Cargo Inspection Global Market Report 2023: Rise in International Trade is Expected to Propel Growth

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Jun 01, 2023, 18:15 ET

DUBLIN, June 1, 2023 /PRNewswire/ -- The "Cargo Inspection Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global cargo inspection market is expected to grow from $2.73 billion in 2022 to $2.84 billion in 2023 at a compound annual growth rate (CAGR) of 4.0%. The cargo inspection market is expected to grow to $3.28 billion in 2027 at a CAGR of 3.7%.

Major players in the cargo inspection market are SGS SA, Bureau Veritas SA, Intertrek Group Plc., ALS Limited, Contecna Inspection SA, Peterson and Control Union, Swiss Approval International, AIM Group Inspection Company, Cargo Inspections Group, Alex Stewart International Private Limited, C.W.M. Survey & Inspection C.V., Alfred H Knight International Limited, Cargo Inspectors and Superitendence Co. Pvt. Ltd., E.L. Johnson's Sons & Mowat Ltd., Wakefield Inspection Services Ltd., and Marine Inspection LLC.

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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.

The main types of cargo inspection are marine, air, and road. Marine cargo inspection refers to the inspection of marine cargo such as timber paper, wood pulp, steel products, ferrous products, and more. Marine inspection is used for survey/audit of warehouses, loading and stowage supervision, draught surveys, and so on. The main components of cargo inspection are software, hardware, and service. The end-users include mining industry, oil and gas industry, agriculture industry, and other industries.

Product innovation is emerged as a key trend gaining popularity in the cargo inspection market. Major companies operating in the cargo inspection market are focused on innovating new services to sustain their position in the market.

For instance, in March 2022, National Cargo Bureau, a US-based container inspection company, launched a remote container inspection service based on the web-based container inspection database and access portal. Customers can use the new service to remotely assess and inspect container transport units with the assistance of NCB's surveyor staff. Media files and client data are automatically posted to the mobile platform via this device.

In September 2020, Vela Software Group, a Canada-based software company, acquired Navarik Corporation for an undisclosed amount. This acquisition expands Vela's current upstream, midstream, and downstream oil and gas production portfolio. Navarik Corporation is a Canada-based software company that utilizes a single piece of software to manage the whole cargo inspection lifecycle.

North America was the largest region in the cargo inspection market in 2022. 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 and Africa.

The countries covered in the cargo inspection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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.

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.

Key Topics Covered:

1. Executive Summary

2. Cargo Inspection Market Characteristics

3. Cargo Inspection Market Trends And Strategies

4. Cargo Inspection Market - Macro Economic Scenario
4.1. COVID-19 Impact On Cargo Inspection Market
4.2. Ukraine-Russia War Impact On Cargo Inspection Market
4.3. Impact Of High Inflation On Cargo Inspection Market

5. Cargo Inspection Market Size And Growth
5.1. Global Cargo Inspection Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Cargo Inspection Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Cargo Inspection Market Segmentation
6.1. Global Cargo Inspection Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Marine
Air
Road

6.2. Global Cargo Inspection Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Software
Hardware
Service

6.3. Global Cargo Inspection Market, Segmentation By Industry, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

Mining Industry
Oil And Gas Industry
Agriculture Industry
Other Industries

7. Cargo Inspection Market Regional And Country Analysis
7.1. Global Cargo Inspection Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Cargo Inspection Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/xrmymt

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