Global warehouse racking market looks promising

According to a recent market analysis by Future Market Insights (FMI), the global warehouse racking market is expected to capture a 3.8% CAGR from 2023 to 2033. It adds that the rapid expansion of India's e-commerce industry is boosting market growth, with sales expected to expand at a 7.2% CAGR over the assessment period.  

According to a recent market analysis by Future Market Insights (FMI), the global warehouse racking market is expected to capture a 3.8% CAGR from 2023 to 2033. The market is likely to increase from US$ 7,464.9 million in 2023 to US$ 10,839.2 million by 2033.

The global logistics industry comprises a wide range of freight and cargo-related transportation sectors. The integration of material handling, warehousing, packaging, transportation, inventory management, supply chain management, procurement, and shipping security are expected to drive sales of warehouse racking market, the report adds.

Furthermore, the need for flexible material storing and stacking architectures with new safety features and resource efficiency is a vital factor spurring demand for industrial racking systems. In addition to this, the expansion of the e-Commerce sector is also fuelling the growth in the market.

Different solutions are being presented as technology advances to make operations easier. With cutting-edge approaches and effective solutions, smart storage ideas are gaining traction.  With the correct kind of training in automated solutions, a warehouse management system may be considerably more effective, empowering employees to be more productive even when working at a high intensity.

Upgrading, modifying, or relocating storage systems following changing business needs is another significant consideration. This is compelling manufacturers to employ racking systems, such as drive-in pallet racks and structural selective pallet racks, thereby augmenting the growth in the market.

“Growing need for quick product accessibility, maximum space utilization, product and worker safety, convenient workability, and overall performance enhancement is expected to drive the market. Furthermore, the availability of both manual and automatic rack servicing is expected to boost sales in the forthcoming years,” says the FMI analyst.

The Key Driver of Market Growth is Rising Demand for Retail Space

• Growing retail space globally is expected to boost the global storage rack market over the forecast period. The worldwide retail market is expanding as a result of robust economic expansion and urbanization. E-commerce is quickly becoming a popular way for customers to buy consumer products, resulting in a high need for warehousing. This is projected to help the highlighted market grow during the forecast period. Furthermore, shopping convenience is one of the numerous aspects driving consumer interest in online channels.
• Furthermore, supermarkets, hypermarkets, and convenience stores have traditionally been the primary sales channels for consumer goods. Traditional retail establishments sell a variety of brands offered by vendors. Allowing customers to readily select the best brands available. Vendors' rising emphasis on raising retail sales and retailer expansion fuel demand for warehouse racking, accelerating the market's 

Increased Acceptance of Warehouse Racking Systems in India Drives Growth

• The rapid expansion of India's e-commerce industry is boosting market growth. With sales expected to expand at a 7.2% CAGR over the assessment period.
• In India, the shift from traditional brick-and-mortar storefronts to online retail platforms is increasing. This is driving the demand for effective storage solutions and and sales of warehouse racking equipment.

Insights based on a report on Warehouse Racking Market by Future Market Insights.

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