PUBLISHER: The Business Research Company | PRODUCT CODE: 1425316
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425316
Cargo Inspection Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cargo inspection market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cargo inspection? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cargo inspection market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cargo inspection involves a comprehensive assessment of the quality and quantity of onboard cargo gear during certification inspections. This inspection is conducted by an inspector at various critical stages, including pre-production, production, final production, loading into containers, on vessels, during transit, during custody transfer and storage operations, discharge, and in cases of damage, loss, and claims.
The primary categories of cargo inspection services are marine, air, and road. Marine cargo inspection specifically focuses on evaluating cargo such as timber, paper, wood pulp, steel products, and ferrous products. This type of inspection includes surveys and audits of warehouses, supervision of loading and stowage, draught surveys, and related activities. The essential components of cargo inspection encompass software, hardware, and services. End-users benefiting from cargo inspection services span across industries, including the mining sector, oil and gas industry, agriculture industry, and various other sectors. The thorough examination of cargo at different stages ensures the suitability and condition of the goods, contributing to the overall quality and reliability of the transportation and storage processes.
The cargo inspection market research report is one of a series of new reports from The Business Research Company that provides cargo inspection market statistics, including cargo inspection industry global market size, regional shares, competitors with a cargo inspection market share, detailed cargo inspection market segments, market trends and opportunities, and any further data you may need to thrive in the cargo inspection industry. This cargo inspection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cargo inspection market size has grown steadily in recent years. It will grow from $2.82 billion in 2023 to $2.94 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth observed in the historical period can be attributed to several factors, including the expansion of global trade, the implementation of stringent regulatory standards, an increase in concerns related to cross-border terrorism, drug trafficking, and illicit trade. Additionally, the growth is influenced by the focus on trade facilitation agreements aimed at streamlining and improving international trade processes. These elements collectively contributed to the expansion witnessed during that timeframe.
The cargo inspection market size is expected to see steady growth in the next few years. It will grow to $3.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The anticipated growth in the forecast period is linked to ongoing global security concerns, the continued expansion of e-commerce logistics, a heightened focus on anti-counterfeiting measures, and the growing scope of air cargo transportation. Significant trends expected during the forecast period encompass advancements in sensor technologies, the integration of artificial intelligence (AI), the adoption of blockchain in supply chains, increased collaboration among inspection agencies, and the incorporation of multi-modal inspection systems. These trends collectively contribute to the projected growth in the upcoming period.
The anticipated increase in international trade is poised to drive the expansion of the cargo inspection market. International trade, involving the exchange of goods and services between businesses in different nations, relies on cargo inspection to ensure compliance with various requirements outlined in sales contracts. According to a report from the World Trade Organization (WTO) in May 2022, global exports of intermediate goods (IGs) experienced a significant 21% year-over-year increase in the fourth quarter of 2021. This surge in international trade is a key factor propelling the growth of the cargo inspection market.
The growth of e-commerce is expected to be a significant catalyst for the cargo inspection market. E-commerce, the electronic buying and selling of goods and services over the Internet, utilizes cargo inspection to enforce shipping regulations, maintain quality control, and ensure accurate order fulfillment. As of August 2023, the U.S. Census Bureau reported a 2.1% (±0.9%) increase in US retail e-commerce estimated sales for the second quarter of 2023, reaching $277.6 billion. This upward trend in e-commerce activities contributes to the growth of the cargo inspection market, ensuring smooth and reliable supply chain operations.
In the cargo inspection market, product innovation is emerging as a prominent trend, with major companies focusing on introducing new services to maintain their market positions. For example, in March 2022, National Cargo Bureau, a US-based container inspection company, launched a remote container inspection service utilizing a web-based container inspection database and access portal. This service allows customers to remotely assess and inspect container transport units with the assistance of NCB's surveyor staff, with media files and client data automatically posted to the mobile platform.
Major companies in the cargo inspection market are introducing advanced systems, such as next-generation X-ray screening systems, to provide sophisticated solutions for screening air cargo and pallets. Next-generation X-ray screening systems represent an evolution of traditional technology, enhancing imaging capabilities. In March 2023, Rapiscan Systems, a US-based supplier of security inspection systems, introduced the ORION 935DX, a new model in its line of X-ray screening systems designed for air cargo and pallet screening. With its innovative design, the 935DX aims to deliver accurate images regardless of object orientation and provides precise and rapid information to operators for enhanced security screening in air cargo facilities.
In October 2023, Smithers, a US-based provider of testing, consulting, information, and compliance services, made a strategic acquisition by acquiring Marine Inspections and Logistics (MIL) International. This acquisition aims to leverage MIL International's expertise in quality inspection, marine surveys, and various services related to ferrous scrap steel, metals and minerals, DRI, HBI, and ferro alloys. MIL International, based in the Netherlands, is an independent marine surveying and cargo inspection company serving the international commodity trading community.
Major companies operating in the cargo inspection market report are SGS Group, Bureau Veritas SA, Intertek Group PLC, ALS Limited, Cotecna Inspection SA, Peterson and Control Union BV, Swiss Approval International GmbH, AIM Control Inspection Group of Companies, Cargo Inspections International Limited, Alex Stewart International Private Limited, CWM Survey & Inspection BV, Alfred H Knight International Limited, Cargo Inspectors and Superintendence Co. Pvt. Ltd., E.L. Johnson's Sons & Mowat Ltd., Wakefield Inspection Services Ltd., Marine Inspection LLC, WK Webster & Co. Ltd., Brookes Bell LLP, TUV Sud South Asia Pvt. Ltd., Saybolt LP, Core Laboratories, DNV GL AS, Eurofins Scientific SE, Camin Cargo Control Inc., Qtech Control Limited, Sandler & Travis Trade Advisory Services, SAI Global Assurance Services Inc., Bureau Cargo Inspection, Commodity Inspection Services, Lloyd's Inspection Agency, National Inspection Services, Intego Inspection Services, Pro QC International
North America was the largest region in the cargo inspection market analysis in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cargo inspection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cargo inspection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cargo inspection market consists of revenues earned by entities by providing pre-loading survey services, loading surveys services, shipment inspection services, cargo container inspection services and cargo quality control services. The market value includes the value of related goods sold by the service provider or included within the service offering. The cargo inspection market also includes sales of inspection equipment and systems that are used in providing cargo inspection services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.