According to analysis by Future Markets Insights, the global market for warehouse racking is anticipated to grow at a compound annual growth rate of 3.8% over the next ten years. Currently valued at 7,464.9 million US dollars, the market is projected to be worth 10,839.2 million US dollars by 2033.
The logistics industry is growing worldwide, and the demand for storage and shipping of more goods is driving the desire for new warehouse space filled with racks. The eCommerce industry is a major factor fuelling growth in the logistics sector.
To cope with fluctuating warehouse business levels, every storage rack manufacturer is developing more flexible storage and stacking systems. Safety is also a top priority to ensure that warehouse equipment is safe for order pickers and packers. Future Market Insights analysts note that there is a:
“Growing need for quick product accessibility, maximum space utilization, product and worker safety.”
Many countries are experiencing growth in trade, especially those with improved transport infrastructure, including better rail, road and airway connections.
Many manufacturers no longer own warehouses. Instead, they use the services of third-party logistics companies. Warehouses owned by these logistics companies have had to optimize space to store more goods. Most warehouse rack manufacturers offer consulting services to help manage warehouse storage systems.
Whilst e-commerce consumer sales continue to grow, retail stores remain important sales channels, with many brands such as Crew Clothing planning to expand their retail stores. They require more efficient warehouse space to handle increased sales from all channels.
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