Mobile Pallet Racking System Market Size, Share, Growth, And Industry Analysis By Type (Manual Control Pallet Racking, Remote Control Pallet Racking, Automatic Control Pallet Racking) By Application (Logistics and Distribution Center, General Manufacturing, Food and Beverages, Other) Regional Forecast From 2022 To 2028

Updated On: 08 April 2024

Mobile Pallet Racking System Market Report Overview

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The global Mobile Pallet Racking System market size was worth US$ 344.6 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the Mobile Pallet Racking System market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 7.3% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

 Pallet racking is a term used to describe a variety of storage aid and material handling systems used to store items on pallets. All of the types enable the storage of palletized items, including drums, pails, wood, rolls, cases, and trays and crates, in multiple-level horizontal rows. Conventional racking, mobile racking, shuttle racking, and hybrid/customized racking are the four basic types of systems available in the pallet racking industry. With a mobile racking system, racks are constructed on a movable base and moved along rails on the floor. Up to five tonnes, five to ten tonnes, and more than fifteen tonnes are among the various frame load capabilities. Cantilever racking, selective racking, push back racking, drive-in racking, pallet flow racking, and carton flow racking are among the several types of racking systems. It is used by a variety of end users, including those in the healthcare, food and beverage, electronics, packaging, building and construction, and chemicals.

The worldwide market has grown significantly over the past several decades, and it is predicted to continue expanding steadily over the projected period. Throughout the projection period, increasing digitalization, sophisticated supply chain management, and racking technology, including the emergence of the internet of things in emerging nations, are anticipated to propel market expansion.

COVID-19 Impact: Global Lockdown And Labor Migration During COVID-19 Affected The Market

Worldwide supply networks were being impacted by the COVID-19 epidemic, which was spreading swiftly. This element has had a detrimental effect on economic activity worldwide. Nonetheless, it was predicted that the worldwide market will experience a slight decline in 2020, followed by strong expansion. The widespread shutdown of industrial and vehicle production sites across China, Europe, the United States, and India is to blame for the modest reduction. This created a challenge for the distribution of industrial production on a worldwide scale.

Latest Trends

"Increasing E-Commerce Will Fuel Market Expansion"

During the course of the projection period, both the number of warehouses and enterprises globally as well as the need for pallet racking in the e-commerce sector are anticipated to grow dramatically. As of 2021, there were over 2.14 billion eCommerce clients, up 4.4% from 2020. High-end telecommunications technologies are being used more broadly, such as 4G and 5G network technology, which benefits the e-commerce business by boosting the use of internet-based shopping in the retail sector. Innovative and seamless pallet racking systems are in high demand due to the rising requirement for industrial products storage in the e-commerce industry. Hence, the rise in e-commerce has increased the market's CAGR in recent years.

Mobile Pallet Racking System Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Manual Control Pallet Racking, Remote Control Pallet Racking, and Automatic Control Pallet Racking. Manual Control Pallet Racking is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Logistics and Distribution Center, General Manufacturing, Food and Beverages, Other. Logistics and Distribution Center will be the dominating segment.

Driving Factors

"Logistics and e-commerce Need for Industrial Racking Systems"

One of the key reasons propelling the growth of the pallet racking system market is the increase in demand for the food and beverage sector globally. Industrial Racking system usage and new warehouse building investment by e-Commerce companies are both on the rise, which is accelerating market growth. The development in e-commerce and 3PL industrial racking systems for retail and general use, the rise in labour expenses, and steadily rising warehouse rents over the past 10 years have all had an impact on the market. Moreover, the pallet racking system market is favourably impacted by shifts in consumer preferences, technological advancements, rising urbanisation, and the development of stand-alone sub-systems. Also, throughout the projection period of 2021 to 2028, improvements in pallet racking systems provide lucrative potential to market participants.

The rise in demand for pallet racking systems for efficient and timely goods transportation is a key driver propelling the pallet racking market. The pallet racking industry has benefited from the expansion of contract logistics and distribution services in developed and developing countries. In India, there are about 48,000 logistics firms, while there are 8,70,000 firms globally as of the year 2020. The growing need for frozen food shops throughout the world is a significant factor driving the pallet racking market's rise. Another element influencing the growth of the logistics and distribution sectors is the demand for pallet racking.

Restraining Factors

"Lack Of Skilled Labour And Hefty Initial Investment Limit The Market"

In the recent years, the system's popularity has grown quickly. Nevertheless, the warehouse racking system and automation unit have a higher initial cost per rack than a traditional racking system. The pricey system components employed in this system, such as the beams, sensors, and conveyor drive motors, will immediately affect the system's selling price.

Mobile Pallet Racking System Market Regional Insights

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"Asia Pacific Anticipated To Have The Largest Share In The Market"

Significant market growth is anticipated in the Asia Pacific pallet racking industry. It is anticipated that China and India's rapid population expansion would strengthen their retail industries and increase consumer demand for processed goods, all of which will be excellent for the pallet racking industry. It is projected that India, the country with the highest economic development, will spend heavily in the manufacturing and e-commerce sectors. When the industry is expected to be worth more than USD 150 billion in 2027, the number of online shoppers in India, which was 180–190 million in 2021, would increase to 400–450 million. In addition, the Indian pallet-racking market had the highest rate of growth in the Asia-Pacific region, while China's pallet-racking industry had the greatest market share.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Averys (U.S.)
• SSI SCHAEFER (U.S.)
• Daifuku (Japan)
• Jungheinrich (Germany)
• Mecalux (Spain)
• Bito (Germany)
• Montel (Norway)
• Murata Machinery (Japan)
• Ridg-U-Rak (U.S.)
• AR Racking (Spain)
• Abu Yousuf
• Huade (India)
• Constructor Group AS (Norway)
• Nedcon
• TKSL (India)
• JINGXING (China)
• Inform (Germany)
• NOEGA SYSTEMS (Spain)
• Nanjing Kingmore (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.