Global Warehouse Racking Market is valued at USD 8696.5 Million in 2021 and is expected to reach USD 11290.9 Million by 2028 with a CAGR of 3.8% over the forecast period.
Global Warehouse Racking Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing workforce safety protocols and growing e-commerce industry are some of the major factors driving the growth of the Global Warehouse Racking Market.
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Warehouse racking is a kind of steel structure that fuses metal beams, frames, and associations that is utilized to store things in warehouses. Cutting, welding, and bolting are some of the strategies used to construct and make warehouse racking systems. Racking systems arrive in an assortment of sizes and widths to help the materials or items that are stored on them. The primary objectives are to utilize warehouse floor space, increment laborer efficiency, and diminish inventory handling costs. Different businesses are utilizing an assortment of pallet systems to all the more likely satisfy their requests as far as warehouse design, the kinds of things and materials kept, desired limit, and hence the particular picking technique utilized. Warehouse racking structure is a layout to organize the warehouse racks which can increase the efficiency of the picking processes. Selective racks are the most commonly used warehouse racking systems and access is provided from an aisle. Post World War 1 in the late 1920s warehouse racking systems were developed.
The ongoing coronavirus has shown a significant impact on the growth of the global warehouse racking market. During the Covid-19 pandemic, there has been an increase in e-commerce usage due to door-to-door delivery which generated a need for warehouses and racking systems. However, the spending power of people decreased due to the inflation rise in coronavirus which causes a dent to the warehouse market.
The global warehouse racking market is segmented on the basis of product type, end-user and region & country level. Based upon product type, the warehouse racking market is divided into selective pallet rack, drive-in, pallet flow, push back, cantilever and others. Based upon end-user, the warehouse racking market can be differentiated by automotive, packing, food and beverage, retail, manufacturing, pharmaceuticals and others.
The regions covered in this global warehouse racking market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of warehouse racking is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some of the key players for the global warehouse racking market are
On April 26th, 2021; IWS Group, the Industrial Workspace Specialists procured the Rack Group, a supplier of pallet racking safety, assessment, repair and maintenance arrangements. IWS Group offers types of assistance and supplies to the operations, warehousing and material handling sectors in the UK, across Europe and beyond. The acquisition will additionally reinforce its situation in core business sectors, expand the scope of the current contribution and open up opportunities to give clients extra product solutions and services.
On September 12th, 2018; ABCO Systems announced the launch of its Warehouse Racking Estimator App, accessible on the iTunes and Google Play stores. The ABCO Racking Estimator application is an inventive mobile tool for business real estate professionals, warehouse administrators, engineers, development organizers and others engaged warehouse. Utilizing the ABCO application, clients can quickly decide the potential storage racking limit of a building in view of building aspects and client needs. Alternately, clients can likewise calculate the suitable building size equipped for obliging an organization’s specific racking requirements.
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Geographically, North America is expected to dominate the global warehouse racking market owing to the increasing adoption of warehouses, technological development and presence of key players in this region. Growing online shopping and e-commerce industry need extra storage capacity which increases the demand of warehouse racking. For instance; according to DcVelocity which is a logistic company, there are around 19,190 warehouses in United States of America. This dominant presence of warehouses results in stark presence of warehouse racking market in North America. Also., presence of key players in this region also drive the market in this region. For example; in May 2018, Ridg-U-Rak launched Extendo-Max100V Roll-out racks, which includes a “V” roller rack guide system. These racks have a limit of 3,000 pounds/rack.
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