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Pallet Racking Market Growth Projections and Opportunities
A surge in both local and global trade, along with the booming logistics and e-commerce industries, is set to drive the growth of the global pallet racking market. This market is divided based on system type, racking type, and end user.
In terms of system type, the global market is categorized into conventional, mobile racking, shuttle racking, and hybrid/customized racking. In 2020, the conventional segment dominated the market, holding a substantial market share of 67.86% with a value of USD 8,622.5 million. Projections indicate a steady growth with a Compound Annual Growth Rate (CAGR) of 4.22% during the forecast period.
The racking type segment includes cantilever racking, selective racking, push back racking, drive-in racking, pallet flow racking, carton flow racking, and others. In 2020, the selective racking segment took the lead with a market share of 27.46%, amounting to USD 2,367.6 million. This segment is expected to maintain its dominance, registering a CAGR of 3.09% over the forecast period.
Looking at the end user segment, the global market encompasses automotive, food & beverage, retail, manufacturing, warehouse & logistics, and others. In 2020, the retail segment held the largest market share at 28.86%, with a value of USD 3,667.7 million. Projections suggest continued growth with a CAGR of 4.16% during the forecast period.
Considering geographical regions, Asia-Pacific secured the largest market share in 2020, accounting for 38.85% with a market value of USD 4,936.8 million. The region is anticipated to maintain its lead, registering a CAGR of 6.31% over the forecast period.
In essence, the global pallet racking market is poised for significant growth, propelled by the increased volume of trade, both locally and internationally, and the flourishing logistics and e-commerce sectors. The market's segmentation based on system type, racking type, and end user provides a comprehensive understanding of the diverse factors influencing its dynamics. With a focus on key regions, such as Asia-Pacific, where substantial market shares and promising growth rates are observed, the global pallet racking market is set to expand in the coming years.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 11,199.5 Billion |
| Growth Rate | 6.80% (2022-2030) |
Pallet Racking Market Highlights:
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