According to the latest report by IMARC Group, titled "Warehousing and Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global warehousing and storage market reached a value of US$
477.0 Billion in 2022. Warehousing and storage refer to a physical space that is commonly used for accumulation purposes. It usually includes shelves and racks, inventory control software, lifting tools and security systems. These places can be a small spare room, garage, basement or rented, or purchased space in a building that generally varies depending upon the size of the business. They are widely utilized for storing inventories, such as imported and exported commodities, finished and semi-finished products, equipment, and raw materials. Besides this, they help in reducing the asset management cost, ensuring timely delivery of finished goods and facilitating smooth production processes.
Global Warehousing and Storage Market Trends:
The global market is primarily driven by the rising demand for outsourcing warehouse services. This is supported by significant growth in the manufacturing industry and rapid globalization. Along with this, continuous improvements in the pharmaceutical infrastructure have led to the increasing popularity of refrigerated warehousing and storage facilities, thereby creating a positive outlook for the market. Also, the escalating consumption of frozen food products among the masses is further providing an impetus to the market growth. Moreover, a considerable rise in the preference for online shopping among individuals due to the convenience offered by e-commerce portals across the globe has provided a boost to the market growth. Furthermore, the growing utilization of advanced technologies with warehousing and storage services is acting as another major growth-inducing factor. For instance, the widespread adoption of automated picking tools, automated guided vehicles, sensors and robots that help in reducing human errors are positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$
634.1 Billion by 2028.
- On the basis of the type of warehouses, the market has been segmented into general warehousing and storage, refrigerated warehousing and storage and farm product warehousing and storage. Among these, general warehousing and storage represent the biggest market share.
- Based on the ownership, the market has been segregated into private, public and bonded warehouses.
- On the basis of the end-use, the market has been classified into manufacturing, consumer goods, retail, food and beverage, IT hardware, healthcare, chemicals and others.
- Based on the region, the market has been divided into North America, Asia Pacific, Europe, the Middle East and Africa and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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