The specialized warehousing & storage market comprises of the sales of specialized warehousing & storage services and related goods by entities (sole traders, organizations and partnerships) that operate the warehousing & storage facilities for a particular category of goods that need specialized treatment. Few examples are farm product bonded warehousing & storage, farm product private warehousing & storage and grain elevators. Other examples include bulk petroleum storage, automobile dead storage, document storage & warehousing, trudge storage and whiskey warehousing. The specialized warehousing & storage market is categorized into bulk petroleum & chemical storage, automobile dead storage, whiskey warehousing, document storage & warehousing and other specialized warehousing & storage.
As per study, “Specialized Warehousing And Storage Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global specialized warehousing and storage market include Iron Mountain Inc; Apex Oil Company Inc; Kuehne + Nagel International AG; Mitsubishi Logistics; Kinder Morgan Inc and among others. Leading players are continuously focused on increasing their facilities, which significantly drives the market growth. The specialized warehousing & storage services market is very competitive, mainly due to presence of local players. The competition is likely to intensify in the future owing to the relatively low entry barriers that support new entrants to enter further. Mergers & acquisitions, long term partnerships, and high investment in the warehouse management software are the key growth strategies adopted by the players to sustain the intense competition.
The specialized warehousing and storage market is driven by growth in e-commerce industry, followed by rise in popularity of omnichannel and growth in manufacturing, retail, FMCG and logistics sectors. However, high capital-investment for warehouses and high maintenance cost may impact the market. Additionally, development of the frozen food industry, rise in number of healthcare sector which can in-turn grow the warehousing industry and growth in technological advancements such as advent of Artificial Intelligence (AI), Internet-of-Things (IoT) and 3D Printing are leading opportunities for market. Moreover, increase in adoption of smart warehouse is a key trend for market. Furthermore, issue related towards appropriate storage conditions of warehouses is a major challenge for global market.
Based on regional analysis, the North-America is a leading region in global specialized warehousing and storage market owing to strong demand from the e-commerce sector along with the emergence of third part logistics and super-grid logistics across the region. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to growth in manufacturing & export of medicine or drugs and shifting consumer preference from the offline mode of shopping to online in order to adhere to social distancing norms during the forecast period. It is estimated that future of the global specialized warehousing and storage market will be bright as a result of increase in the production of various goods that need to be stored in the various sectors coupled with growth in adoption of using IoT in warehousing for tracking a product in the warehouse during the forecast period.
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Global Specialized Warehousing and Storage Market
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