Albany, NY -- (SBWire) -- 05/14/2019 --According to Transparency Market Research's recent report titled "Pallet Racking Systems Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast Analysis 2019–2027," the growth of awareness for organized warehouse space is expected to boost the demand for pallet racking systems during the forecast period. The global market for pallet racking systems was valued at US$7.8 Bn in 2018 and is projected to expand at a CAGR of 7.4%, during the forecast period (2019-2027).
Growing 3PLs Market Set to Augment the Sales of Pallet Racking Systems
According to an independent analysis, the total global market logistics in terms of value in 2017 reached about USS$ 7.2 trillion, which represent approx. 9% of the global GDP.
Pallet Racking Systems Fulfill the Need for Efficient Utilization of Bulk Storage Needs
Increase in labor costs along with rising warehousing rents consistently over the last decade, have forced companies to utilize their warehousing /storage space more resourcefully. End users need to keep a sharp eye on these cost factors, which is giving impetus to pallet racking system manufacturers.
Growth in E-commerce and Positive Business Environment to Play a Pivotal Role in Pallet Racking Systems Market Development
Logistics and warehousing play an indispensable role in the transportation of goods across the globe. A warehouse is a fundamental part of any business infrastructure and is one of the key enablers in the global supply chain.
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Global Pallet Racking Systems Market: Recent Developments
In 2018, Mecalux, S.A. constructed a new automated warehouse for Yamazaki Mazak in the U.K., which can store up to 60 containers weighing up to 500 kg each.
In 2018, Mecalux, S.A. installed Movirack mobile pallet racking systems in the logistics center of F.lli Sabbini, Italy, which can hold up to 2,132 pallets of 1,100 * 1,100 mm with a maximum weight of 1,300 kg.
In May 2016, the company Daifuku Co., Ltd. was ranked no.1 in the "Top 20 worldwide materials handling system suppliers 2016" by the U.S.-based Modern Material Handling magazine.
In September 2017, the company SSI Schaefer expanded its product portfolio through cooperation with and investment in the Austrian AGV specialist DS automation.
In July 2017, Kardex Remstar announced the purchase of the service operations of Alternative Handling Technologies
Global Pallet Racking Systems Market: Competitive Landscape
The global pallet racking systems market critically analyzed key players during the course of the study. These include Stora Enso Oyj, Georgia-Pacific LLC, Canfor Corporation, International Paper Company, Clearwater Paper Corporation, UPM-Kymmene Oyj, P.H. Glatfelter Co., Domtar Corporation, Mitsubishi Paper Mills Limited, Verso Corporation, BillerudKorsnäs AB, Burgo Group SPA, Twin Rivers Paper Company Inc., American Eagle Paper Mills, Delta Paper Corp., Catalyst Paper Corporation, Asia Pacific Resources International Holdings Ltd., Rolland Enterprises Inc., Alberta Newsprint Company Ltd., and Finch Paper LLC.
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Pallet Racking Systems Market Recent Developments by Mecalux, Daifuku Co., Ltd and SSI Schaefer