Overview and Scope
Cargo inspection refers to a quality or quantity inspection done by an inspector during each certification inspection to assess the condition and suitability of onboard cargo gear. Cargo inspection services occur at crucial stages of pre-production, production, final production, loading into containers, on vessels, during transit, during custody transfer and storage operations, discharge, and damage, loss, and claim.
Sizing and Forecast
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 in the historic period can be attributed to global trade expansion, stringent regulatory standards, rise in cross-border terrorism, drug trafficking and illicit trade concerns, trade facilitation agreements.
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 growth in the forecast period can be attributed to continued global security concerns, expansion of e-commerce logistics, focus on anti-counterfeiting measures, expansion of air cargo transportation. Major trends in the forecast period include advancements in sensor technologies, integration of artificial intelligence (ai), blockchain integration in supply chains, collaboration among inspection agencies, integration of multi-modal inspection system.
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Segmentation & Regional Insights
The cargo inspection market covered in this report is segmented –
1) By Type: Marine, Air, Road
2) By Component: Software, Hardware, Service
3) By Industry: Mining Industry, Oil and Gas Industry, Agriculture Industry, Other Industries
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.
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Major Driver Impacting Market Growth
A rise in international trade is expected to propel the growth of the cargo inspection market. International trade refers to the buying, selling, or trading of products and services between businesses in other nations. In international trade, cargo inspection assists the authorities in determining if the shipment’s contents adhere to the numerous requirements outlined in the sales contract. For instance, in May 2022, according to a report shared by the World Trade Organization (WTO), a Switzerland-based intergovernmental organization that regulates and facilitates international trade, in the fourth quarter of 2021, global exports of intermediate goods (IGs) increased by 21% year over year. Therefore, a rise in international trade is driving the growth of the cargo inspection market.
Key Industry Players
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
The cargo inspection market report table of contents includes:
- Executive Summary
- Cargo Inspection Market Characteristics
- Cargo Inspection Market Trends And Strategies
- Cargo Inspection Market – Macro Economic Scenario
- Global Cargo Inspection Market Size and Growth
- Cargo Inspection Market Segmentation
- Cargo Inspection Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Cargo Inspection Market
- Cargo Inspection Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Cargo Inspection Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Cargo Inspection Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Cargo Inspection Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: SGS Group Financial Performance
Table 75: Bureau Veritas SA Financial Performance
Table 76: Intertek Group plc Financial Performance
Table 77: ALS Limited Financial Performance
Table 78: Cotecna Inspection SA Financial Performance
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