According to a report on the Warehouse Racking Market 2020 – 2024 as recently published by industry insights experts Technavio, the warehouse racking market is set to grow by $b1.35 or 5% by 2024. The sector still predicted to grow by 2.84% as compared with 2019 which is a positive message coming out of the report.
Although the Covid-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied across the warehouse racking sector. While a few markets will unfortunately see a drop in demand, numerous others will continue to remain unharmed and show promising growth opportunities over the next four years the report states. The research concludes that the pandemic has not directly affected the warehouse racking market as anticipated, but we are yet to see the true impact over the next 12-18 months.
Technavio’s in-depth research gives hope to the industry in these unprecedented times and best-case scenario expects for the market to return to normal in Q3 of 2021. If the forecast is inaccurate however, experts are hopeful that at a worst-case scenario, if the industry takes a little longer to recover than originally thought, we can expect to see normality by Q1 of 2022.
Compact Storage offer a range of warehouse racking systems and storage solutions including roller racking, high-rise racking, narrow-aisle racking, and push-back pallet racking, multi-tier systems, and mezzanine floors.
Contact us and we will be happy to discuss what product will be suitable for your business.