Warehouse racking systems of various types have become an integral part of operations in and inventory requirements of a warehouse. The key aims have been making optimal use of warehouse floor space, maximizing workers’ productivity, and minimizing inventory handling costs. Industries are adopting range of pallet systems that best meet their needs of warehouse design, the type of goods and materials stored, capacity intended, and the specific picking process employed. These considerations also help in choosing the choice of materials pallets should be made of.
Advances in material handling systems used in warehouses have expanded the potential of the warehouse racking market. Some of the common types of pallet systems used in warehouse racking market are selective pallet rack, double deep, pallet flow rack, and drive-in/drive-out rack. Over the past few years, the role of warehouse racking systems has increased considerably. The lack of an apt system might disrupt companies’ performance if not taken seriously. A case in point is billion dollar startup based in the U.S. offering clothing rental service for women. Lately, delay in upgrading its warehouse racking system has made a huge dent in its perception among its customers.
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Global Warehouse Racking Market: Notable Developments
Over the past few years, growing numbers of businesses in several industries have begun expanding and updating their warehouse management systems. These initiatives are further fueled by increasing trend of organized logistics gathering currency in some parts of the world.
Recently, a shipping service based in Malaysia, announced that it has opened a new warehouse at the Port of Tanjung Pelepas. The company aims to take advantage of Free Economic Zones within the port to avoid custom and excise duties. The facility houses selective pallet racking system, among other infrastructure. The motivation for this facility stemmed from the need for providing better storage and cost-effective distribution solutions, along with value-added services, to FMCG customers. The warehouse racking infrastructure will help it to emerge as a warehousing and distribution hub, by extending its footprint beyond Malaysia. In various other parts of the world, rise in demands for FMCG products have cemented the potential of the warehouse racking market.
Global Warehouse Racking Market: Growth Dynamics
Rising demands for pallet racking systems for a cost-effective and timely movement of goods is a key factor driving the warehouse racking market. Growing volumes of cross-border retail deliveries have bolstered the market’s prospects. The warehouse racking market has also benefitted from growing numbers of contract logistics and distribution services in numerous developing and developed countries over the world.
Over the past few years, developed countries such as the U.K. have seen an increasing trend of automation of warehouses. This is opening new lucrative avenues. Furthermore, expanding product portfolio of storage systems is a notable trend spurring the demand for new designs and materials in pallet racking systems. A large catalysis for the growth in the warehouse racking market also comes from the ever-growing need for storage of frozen foods in various parts of the world. The sheer pace of expansion in e-commerce sales in emerging economies has spurred the demand for larger warehouse racking. Growing bulk storage needs in various parts of the world is also boosting prospects in the warehouse racking market.
A number of other retail businesses have also suffered crippling inconsistencies in the meeting the consumer demands due to the lack of appropriate warehouse racking. In this regard, growing demand for automated storage and retrieval systems in warehouse infrastructure has also opened new avenues for players in the warehouse racking market.
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Global Warehouse Racking Market: Regional Assessment
Some of the key regions in the warehouse racking market are Asia Pacific, North America, Europe, and Latin America, the Middle East, and Africa. Especially, Europe and North America have been lucrative for the last few years. The growth in these regional markets have been fueled by uptake of new concepts and designs in warehouse racking systems. Further, a fast expanding e-commerce industry has also cemented the potential of these regions in the global warehouse racking market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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