Shuttle Racking Market Report Overview
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The global shuttle racking market size is expanded rapidly in 2022. As per our research, the market is expected to generate substantial revenue by 2031, exhibiting a high CAGR during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the shuttle racking market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Shuttle racking is a type of high-density storage system used in warehouses, distribution centres, and other storage facilities. It uses a shuttle cart or robot to transport goods within the racking system, allowing for more efficient and space-saving storage compared to traditional pallet racking.
The market for shuttle racking is expected to grow steadily over the forecast period due to the increasing demand for efficient and space-saving storage solutions. As well, factors such as the growth of e-commerce, the rise of automation in warehousing, and the need for faster order fulfilment have contributed to the increasing adoption of shuttle racking systems. Additionally, the market is fragmented by type, by application, and by the geographical expansion of the market. Besides, in terms of the type of product, single shuttle racking, and sub shuttle racking are being offered by numerus manufacturers. Whereas, food, beverages, chemical, and tobacco are the major application in the market to generate the demand for shuttle racking.
COVID-19 Impact: Implementation of Safety Measures Affects the Market During the Pandemic
Initially, the COVID-19 pandemic hit several business industries globally. The deterioration in the demand, supply chains, and production of machinery, equipment, consumer goods, and others were seen in 2020 which slow down the market growth. However, there was a surge in e-commerce orders as more people shifted to online shopping due to lockdowns and social distancing measures. This has created an opportunity for a shuttle racking market and increased demand for warehouse space and efficient storage solutions which require shuttle racking systems. As a result, the market is anticipated to evolve in the coming years due to the expansion of the e-commerce industry through which the market is likely to rebound the potential growth.
Latest Trends
"Trend of Automation and Robotics in the Shuttle Racking System Widen Market Scope"
The market is evolving significantly with new developments and trends emerging all the time. The growing trend towards automation and robotics in the warehousing and logistics industry is leading to an increase in the adoption of shuttle racking systems and other automated storage solutions. As shuttle racking systems are being equipped with advanced robotics and automation technologies to improve their speed, accuracy, and efficiency. Furthermore, the development of advanced safety features is also ascribed to contribute to the demand for this system which is being equipped with advanced safety features to protect workers and prevent accidents. This includes features such as collision detection sensors, emergency stop buttons, and safety barriers. Consequently, these trends and developments are going to serve the demand for shuttle racking systems in the coming years.
Shuttle Racking Market Segmentation
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- By Type Analysis
According to type, the market can be bifurcated into single shuttle racking, and sub shuttle racking.
- By Application Analysis
Based on application, the market can be divided into food, beverages, chemical, tobacco, and other.
Driving Factors
"Increasing Need for Space-Efficient Storage Serve the Market’s Growth"
One of the primary driving factors of the market is the need for space-efficient storage solutions in warehouses, distribution centres, and other storage facilities. These shuttle racking systems allow for high-density storage, which can help to maximize the use of available space and reduce the overall footprint of the storage facility. Thus, the factor is a key aspect to propel the shuttle racking market growth during the forecast 2022-2031.
"Growth of the E-Commerce Industry Uplift the Demand for Racking Systems"
The market is also driven by the growth of the e-commerce industry, automation, and digitization. Significantly, the growth of e-commerce has led to an increase in demand for efficient and fast order fulfilment. Since the system can help to streamline the order fulfilment process by allowing for quick and easy access to stored products, which can help to reduce delivery times and improve customer satisfaction and it will also contribute to spiking the demand for this racking system.
Restraining Factors
"High Initial Investment Can Curb the Market Development"
Although the market is rising gradually yet, some present hindrances can affect its growth. High investment costs can be a bottleneck as these systems are expensive to install and maintain, particularly, for low-budget customers. Thereby, a high initial investment price may be a restraining factor for small and medium-sized businesses that may not have the financial resources to make such a large investment.
Shuttle Racking Market Regional Insights
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"Asia Pacific Leads the Market due to the Growth of the E-Commerce Industry "
According to market research, Asia Pacific is a considerable region to lead the shuttle racking market. Also, it is projected to account for the largest share of the market. This can be attributed to several factors, including the growth of the e-commerce industry, the increasing demand for automation and digitization in the logistics industry, and the expansion of manufacturing activities in the region.
Key Industry Players
"Eminent Companies Offer a Wide Range of Shuttle Sacking Solutions to Fulfill the Customers’ Demand"
With regard to key players, notable companies offer a wide range of shuttle racking solutions, including automated systems, customizable solutions, and energy-efficient systems. They also provide installation, maintenance, and support services to customers. In addition to these key players, there are also several other companies operating in the shuttle racking market, including regional players and niche players that focus on specific industries or applications. Moreover, the top five brands hold the majority of shuttle racking market shares. Overall, the shuttle racking market is expected to remain highly competitive, with increasing competition and innovation among key players.
List of Market Players Profiled
- Daifuku
- Mecalux
- Jungheinrich
- Dexion
- Speedlog
- Useyc
- Noyafangzhou
- Stamina Handling
- Nanjing WLD Logistic Equipment Co., Ltd
- YuRacking Metal Products Co.
- Avanta UK
- STILL
- Wap Intelligence Storage Equipment (Shanghai)
- Storagehome
Report Coverage
This report defines the shuttle racking market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
Frequently Asked Questions
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What are the key driving factors of the global shuttle racking market?
The growing need for space-efficient storage, automation, digitization, and the growth of the e-commerce industry are the driving factors of the shuttle racking market.
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What is the leading region in the shuttle racking market?
Asia Pacific is predicted to lead the shuttle racking market due to the growth of the e-commerce industry, the increasing demand for automation, and digitization in the logistics industry in the region.
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What are the key players in the shuttle racking market?
Daifuku, Mecalux, Jungheinrich, Dexion, Speedlog, Useyc, Noyafangzhou, Stamina Handling, Nanjing WLD Logistic Equipment Co., Ltd, YuRacking Metal Products Co., Avanta UK, STILL, Wap Intelligence Storage Equipment (Shanghai), and Storagehome are the top players in the shuttle racking market.
