Pallet Racking Market: By System (Conventional, Mobile Racking, Shuttle Racking, and Customized Racking), By System Racking Type (Cantilever Racking, Selective Racking, Push Back Racking, Drive-In Racking, Pallet Flow Racking, and Carton Flow Racking), Frame By Load Capacity (Up To 5 Ton, 5 – 15 Ton, and Above 15 Ton), By End User (Automotive, Food & Beverage, Healthcare, Electrical & Electronics, Building & Construction, Mining, Retail, Chemical, Manufacturing, and Warehouse), and Geography

Pallet Racking Market size was valued at USD 18,928.1 million in 2023 and is poised to grow at a CAGR of 7.1% from 2024 to 2030. One of the primary factors fuelling the pallet-racking market is the rising demand for pallet-racking systems for the timely and cost-effective movement of goods. The upsurge in contract logistics and distribution services in developed and emerging nations is the key market driver for improving pallet racking market growth. The important factors contributing to the growth of the global pallet racking system market include the rising demand for the food and beverage industry across the globe which acts as one of the major factors driving the growth of the global pallet racking system market. The approval of technological advancement for the industrial racking systems and new warehouse construction spending by e-Commerce firms remains to fast-track the market growth.

The rising installation of E-Commerce and 3PL industrial racking systems for retail and general purposes and increase in labor costs along with rising warehousing rents consistently over the last decade further impact the market. Moreover, many businesses are implementing sustainable practices and eco-friendly materials in their operations. Pallet racking systems made from recyclable materials subsidize sustainability efforts, appealing to environmentally conscious organizations which is the major opportunities in the global pallet racking market. However, the primary constraint for businesses considering pallet racking systems is the relatively high initial investment required. These systems comprise the purchase of racks, installation, and often structural modifications to the warehouse, which can stress the budgets of small and medium-sized enterprises.

Pallet Racking Market Key Developments:

• In September 2022,GXO Logistics Inc., a leading contract logistics company, made collaborated with Bayer to open a new warehouse facility. GXO will manage warehouse support, comprising all shipping and receiving activities, for Bayer's Crop Science division at the new 350,000-square-foot facility in Kearney, Nebraska, via its shared-space distribution network GXO Direct.
• In August 2022,Kardex acquired shares in Rocket Solutions, which is a startup that develops the most recent standardized innovative autonomous storage and retrieval systems. With these strategic plan, Kardex is entering and growing its portfolio in the storage and movement of light goods materials. This acquisition also supports Kardex in properly implementing IoT.