Global Cargo Inspection market size 2024, Forecast To 2033
1 Mar, 2024
The cargo inspection market has demonstrated steady growth in recent years, increasing 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 is attributed to the expansion of global trade activities, the enforcement of stringent regulatory standards, concerns related to cross-border terrorism, drug trafficking, and illicit trade, as well as the implementation of trade facilitation agreements. Looking forward, the cargo inspection market is anticipated to experience steady growth, forecasted to reach $3.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The projected growth in the forecast period is driven by ongoing global security concerns, the expansion of e-commerce logistics, initiatives focused on anti-counterfeiting measures, and the expansion of air cargo transportation networks. Major trends in the forecast period encompass advancements in sensor technologies, integration of artificial intelligence (AI) in inspection processes, the adoption of blockchain technology in supply chains, collaborative efforts among inspection agencies, and the integration of multi-modal inspection systems.
Global Cargo Inspection Market Key Driver
A rise in international trade is expected to propel the growth of the cargo inspection market. 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, 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. Additionally, according to the market projection for 2023, the cargo inspection market is expected to expand further.
Get A Free Sample Of The Global Cargo Inspection Market ReportGlobal Cargo Inspection Market Segments
The global 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
By Geography: The regions covered in the cargo inspection market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major Cargo Inspection Industry Players
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
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Cargo Inspection Market Overview
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.
Cargo Inspection Global Market Report 2023 provides data on the global cargo inspection market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cargo inspection market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.