
Detailed Segmentation-
By System:
- Mobile Racking
- Conventional
- Shuttle Racking and Hybrid/Customized Racking
By System Racking Type:
- Cantilever Racking
- Selective Racking
- Push Back Racking
- Drive-In Racking
- Pallet Flow Racking
- Others
By Load Capacity:
- Up to 5 Ton
- 5 - 15 Ton
- Above 15 Ton
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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