Hyderabad, July 18, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Warehousing and Storage Services Market Report (2023-2028)," the market is estimated at USD 691.74 billion in 2023. It is expected to register a CAGR of 6.86% during the forecast period.
Warehousing and storage services consist of storage space for a company’s property, like parts, equipment, products, and perishable goods. The services may also include inventory management and distribution. Efficient storage and inventory tracking ensure that delivery times are met, and costs related to asset management are lowered.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 691.74 billion |
| Market Size (2028) | USD 963.74 billion |
| CAGR (2023-2028) | 6.86% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increase in demand for manufactured products. |
| Growth of the industrial sector and expansion of the e-commerce industry. |
Which are the Top Companies in the Global Warehousing and Storage Services Market?
The warehousing and storage services market is competitive in nature due to the presence of several market players. The competition among these players is expected to increase due to low entry barriers. Companies are engaging in long-term partnerships, mergers and acquisitions, and investments in warehouse management software to sustain themselves in the competitive market.
Major players in the global warehousing and storage services market are,
- DHL International GmbH
- XPO Logistics Inc.
- Ryder System Inc.
- NFI Industries Inc.
- AmeriCold Logistics LLC
- FedEx Corp
- Lineage Logistics Holding LLC
- NF Global Logistics Ltd
- APM Terminals BV
- DSV Panalpina AS
- Kane Is Able Inc.
- MSC - Mediterranean Shipping Agency AG
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Key Highlights from the Global Warehousing and Storage Services Market Report:
Refrigerated Warehousing and Storage Segment May Witness Maximum Growth
- Refrigerated warehouses and storage facilities store products that require specific refrigeration and controlled storage space. Perishable goods are kept in these facilities at low temperatures. Companies in the warehousing and storage industry provide services like blast freezing, tempering, and modified atmosphere storage.
- These warehousing and storage spaces are witnessing growth in the pharmaceutical and food and beverage industries. As per the Care Quality Commission, insulins, injections, eye drops, and antibiotic liquids must be stored between 2 and 8 degrees Celsius to maintain their effectiveness.
Maximum Market Share is Expected to be Registered by North America
- The increasing demand for logistics for storing raw materials and finished goods has been growing as manufacturing companies outsource warehousing services and expand their products and operations.
- In North America, the rising adoption of new warehouses and storage technologies is expected to remain high as the region is one of the early adopters of upcoming technologies. The region also provides the required infrastructure and skilled workforce to fuel the market.
What are the Latest Developments in the Warehousing and Storage Services Market?
- In February 2022, Amazon India leased a warehouse facility in Pune for 20 years from a real estate and logistics park developer, IndoSpace. The acquisition was part of the company’s strategy to expand its warehouse and logistics capacities in the country.
- In September 2022, Amazon.com Inc. launched a new service to help its sellers deal with supply chain problems by storing a bulk amount in its inventory and easing the process of distribution. The AWD (Amazon Warehousing and Distribution) offers a pay-as-you-go service, helping sellers store and distribute their inventory in Amazon’s fulfillment network.
Mordor Intelligence has Segmented the Warehousing and Storage Services Market Based on Type, Ownership, End-user Industry, and Geography:
- By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- General Warehousing and Storage
- Refrigerated Warehousing and Storage
- Farm Product Warehousing and Storage
- By Ownership (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Private Warehouses
- Public Warehouses
- Bonded Warehouses
- By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Manufacturing
- Consumer Goods
- Food and Beverage
- Retail
- Healthcare
- Other End-user Industries
- By Geography (Market Size and Forecast based on Value (USD billion), 2020-2027)
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Warehousing and Storage Services Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Europe Warehouse Automation Market Report - The European warehouse automation market size is estimated at USD 3.74 billion. It is expected to reach USD 7.32 billion, registering a CAGR of 14.40% during the forecast period (2023-2028).
- Asia-Pacific Warehouse Automation Market Report - The Asia-Pacific warehouse automation market size is estimated at USD 10.76 billion in 2023. It is expected to reach USD 23.89 billion by 2028, registering a CAGR of 17.30% during the forecast period (2023-2028).
- Southeast Asia Warehouse Automation Market Report - The Southeast Asian warehouse automation market size is estimated at USD 641.91 million in 2023. It is expected to reach USD 1,157.26 million by 2028, registering a CAGR of 12.51% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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