Pallet Racking Market Revenue to Attain USD 25.01 Bn by 2033

16 Oct 2024

Share :

Table of Content

1. Pallet Racking Market Revenue and Trends 2. Market Overview 3. Report Highlights of the Pallet Racking Market 4. Pallet Racking Market Trends   5. Regional Insights 6. Pallet Racking Market Coverage 7. Market News 

Pallet Racking Market Revenue and Trends

The global pallet racking market revenue was valued at USD 11.23 billion in 2024 and is expected to attain around USD 25.01 billion by 2033, growing at a CAGR of 9.31% during forecast period. The demand for pallet racking is increasing due to the increasing adoption of warehouse automation solutions.

Market Overview

Pallet racking is a kind of storage system used in warehouses and distribution facilities to maintain and store palletized goods. It is made of upright frames, beams, and pallet supports, which then form levels or shelves for storing palletized materials. These systems are key elements in warehouse facilities for managing goods efficiently. Pallet racking is mainly utilized to enhance vertical storage space while controlling quick inventory access.

Report Highlights of the Pallet Racking Market

• By system, the conventional segment dominated the market in 2023. Owning the growth of the e-commerce industry which is leading the larger demand for warehousing.
• By system, the customised racking system segment is expected to grow at the fastest rate over the forecast period. The growth is driven by increasing demand for customized racking systems from the pharmaceutical and healthcare Industry.
• By racking system type, the selective racking segment led the pallet racking market in 2023. This is because of the segment's ability to provide a maximum balance of storage and access.
• By racking system type, the pushback racking segment is expected to show significant growth during the projected period. The growth of the segment can be linked to the higher storage density offered by this system than other racking systems.
• By load capacity, in 2023, the 5 - 15 tons, load capacity segment dominated the market by holding the largest market share. The dominance of the segment can be credited to the benefits offered by the segment in boosting warehousing capital investments.

Pallet Racking Market Trends  

Robots Integration and Automation 

The key trend in the market is the incorporation of robots and automation. Robotic systems and Automated guided vehicles (AGVs) are increasingly being leveraged to transport pallets. Furthermore, these robots can efficiently pick, place, and carry pallets into the racking system by decreasing labor costs and improving operational efficiency.

• In July 2024, Rapyuta Robotics Inc., a provider of logistics solutions, is introducing its latest product, 'Rapyuta ASRS in the U.S. market. With a good track record in Japan, the Rapyuta ASRS has award-winning control algorithms, multi-agent coordination, innovative materials, and a modular structure.

Customization for Diverse Storage Requirements

As warehouses manage a wide range of products and operating demands, the system must be more flexible.  Manufacturers responded by offering customizable racking solutions that can manage a variety of pallet weights, sizes, and storage layouts. Moreover, Warehouses can effectively control storage space by using adjustable beam heights, scalable layouts, and modular designs.

Improved Safety Features:

Safety is a first responsibility in warehouse operations, specifically with racking systems that store huge amounts of items. Recent trends focus on incorporating more safety elements into these systems to decrease the risks and protect both personnel and merchandise. These features involve impact-resistant guards, reinforced uprights, and raised load-bearing capacity.

Regional Insights

North America dominated the pallet racking market in 2023. The dominance of the region can be attributed to the well-established distribution that propels the storage of goods across wide areas. Along with an improved pallet racking system, North America’s leadership in the market is specifically dependent on its strong infrastructure and innovative technologies. The region also continues to expand and advance in its industrial footprint, which is crucial for market growth.

Asia Pacific region is expected to show the fastest growth over the projected period. The growth of the region can be driven by the growing urbanization and e-commerce activity in the region coupled with increasing demand for structured logistics solutions in countries like China and India. Moreover, this region's logistics market is growing because of the increased need for advanced pallet-racking systems.

Pallet Racking Market Coverage

Market News 

• In July 2023, Kite Packaging upgraded its pallet range to include new, eco-friendly, nestable, and rackable plastic pallets as well as Presswood and timber pallets. Kite’s lightweight, durable, and cheap nestable pallets offer a long-lasting solution for palletizing goods.
• In November 2023, Metal-hydrogen battery maker EnerVenue unveiled the EnerVenue Energy Rack. Each rack is a fully integrated Energy Storage Vessel (ESV) in 150- and 102-kWh configurations. Energy Racks can be flexibly combined as storage requirements grow.

Market Segmentation

By System

• Mobile Racking
• Conventional
• Shuttle Racking and Hybrid/Customized Racking

By System Racking Type

• Cantilever Racking
• Selective Racking
• Push Back Racking
• Drive-In Racking
• Pallet Flow Racking
• Others

By Load Capacity

• Up to 5 Ton
• 5-15 Ton
• Above 15 Ton

Get this report to explore global market size, share, CAGR and trends, featuring detailed segmental analysis and an insightful competitive landscape overview@ https://www.precedenceresearch.com/checkout/5132

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 804 441 9344