The global industrial racking systems market is likely to witness considerable growth in the coming years due to recent product advancements. According to a report published by Fortune Business Insights, titled “Industrial Racking Systems Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 10,179.2 Mn in 2018. Fortune Business Insights predicts that the market will reach US$ 15,186.1 Mn by 2026, thereby exhibiting a CAGR of 5.2%.
Industrial racking systems are widely used in all types of business, warehouses, and other hubs to stack up and store goods. The ability of industrial racking systems to differentiate, identify, label, and provide ease of locating items in the warehouses have led to a rising uptake for these products across the world.
Technological advancements in industrial racking systems have offered a massive growth platform for the industrial racking systems companies. The increasing number of manufacturing and retail outlet units will lead to an increase in the global market revenue in the forthcoming years. In addition to the aforementioned factors, growing logistic activities and increasing number of logistic companies will directly lead to an increase in the uptake for industrial racking systems across the world.
Increasing Product Launches Will Favor Market Growth
Rapid industrialization has led to a high number of industrial warehouses around the world. Resulting from the high demand, there is an increase in the number of product launches, which in turn has contributed to the global market growth in recent years. Shelving Concepts’ Amoruso Racking has been one of the most widely used products in the market. The product was introduced with the aim of handling heavy-duty pallets and providing cantilever racking options. Amoruso’s success has had a major impact on the global industrial racking systems market.
Fortune Business Insights has identified increasing products launches as one of the primary factors that will account for the growth of the global industrial racking systems in the coming years. The report encompasses several other factors that have contributed to significant growth of the market in recent years and also identifies potential factors that are likely to have a major say on the market growth in the coming years.
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Establishment of Newer Storage Facilities, Due to Shortage in Existing Warehouses Will Subsequently Aid Demand for Industrial Racking Systems
The shortages in warehouse spaces have led to the need to set up more industrial warehouses and storage facilities. The ability of industrial racking systems to provide efficient storage options within compact spaces will create a high demand for these products in the coming years. Increase in trade activities will offer several opportunities for market growth. Furthermore, increasing e-commerce activities will also contribute to the demand for industrial racking systems, worldwide.
Existing industrial racking systems are being modified to meet modern standards, which in turn will aid the growth of the overall market. The report provides a comprehensive review of activities such as company mergers, business takeovers, product innovations, and regional segmentation and gauges the impact of these factors on the global industrial racking systems market.
Fortune Business Insights has profiled some of the leading companies that are currently operating in the global industrial racking systems market. A few of the prominent companies that are operating in the market include Ridg-U-Rak Inc., Kardex, Averys SA, SSI Schaef, Gonvarri Material Handling, ROMAN, S.r.l., R Rackin, ARPA, North American Steel Equipment Inc, and AK Material Handling Systems.