As per Inkwood Research, the Global Warehouse Racking System Market is estimated to grow with a CAGR of 4.08% in terms of revenue over the forecasting years 2023-2032.
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Warehouse racking systems entail structures utilized in warehouses to store inventory. Comprising several storage racks, these systems can hold pallets or boxes stacked on multiple levels in horizontal rows. Racking systems are also used for the expansion of warehouse storage as they facilitate storage for additional goods without the need for more floor space, thus deeming them an affordable as well as a practical choice.
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Increase in Warehouse Activities Across Industries Encourages Market Growth
Warehousing is a vital part of logistics and the overall supply chain. Moreover, storage, distribution, and sorting of inventory are primarily handled in warehouses. Warehousing activities are also essential for inventory-heavy industries, such as steel, food & beverages, and automotive, among others.
For example, the automotive is characterized by numerous components ranging from small parts to body panels, tires, batteries, and windshields, as well as related workshop equipment utilizing a diverse range of racking systems. In this regard, the primary growth-promoting element for the overall market is a surge in demand for packaged and processed foods, in addition to the rising number of supermarkets. As a result, an increase in various warehousing activities across different sectors is set to propel the market growth during the forecasting period.
Selective Pallet Racking to be the Dominating Type by 2032
As a widely utilized pallet racking system, the selective pallet racking method facilitates easy access to goods or loads stored using forklifts as well as effective space utilization. Moreover, the system is affordable, with a wide range of sizes and attachments, and is also suitable for regular utility and storage services. Furthermore, owing to its agility and adaptability, selective pallet racking is ideal for different high variety and first-in, first-out (FIFO) pallet storage demands.
Major Region by the end of Forecast Period: Europe
The warehouse racking system market in Europe is fueled by the rising number of new warehouse constructions. Moreover, real estate players, logistics companies, and others are engaged in the development of new warehouses in order to fulfill the rising demands of warehouse space by other sectors, as well. In addition, the presence of a high number of warehouses to fulfill storage requirements across several trade points, such as ports and airports, is further set to propel the market growth in Europe.
Players operating in the global warehouse racking system market compete on the basis of product designs, material quality, and price strategies. This factor is set to play a vital role in increasing competitiveness within the global market.
Some of the top players operating in the market include Daifuku Co Ltd, SSI Schaefer Group, Kardex Holding AG, etc.
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