Pallet Racking Market Is Anticipated To Increase At A CAGR Of 6.8% By 2027

The global Pallet Racking Market is expected to generate a CAGR of 6.8% during the forecast period of 2027 and is further anticipated to acquire worth USD $14.1 Billion by the end of 2027. Pallet racking material is essential and helpful for companies to pack their products or items in bulk amounts to distribute sufficiently in the market.

The rising trend of the shifting towards e-commerce and the advent of COVID-19 is predicted to drive the global market during the forecast period. Another growth driving factor for the global market is rising domestic & international trade volume across the globe. Moreover, the global market for Pallet Racking is estimated to bring lucrative opportunities because of the growth prospects in emerging economies.

The global Pallet Racking Market has huge competition from post-racks and Tier-Racks, which can hamper the global market growth for the forecast period.

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Market Segmentation

The global Pallet Racking Market has been segmented based on system, racking system type, and end-use industry.

Based on the system segment, the current market for Pallet Racking has been divided into mobile racking, conventional, shuttle racking and hybrid or customized racking. The global Pallet Racking Market has segregated the end-use industry into food & beverage, automotive, manufacturing, retail, and warehouse. Among these, the retail applications are predicted to generate the largest market share and high CAGR during the research period. This industry growth is supported by sub-segments of retail applications such as supermarkets, hypermarkets, online retail, grocery retailers, and convenience stores.

In terms of the racking type segment, the global market for Pallet Racking has been classified into cantilever racking, push back racking, selective racking, pallet flow racking, drive-in racking, and carton flow racking. Of these, pallet flow racking is estimated to dominate the global market for pallet racking due to its easy adjustments of the metal supports and replacement of damaged components for different pallet support. Moreover, drive-in shelving systems are growing because they offer easy access to objects, hydraulic machines, and forklifts.

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Regional Analysis

As per the Pallet Racking Market report, the global market is categorized into Europe, North America, Asia-Pacific, South America, and the Middle East & Africa.

The Asia-Pacific regional market has generated the largest market share and is further estimated to account for 6.31% CAGR during the forecast period. Countries like India, China, and Japan have a large number of manufacturing companies that are predicted to drive the Asia-Pacific regional market. Moreover, this region has rapid industrialization because of the low cost of manufacturing, which is estimated to enhance market growth. Apart from these, the Asia-Pacific region is growing awareness among consumers for reducing packaging waste, and the growing per capita disposable income of the middle-class population is predicted to boost regional market growth.

Key Players

Gonvarri Material Handling Hannibal Industries Mecalux Daifuku Co. Ltd. Unarco Material Handling Schaefer Systems International KION Group Ridg-U-Rak Steel King Elite Storage Solution AR Racking Advance Storage Products

Industry News

In 2021, the global logistics and warehouse solutions leader- SSI SCHAEFER and a leading frozen foods manufacturer – Tee Yih Jia Food Manufacturing Pte Ltd- launched the largest automated rack-clad warehouse storage facility in Singapore named Tee Yih Jia Food Hub.

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