Connect with us

Technology

Warehouse Racking Market size is set to grow by USD 2.14 billion from 2024-2028, Changing consumer preferences boost the market, Technavio

Published

on

NEW YORK, June 17, 2024 /PRNewswire/ — The global warehouse racking market size is estimated to grow by USD 2.14 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.21% during the forecast period. Changing consumer preferences is driving market growth, with a trend towards rising demand for retail space. However, increasing competition among vendors in the market poses a challenge. Key market players include AK Material Handling Systems, AR Racking SAU, Beumer Group GmbH and Co. KG, Daifuku Co. Ltd., DMW and H, FIVES SAS, FlexLink Holding AB, Gonvarri Material Handling AS, Honeywell International Inc., Interroll Holding AG, Jungheinrich Group, Kardex Holding AG, KION GROUP AG, Mecalux SA, Murata Machinery Ltd., Russell Industries Inc., Saar Lagertechnik GmbH, SSI Schafer IT Solutions GmbH, The Invicta Group, and Toyota Industries Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Warehouse Racking Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.21%

Market growth 2024-2028

USD 2148.6 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.74

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 70%

Key countries

China, US, Japan, India, and Germany

Key companies profiled

AK Material Handling Systems, AR Racking SAU, Beumer Group GmbH and Co. KG, Daifuku Co. Ltd., DMW and H, FIVES SAS, FlexLink Holding AB, Gonvarri Material Handling AS, Honeywell International Inc., Interroll Holding AG, Jungheinrich Group, Kardex Holding AG, KION GROUP AG, Mecalux SA, Murata Machinery Ltd., Russell Industries Inc., Saar Lagertechnik GmbH, SSI Schafer IT Solutions GmbH, The Invicta Group, and Toyota Industries Corp.

Market Driver

The global retail market’s expansion, driven by economic growth and urbanization, is increasing the demand for warehouse racking. Leading retailers like Walmart, Costco Wholesale, Kroger, and Schwarz are contributing to this growth. E-commerce is a significant factor, as consumers prefer shopping convenience.

Traditional retail stores sell various brands, but vendors and retailers are expanding their reach, leading to increased demand for warehouse racking. For instance, Max Hypermarket plans to open five new stores annually in India. This retail expansion will fuel the growth of the warehouse racking market. 

The warehouse racking market is experiencing significant growth due to the increasing demand for efficient and automated storage solutions. Racking systems, such as selective, pallet, and automated storage and retrieval systems (AS/RS), are becoming increasingly popular. These systems offer benefits like increased storage density, improved productivity, and reduced labor costs.

Additionally, the trend towards e-commerce and the need for faster order fulfillment is driving the adoption of advanced warehouse technologies like robotics and RFID. Furthermore, the use of sustainable materials and energy-efficient designs is gaining traction in the market. Overall, the warehouse racking market is expected to continue its upward trajectory in the coming years. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The warehouse racking market experiences intense competition from regional and international players, leading to price wars that could impact profit margins and potentially force smaller businesses to exit.This market is characterized by price-driven competition, with companies facing foreign exchange risks due to commercial transactions and assets and liabilities in various currencies. Some firms leverage lower labor costs or currency fluctuations to their advantage. To mitigate competition, companies focus on collaborations for efficiency and technology access. These factors contribute to slow market growth during the forecast period.The warehouse racking market faces several challenges in implementing and optimizing racking systems. These include the need for durable and flexible racking solutions to accommodate various product sizes and shapes. Additionally, the integration of automation and technology, such as robotics and IoT sensors, requires significant investment and expertise.Another challenge is ensuring compliance with safety regulations and maintaining proper inventory management. Furthermore, the increasing demand for sustainable and eco-friendly racking systems adds to the complexity of the market. Overall, the warehouse racking market requires innovative solutions to address these challenges and meet the evolving needs of businesses.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

End-user 1.1 Automotive industry1.2 Food and beverage industry1.3 Retail industry1.4 Electrical and electronics and othersProduct 2.1 Selective pallets2.2 Push back2.3 Drive-in2.4 Pallet flow2.5 Cantilever and othersGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Automotive industry- The automotive industry relies on efficient material handling to minimize errors and maximize production. Shelving systems and mezzanine flooring are popular solutions for storing small parts, offering quick access and utilizing overhead space. The growing demand in the passenger car and commercial vehicle segments is driving the need for racking solutions. Global OEMs like BMW, Ford Motor, and Volkswagen are expanding production facilities, boosting the automotive segment of the warehouse-racking market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Warehouse Racking Market encompasses the production, supply, and installation of various types of racking systems, including Pallet Racking, Vertical Frames, Horizontal Beams, and Shelving. These systems are primarily constructed from steel beams, metal frames, and connectors, which are often welded, clipped, or bolted together.

Warehouses in the online retail industry, application industries, and manufacturing sector utilize these racking systems to optimize their storage spaces and increase storage capacity. Space utilization is a significant factor in the economy, as international trade relies heavily on efficient warehousing solutions. Additionally, Pallet Flow Racks are gaining popularity due to their ability to streamline the storage and retrieval process.

Market Research Overview

The Warehouse Racking Market encompasses a variety of systems and technologies designed for efficient storage and retrieval of goods in warehouses and distribution centers. These racking systems come in different types, including pallet racking, drive-in racking, push-back racking, and automated storage and retrieval systems (AS/RS).

The market is driven by factors such as increasing demand for automated warehouse solutions, growing e-commerce industry, and the need for space optimization and improved productivity. Additionally, the integration of IoT and RFID technologies in racking systems is a significant trend in the market. The materials used in racking systems include steel, aluminum, and plastic, with each material offering unique benefits in terms of cost, durability, and weight capacity. The market is expected to grow at a steady pace in the coming years due to the ongoing demand for efficient and cost-effective warehouse solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userAutomotive IndustryFood And Beverage IndustryRetail IndustryElectrical And Electronics And OthersProductSelective PalletsPush BackDrive-inPallet FlowCantilever And OthersGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/warehouse-racking-market-size-is-set-to-grow-by-usd-2-14-billion-from-2024-2028–changing-consumer-preferences-boost-the-market-technavio-302173071.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

RedThread Report Reveals 50% Drop in L&D’s Involvement in Strategic Discussions, Offers Framework for Reclaiming Influence

Published

on

By

RedThread Research’s latest report, Hope Isn’t a Plan: Building a Progressive L&D Strategy, highlights a 50% drop in Learning & Development involvement in business strategy discussions over the past two years, signaling a shift from strategic partner to reactive function. The report also provides a comprehensive five-part framework to help L&D leaders articulate their strategy, collaborate effectively across departments, and balance stability with flexibility.

WOODSIDE, Calif., Nov. 14, 2024 /PRNewswire-PRWeb/ — RedThread Research has published its latest report, “Hope Isn’t a Plan: Building a Progressive L&D Strategy,” which underscores the declining strategic role of Learning & Development (L&D) functions and offers a comprehensive framework for leaders seeking to recalibrate their strategies.

“L&D needs to rethink its strategy or risk becoming irrelevant. More than just talking about being strategic, they need to align, act on, and operationalize it. That means doing things differently, thinking more strategically, and embedding learning into the heart of the organization.”

The study reveals a sharp 50% drop in L&D’s involvement in business strategy discussions over the past two years, signaling an alarming shift from strategic partner to reactive supporter. The research also shows that L&D’s involvement in workforce planning discussions similarly declined sharply over this same period.

“L&D needs to reclaim its strategic voice or risk becoming irrelevant,” said Dani Johnson, Co-founder and Principal Analyst at RedThread Research. “More than just talking about being strategic, they need to align, act on, and operationalize it. That means doing things differently, thinking more strategically, and embedding learning into the heart of the organization.”

The report highlights several pressing insights, including:

Declining Strategic Influence: L&D’s diminishing role in strategy discussions has led to a more tactical and reactive function in many organizations.The Importance of Articulating Strategy: Many L&D leaders lack a clearly communicated and well-defined strategy, further compounding their inability to respond effectively to changing business needs.Collaboration as a Cornerstone: Successful employee development requires structured collaboration and cooperation across departments, challenging entrenched mindsets about L&D’s role. L&D functions need a plan for how to best collaborate with other business functions.Balancing Stability with Flexibility: While adaptability is essential, the report argues that stability also forms the foundation for long-term success in L&D efforts.A Five-Part Strategic Framework: The study provides a detailed framework comprising five core elements of an L&D Strategy—Organizational Alignment, Employee Impact, Operations and Governance, Tech and Data, and Stakeholder Engagement.

“Learning and Development can’t afford to play it safe,” added Johnson. “They must be prepared to continually evolve— locking down what works while still flexing to meet what comes next. And they need to double down on strategy to show how that connects back to outcomes — and prove that L&D is not just a cost center but a critical driver of success.”

For access to an infographic of the framework and other exclusive research, navigate to https://members.redthreadresearch.com/spaces/12680089/feed and register for a complimentary Starter Tier membership in the RedThread Research community.

For companies and individuals interested in exploring this research more deeply, RedThread offers exclusive membership opportunities. Join the RedThread research community or the Tech Consortium by visiting the RedThread website (https://www.redthreadresearch.com) or reaching out to RedThread by emailing hello@redthreadresearch.com. 

About RedThread Research

At RedThread Research, we get it.

Sure, we’re experts in performance, people analytics, learning, and D&I – and we’re well-versed in the technologies that support them. But we’re also truth-seekers and storytellers in an industry often short on substance, and too full of #!%. Our mission (indeed, our very reason for existing) is to cut through the noise, and amplify what’s good. We look for the connections (or red threads) between people, data, and ideas – even among seemingly unrelated concepts. The result is high-quality, unbiased, transformative foresight that helps you build a stronger business.

To learn more, visit https://www.redthreadresearch.com.

Heather Gilmartin
RedThread Research
646-275-0742
heathergilmartin@redthreadresearch.com

Media Contact

Heather Gilmartin Adams, RedThreadResearch, 6462750742, heathergilmartin@redthreadresearch.com, https://redthreadresearch.com/

View original content:https://www.prweb.com/releases/redthread-report-reveals-50-drop-in-lds-involvement-in-strategic-discussions-offers-framework-for-reclaiming-influence-302306028.html

SOURCE RedThreadResearch; RedThreadResearch

Continue Reading

Technology

SONOR INVESTMENTS LIMITED APPOINTS NEW INTERIM CHIEF FINANCIAL OFFICER AND TREASURER

Published

on

By

TORONTO, Nov. 14, 2024 /CNW/ – Sonor Investments Limited (“Sonor”) announced today that Fanny Chantal Grenier was appointed Treasurer and Chief Financial Officer of Sonor effective November 12, 2024 to replace Rosabell Chung Hun who resigned from this position as of such date.

Michael Gardiner, Chairman and Chief Executive Officer of Sonor, stated “we would like to express our gratitude for Rosabell Chung Hun’s significant contributions and dedication to our company”. He went on to say “for the immediate future, Fanny Chantal Grenier is to be appointed as the interim Chief Financial Officer  and Treasurer of the company until we have a permanent replacement. We are in the process of examining our human resources plan that will be discussed and presented at our next board meeting”.

Ms. Grenier presently holds the position of President of Fairwater Capital Corporation, is a qualified CA CPA and brings extensive experience in financial leadership. She has a proven track record in advancing fiscal responsibility and operational efficiency.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE Sonor Investments Limited

Continue Reading

Technology

Odyssey Impact’s New Grant Opportunity: $2,500 – $25,000 for Local Nonprofits — But Don’t Bother If You JUST Want to Raise Awareness

Published

on

By

Odyssey Impact is awarding grants ranging from $2,500 to $25,000 to nonprofits (or those with a verified nonprofit fiscal sponsor) with creative and unique ideas for tackling local challenges and bringing people together in person. The Connected Communities Grants are simple and streamlined… no epic application process and no weeks-long recap reports. The grants were created to help bring about impactful and meaningful change that connects and strengthens local communities. The deadline to apply is December 11, 2024 and winners will be announced in January 2025.

NEW YORK, Nov. 14, 2024 /PRNewswire-PRWeb/ — If you’re tired of JUST TALKING ABOUT A PROBLEM, WE’RE WITH YOU. WE WANT TO FIND SOLUTIONS. And if you’re also tired of filling out long applications, running “awareness” campaigns, or spending weeks cobbling together post-grant reports, Odyssey Impact® has some great news for you.

Through the simple and streamlined Connected Communities Grants, Odyssey Impact® is offering up to $25,000 to nonprofits (or those with a verified nonprofit fiscal sponsor) who want to help solve problems in their communities and bring people together in person.

We’re ditching all that in our new SIMPLE AND STREAMLINED Connected Communities Grants, offering up to $25,000 to nonprofits (or those with a verified nonprofit fiscal sponsor) who want to help SOLVE PROBLEMS in their communities.

Grants will range from $2,500 to $25,000 for applicants with CREATIVE and UNIQUE ideas for tackling local challenges and bringing people together IN PERSON. You know what your town needs and we want to help you make it happen.

Our Mandate is Simple: We want creative ways to help connect people in real-time, in meaningful ways.

Odyssey Impact Board President, Riaz Patel, and co-founder of ConnectEffect, underscores the critical importance of real, in-person connection:

“We’re facing an unprecedented epidemic of isolation, alienation, and loneliness. We don’t need more awareness or research to know it’s a massive problem. We need bold, innovative solutions from creative thinkers to reignite a sense of community across America.”

Interested in applying? Awesome! But here’s what we don’t want:

We’re not looking for “scalable” projects. We ARE looking for local and connected.No “awareness campaigns.” We want to help you take real action instead.No “virtual” events. We are funding in-person, live human stuff.Skip the epic applications. We don’t have the time for those either.No weeks-long recap reports. We’d rather see your great pics and videos.No galas, golf tournaments, or fundraisers. We want project- and program-focused ideas.

Got something cool and community-focused in mind? Perfect! We want unique ideas that make sense for your community, and we want you to spell it out clearly (without all the fluff) — how your project will connect people, foster innovation, and bring the community together.

We need this now more than ever, and if you agree, you are our kind of grantee applicant.

You can apply now through December 11th at odyssey-impact.org,

Winners will be announced in January 2025.

Together, we can truly create impactful and meaningful change that connects and strengthens our local communities.

About Odyssey Impact®

Odyssey Impact® ignites creative, actionable solutions that drive real transformation and connection at the local level. By teaming up with innovative community leaders and those who care about their communities, we’re funding projects that are not only visionary, but also perfectly tailored to meet each community’s unique needs.

Through these efforts, Odyssey Impact is laying the groundwork for a future where real community-driven initiatives create much-needed impact & change and bring us all closer together.

Media Contact

Erin Carenzo, Odyssey Impact, 1 8183817336, erin@carenzoagency.com, https://odyssey-impact.org/

View original content to download multimedia:https://www.prweb.com/releases/odyssey-impacts-new-grant-opportunity-2-500—25-000-for-local-nonprofits–but-dont-bother-if-you-just-want-to-raise-awareness-302305983.html

SOURCE Odyssey Impact; Odyssey Impact

Continue Reading

Trending