The global cargo inspection market is expected to grow at a compound annual growth rate of 5.24% over the forecast period to reach a market size of US$2,315.431 million in 2026, from US$1,619.444 million in 2019. The market is expected to surge in the coming years, due to the increase in cargo trade, globally. Moreover, the rise in cross-border trade, free trade agreements, and the imperative need to protect high quality and value commodity goods and cargos, are expected to have a significant impact on the overall market growth, during the forecast period. Moreover, major companies, globally, have been providing advanced and innovative cargo inspection services and solutions, which is also expected to be a major factor in the overall market growth, in the coming years. For instance, Intertek, one of the major players in the market, provides cargo inspection services and reduces and minimizes commodity cargo trading risks with independent testing and inspection. The company helps in the protection of high-value and quality commodity cargos and substantially minimizes the risk of loss exposure, to all the respective parties involved.
Increasing global cargo trade.
The market is expected to surge in the coming years, because of the increasing and growth in cargo trade, globally. According to the data given by the United Nations Conference on Trade and Development, maritime transportation has become an imperative part of global trade and economy. Approx. 80% of worldwide trade by volume and more than 70% of trade by value goes through sea and oceans and are handled and managed by ports, globally. There has been a surge in the total share of developing economies in seaborne trade imports and had risen to approx. 65% in the year 2019. Moreover, more than 40% of all loaded goods and around 62% of all the goods are unloaded in Asian seaports. Over 11.1 billion tons were shipped internationally in the year 2019. Approx. 7.9 billion tons were of dry cargo. There has also been a rise in the total trade share of dry cargo, in recent years. These trends are expected to have positive development for the market, during the forecast period. Increasing oil and gas trade is expected to have a positive impact on the market. According to the BP Statistical Review 2020, total crude product exports and imports were at 1241.9 million tonnes in the year 2019. Due to the COVID-19 pandemic, the trade had slowed down or dropped in the year 2020. But, in the coming years, the oil and gas trade is expected to surge at an exponential rate. Moreover, the increasing trade of minerals, agricultural products are expected to have a positive impact on the market, during the forecast period. The rising trade is expected to surge the need for cargo inspection, worldwide. One of the major advantages of cargo inspection is that it reduces risk. Customers and importers don’t have to pay a significant sum of capital and can easily avoid re-inspection. Moreover, it also enhances the customer's and buyer's confidence in the respective product or commodity. It also reduces and lowers costs and enhances acceptance of goods, worldwide. These trends are expected to have a positive impact on the market, during the forecast period.
Increasing Maritime Fraud.
Major companies have been investing a significant sum of capital to enhance and develop their cargo inspection services for their respective customers. Moreover, an increase in maritime fraud is also expected to have a major impact as the criminals and perpetrators have been developing novel methods such as computer hacking. Major ports, worldwide, have been adopting novel and advanced solutions and technologies to enable and detect novel types of fraud, like automating container operations. Furthermore, increasing competition has enabled shipowners to disregard further and due diligence, when dealing with their novel business partners. Rising fuel prices enable strong criminal designs, and allows them to impact the quantity consumption by the vessels, quality of deliveries, and quantity of deliveries. Adulteration and off-specification are some of the common concerns regarding the bunkers. Forged bills of landing with the intention and aim to steal the cargo have also grown at an exponential rate in the past few years. There has been an increase in the demand for advanced software solutions to detect these types of frauds. Several watchdogs had been formed in the past few years, to detect maritime fraud. International Maritime Bureau is known as a specialized division of the International Chamber of Commerce, whose major task is to urge organizations, governments, and other related interested parties to cooperate and exchange information with each other, intending to combat maritime frauds, globally. Moreover, the role of cargo inspection companies has grown at an exponential rate in the past decade as these firms and companies provide expertise and solutions to their respective organizations and governments. Some of the major companies provide extensive training to border and customs officials, globally, and allows them to use their advanced and innovative cargo inspection system and solutions.
|The market size value in 2019||US$1,619.444 million|
|The market size value in 2026||US$2,315.431 million|
|Growth Rate||CAGR of 5.24% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Component, Industry vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Intertek Group PLC, Agriculture Industry Marine Inspection Group, Qima, Bureau Veritas, EBCO Systems, Cotecna, Leidos, Varex Imaging, Cargo Inspections Group, SGS|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the cargo inspection market size by 2026?
A1. The global cargo inspection market is projected to reach a market size of US$2,315.431 million by 2026.
Q2. What are the growth prospects for the cargo inspection market?
A2. The cargo inspection market is projected to grow at a CAGR of 5.24% over the forecast period.
Q3. What is the size of global cargo inspection market?
A3. Cargo Inspection market was valued at US$1,619.444 million in 2019.
Q4. Who are the major players in the cargo inspection market?
A4. Major industry players profiled as part of the cargo inspection market report are Intertek Group PLC, Agriculture Industry Marine Inspection Group, Qima, Bureau Veritas, EBCO Systems, Cotecna, among others.
Q5. What factors are anticipated to drive the cargo inspection market growth?
A5. The cargo inspection market is expected to surge in the coming years, due to the increase in cargo trade, globally.