Heavy Duty Storage Rack Market Segmentation By Application (Automobile Industry, Chemical Industry, Textile Industry, Electronics & Parts Manufacturing Industry, Printing Industry, Machinery Manufacturing Industry, and Departmental Store Warehouses); By Capacity (2000 lbs. or less, 2000 lbs. to 3000 lbs., and 3000 lbs. & more) – Global Demand Analysis & Opportunity Outlook 2028
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Heavy duty storage racks are majorly used in warehouses of automobile companies and manufacturing units to store products in them. These storage racks are built specifically to handle weights of around 2000 lbs. and more per rack. These racks are unbreakable and are of supreme quality. With technology coming into play, these racks are being made to provide more storage space by consuming less space in the warehouse as they have multiple racks and are now automated as well.
The heavy duty storage rack market is expected to grow at a significant CAGR during the forecast period, i.e. 2020-2028. The growth of the market is anticipated to flourish on the back of the need for warehouses and racks that can store a good quantity of products by occupying less space. Multiplication of business chains such as departmental stores and increase of online platforms for shopping are anticipated to increase the use of heavy duty storage racks. These businesses need huge storage facilities to keep the products ready to ship, which is predicted to result in the rising demand for the product. There are other businesses as well that require good logistics to store their products with safety and care. Heavy duty storage racks are reliable as they are sturdy and strong. The holding capacity of these racks makes them a good choice for industrial purposes and storage. The market is segmented by application, by capacity, and by region. On the basis of application, the market is further segmented into automobile industry, chemical industry, textile industry, electronics & parts manufacturing industry, printing industry, machine manufacturing industry, and departmental store warehouses. The segment for automobile industry is predicted to witness a substantial demand for the heavy duty storage racks on account of greater demand by automobile manufacturers for the storage of the vehicles.
The growth of different industries and increasing storage requirements are anticipated to be the major growth drivers of heavy duty storage racks. Moreover, these racks are becoming technologically advanced, they are used not just to store the products but to make the work easier as well. They can be used as lifts as well and they come with various adjustment features.
The heavy duty storage racks are strong and can hold large quantities, which makes it a good option to store products in a synchronized manner and it makes it easy to locate and divide the warehouse on the basis of product categories. Further, the space consumed by the rack is less, and more quantities of the product can be stored in the racks. The industries prefer these racks as they provide storage advantage. Owing to these factors, the market is estimated to observe a significant growth in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT
The market has a lot of scope since almost every industry requires a storage facility for the purpose of storage and safety of the products. Further, technological advancement is anticipated to make the heavy duty storage rack market a lucrative and profitable market. The racks can do more than just storing products, for instance, they can be used as lifts if the warehouse is multi-storeyed with the help of automation and technology.
In light of the prevailing pandemic i.e. COVID- 19, the businesses and industries are closed as nationwide lockdown is being implemented in several countries. This has obstructed the production of almost every industry and hence, the growth of heavy duty storage rack market is predicted to suffer as well. Due to no or very little production, the storage facility is not in use on a large scale. The pandemic is expected to leave a negative impact on the market of heavy duty storage racks as well.
Our in-depth analysis of the heavy duty storage racks market includes the following segments:
On the basis of region-wise analysis, the heavy duty storage racks market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The major market players of heavy duty storage racks are located in the North American and European regions, signifying that these regions hold the major market shares for heavy duty storage racks. Further, this explains that the developed countries have a higher requirement for storage and logistic facilities as compared to other regions such as Asia Pacific, Africa and the Middle East.
The heavy- duty storage racks market is further classified on the basis of region as mentioned below:
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