Global Industrial Racking System Market Report and Forecast 2024-2032

Global Industrial Racking System Market Outlook

The global industrial racking system market is projected to grow at a CAGR of 6.5% between 2024 and 2032, to achieve USD 26.27 billion by 2032.

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Growing Number of Modern Warehouses Across the World to Aid in the Market Growth

The industrial racking system industry is expected to rise in the forecast period, owing to several advantages it offers as compared to other material handling equipment, such as simple adaptability and implementation procedures. In North America, due to a growing demand of warehouses in many sectors, such as food and beverage, construction, agricultural, semiconductor, automobile, and others, the demand for industrial racking system is relatively mature. In addition, the market for industrial racking system has increased over the past few years due to the rising growth in the logistics market. The primary and major factor driving the demand in the area is this attributed growth, thereby boosting the revenue of the market. In addition, warehousing firms are focusing on investing in the development of smart warehouses to make the movement of packages smoother and more efficient, thus boosting the market for the industrial racking system.

Industrial Racking System: Market Segmentation

Industrial racking systems are commonly used to stack up and store goods in various industries, warehouses, and other hubs. The ability of industrial racking system to distinguish, classify, mark and make it easy to find goods in warehouses has contributed to growing worldwide uptake of these products.

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By type, the market is divided into:

• Selective
• Cantilever
• Push-Back Pallet
• Carton Flow
• Pallet Flow
• Others

On the basis of end use, the market is segmented into:

• Automotive
• Food and Beverage
• Retail
• Packaging 
• Pharmaceuticals
• Warehouse and Logistics
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Diversification of Logistics Practices to Boost the Market

The worldwide demand for industrial racking system is inextricably related to trade volumes, the manufacturing industry and e-commerce. The material handling industry and industrial racking system appear to be heavily associated with the economy as a whole, i.e.,  if GDP rises, the supply chain's total stock demand also increases. A mind-boggling scope of cargo and payload-based transport areas is often found in the logistics sector worldwide. In any economy, logistics is one of the most important basic undertakings as it handles the management of the progression of goods from the point of departure to that of their consumption; hence, the industry requires the convergence of the angles of material processing, packaging, bundling, transport, inventory management, supply chain management, sourcing, and security of distribution. In the coming years of the prediction period, all these aspects are expected to assist the overall development of the global demand for industrial racking system.

Key Industry Players in the Global Industrial Racking System Market

The report gives a detailed analysis of the following key players in the global industrial racking system market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Nedcon B.V.
• Jungheinrich AG
• Daifuku Co., Ltd.
• Gonvarri Material Handling AS
• BEUMER Group GmbH & Co. KG
• Cornix Group
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report