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According to The Business Research Company’s research report on the warehousing and storage market, the COVID-19 pandemic has accelerated the adoption of warehousing facilities across different sectors due to a rise in e-commerce adoption and supply of life sustaining goods. With the spread of the pandemic, customers are demanding faster shipments and mortar locations. Such adjustments in demand are leading to the adoption of mini-distribution centers and distribution capabilities. For example, according to the Georgia Ports Authority, container volume coming into the port of Savannah increased by 28% through 2020.
Rising demand for cold storage facilities is driving the growth in the warehouse and storage market in the forecast period. The demand for cold storage facilities comes from need to stock COVID vaccines, but is higher from food and pharmaceutical companies that demand refrigerated warehouse for storing perishable goods. For example, total capacity of refrigerated warehouses worldwide increased by 16.7% in 2020 from 2018.
Asia-Pacific is the largest region in the warehousing and storage market, accounting for 32.9% of the total in 2020. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the warehousing and storage market will be South America and Africa where growth will be at CAGRs of 12.6% and 11.3% respectively. These will be followed by Middle East and Asia Pacific, where the markets are expected to grow at CAGRs of 11.1% and 10.3% respectively.
The Business Research Company’s report titled Warehousing And Storage Global Market Report 2023 – By Type (General Warehousing And Storage, Refrigerated Warehousing And Storage, Specialized Warehousing And Storage, Farm Product Warehousing and Storage), By End-Use (Retail Industry, Manufacturing Industry, Consumer Goods Industry, Food & Beverage Industry, Healthcare Industry), COVID-19 Impact And Recovery covers major warehousing and storage companies, warehousing and storage market share by company, warehousing and storage manufacturers, warehousing and storage market size, and warehousing and storage market forecasts. The report also covers the global warehousing and storage market and its segments.
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The global warehousing and storage market size is expected to grow from $426. billion in 2020 to $447.6 billion in 2023 at a compound annual growth rate (CAGR) of 4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The warehousing and storage market is expected to reach $627.5 billion in 2025 at a CAGR of 9%.
Government initiatives are driving market growth in the developed and developing countries in the forecast period. For example, in 2020, the Indian government is liberalizing a number of sectors including logistics industry, road and rail networks and freight corridors. Supply chain operators are radically up-grading warehousing standards and design accordingly due to a reduction in logistics costs. Thus, supportive government initiatives are propelling the growth of warehouse and storage market.
Thus, going forward, tech advancements like the internet of things (IoT), artificial intelligence, government initiatives, COVID-19 pandemic and increasing demand from e-commerce companies will drive the growth of the warehousing and storage market. Factors that could hinder the growth of the market in the future include intense competition and increasing land costs.
Warehousing And Storage Global Market Report 2023 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide warehousing and storage market overviews, warehousing and storage market analyze and forecast market size and growth for the whole market, warehousing and storage market segments and geographies, warehousing and storage market trends, warehousing and storage market drivers, warehousing and storage market restraints, warehousing and storage market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Industrial Robots(Warehousing And Storage Robots) Global Market Report 2023 – By Product Type (Mobile Robots, Articulated Robots, Cylindrical Robots, SCARA Robots, Parallel Robots, Cartesian Robots), By Function (Pick & Place, Palletizing & De-palletizing, Transportation, Packaging), By Application (E-commerce, Automotive, Consumer Electronics, Food & Beverage, Healthcare), COVID-19 Growth And Change
Refrigerated Warehousing And Storage Global Market Report 2023 – By Type (Cold Storage, Frozen Storage), By Application (Fruits & Vegetables, Bakery & Confectionery, Milk & Dairy Products, Meat, Seafood, Beverages), COVID-19 Impact and Recovery
Specialized Warehousing And Storage Global Market Report 2023 – By Type (Automobile Dead Storage, Bulk Petroleum And Chemical Storage, Document Storage And Warehousing, Whiskey Warehousing, Other Specialized Warehousing And Storage), COVID-19 Impact and Recovery
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