The global pallet racking systems market is expected to grow at a CAGR of 6.32% over the forecast period to reach US$13.157 billion by 2024 from US$9.110 billion in 2018. Pallet racking systems are product handling storage systems which can be used to store products on pallets. The key industries driving the demand for pallet racking systems are food and beverage, packaging, building and construction, healthcare, chemicals, and electronics among others. The growing E-commerce sector along with increasing logistics industry is expected to drive the market for pallet racking systems. Furthermore, increasing demand for warehouse space is projected to boost the market. In addition, easy storage, space efficiency, better organization of products along with new innovations are anticipated to create growth opportunities for the pallet racking systems market. Asia-Pacific is expected to experience significant growth owing to the increasing investments in e-commerce and manufacturing. North America and Europe are also anticipated to show a significant demand for pallet racking systems owing to the trade exports and imports in the region.
Growing logistics industry.
Increasing demand for warehouse space.
The budget constraint for SME's
In March 2018, Averys acquired Storax a company dealing in high-density storage systems.
The major players profiled in the pallet racking systems market include Interroll Holding Limited, Averys, SSI Schaefer, Montel Inc., Nedcon B.V., Gonvarri Material Handling, Hannibal Industries, Frazier Industrial Company, Elite Storage Solutions Inc., Daifuku Co. Ltd, AK Material Handling Systems, Estral Innovation, and Applied Logistics.
The pallet racking systems market has been analyzed through the following segments:
Push back rack
Drive in rack
Selective pallet rack
Double deep rack
Trays and Crates
Food and Beverage
Building and Construction
• By Geography
o North America
Middle East and Africa