My new shop will have both shelves and peg board. I have 16 running feet, four feet high on one wall from the ceiling down. The space under the peg board will be for large power tools on their rolling bases. This way, the peg board is up, out of the way. The opposite wall will have 12" deep shelving cabinets floor to ceiling for hand power tools, finishes, and all of that other stuff that gets collected in a wood shop. The height of the shelves will vary from 12" to 17" and this storage will have doors. Also, since my shop is in the basement, there will be 12" wide shelves screwed to the underside of the floor joists. There will be a run on each side wall and one down the middle of the shop above the center run of lights. the underside of these shelves will be painted white to reflect light from the nearby light fixtures. The joist spaces will be for things that are rarely used. The end of the shop opposite the workbench has two wood racks and a shelf for my library. That takes up the top 4 feet of the wall with the bottom space for things like saw horses, workmate, plywood off cuts, and a couple of flat panels for assembly work. At 12' x 22', it's a small shop, but after the previous 12' x 12' shop, I know storage is critical. Plus, I had 30 years in the old shop to nail down storage ideas.
I've gone out to find myself. If I return before I get back, have me wait for me.
"Sawdust is Man Glitter"