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KEY FINDINGS
The North America warehouse racking system market is anticipated to record a CAGR of 3.48% during the forecasting period of 2023-2032. The regional market's growth is determined by factors like government efforts to support trade and businesses, the rise in investments to increase warehousing capacity for storage purposes, and the presence of multiple industries requiring warehousing spaces.
MARKET INSIGHTS
The North America warehouse racking system market growth analysis encompasses the study of Canada and the United States. A key driver propelling the growth of the warehouse racking system market in Canada is favorable government investments for developing product storage warehouses. Aligning with this, in July 2022, under the National Trade Corridors Fund (NTCF), the Minister of Transport announced $5 million in funding. This is expected to support a Port of Windsor project, set to increase warehousing capacity as well as speed up loading activities.
In addition, the Essex Terminal Railway Company is also contributing $6.2 million, thus raising the overall investment to $11.2 million. The investment will help increase the capacity and efficiency of Morterm Limited's trans-load activities, as well. Furthermore, the Government of Canada, through the National Trade Corridors Fund, is investing in efficient trade corridors to aid the nation in competing in crucial global markets, maintaining supply chain competitiveness, and trading efficiently with international partners. Therefore, such factors are expected to augment the market growth in Canada during the forecast period.
COMPETITIVE INSIGHTS
Key firms operating in the market are AK Material Handling Systems, Dematic, etc.
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- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments