According to the latest report by IMARC Group, titled “Warehousing and Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global warehousing and storage market size reached US$ 397.3 Billion in 2018. A warehouse refers to a storage space that is used for stocking finished and semi-finished goods, raw materials, and import and export products. Warehousing and storage services help manufacturers in protecting the goods from pests and insects as well as ensuring a smooth flow of production and distribution activities. At present, the demand for these services is experiencing a rise on account of factors such as the evolving e-commerce sector, the growing popularity of frozen food items and the emerging trend of outsourcing warehousing services.
Global Warehousing and Storage Market Trends:
Governments of various countries as taking initiatives to develop state-of-the-art warehouses that are embedded with the latest features such as Web Map Service (WMS) capabilities for expiration date tracking, barcode scanning, cycle counting and improved inventory management. Apart from this, the growing agriculture industry is creating a significant demand for improved storage and warehousing facilities for reducing damage caused to perishable food products such as fruits and vegetables. Moreover, numerous manufacturing and distribution centers across the globe are employing automated storage and retrieval systems to avoid operational and logistical challenges. Looking forward, the market is expected to grow at a CAGR of 4.9% during 2019-2024, reaching a value of US$ 533.4 Billion by 2024.
- The market has been segmented on the basis of the type of warehouses into general, refrigerated and farm product. Amongst these, general warehousing and storage is the most popular type.
- Based on the ownership, the market has been segregated into private, public and bonded warehouses. Amongst these, private ownership of warehouses represents the largest segment.
- On the basis of the end use, the market has been categorized as manufacturing, consumer goods, retail, food and beverage, IT hardware, healthcare and chemicals. Currently, these services are majorly used in the manufacturing industry.
- On a regional basis, Asia Pacific represents the biggest market, holding the majority of the total market share. This can be attributed to several initiatives taken by governments in the region for better warehousing facilities in terms of technology, infrastructure and taxation policies. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being APL Logistics, DHL, Genco Shipping and Trading, Kuehne + Nagel International AG, and UPS.
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