The global warehouse racking market is projected to top US$ 7.1 Bn in 2022. With sales growing at 3.7% CAGR, the market valuation will reach US$ 10.3 Bn in 2032.
According to FMI, demand for warehouse racking in the United Kingdom is expected to grow at a CAGR of 4.1 percent over the forecast year.
In the automotive industry, warehouse racking systems are utilised to store various automotive spare parts and automobiles. Increased sales of automobiles in the United Kingdom are forcing manufacturers to use industrial shelving systems to maximise storage space. The UK market is expected to grow at a rapid rate in the next years as a result of these reasons.
Different solutions are being presented as technology advances to make operations easier. With cutting-edge approaches and effective solutions, smart storage ideas are gaining traction. With the correct kind of training in automated solutions, a warehouse management system may be considerably more effective, empowering employees to be more productive even when working at a high intensity.
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Another important issue is upgrading, updating, or relocating storage systems to meet changing business needs. This is encouraging manufacturers to use racking solutions including drive-in pallet racks and structural selected pallet racks, which will help the industry grow.
“The market is likely to be driven by an increasing demand for quick product accessibility, maximum space utilisation, product and worker safety, convenient workability, and overall performance enhancement.” In addition, the availability of both manual and automatic rack servicing is projected to improve sales in the next years,” the FMI analyst predicts.
Key Takeaways:
- Based on the product type, sales in the drive-in pallet market are projected to grow at a 3.1% CAGR over the forecast period.
- In terms of application, demand in the retail segment will rise at a 2% CAGR through 2032.
- Sales in the U.S. warehouse racking market will increase at a 2.2% CAGR, dominating the North America market.
- Rapid expansion of the ecommerce sector will drive the India warehouse racking market at a 6.7% CAGR through 2032.
- The U.K. will emerge as a lucrative market, with sales growing at a 4.1% CAGR over the assessment period.
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Global Warehouse Racking Market by Category
Product Type:
- Roll Formed Selective Pallet Rack
- Structural Selective Pallet Rack
- Push Back Pallet Rack
- Drive In Pallet Rack
Application:
- Automotive
- Food & Beverage
- Retail
- Packaging
- Manufacturing
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Published by: Future Market Insights, Inc.