What Has Been the Progress and Growth of the Cargo Inspection Market in Recent Years?
The cargo inspection market has seen considerable growth due to a variety of factors.
• The market size for cargo inspection has seen a consistent growth over the recent years. It is projected to expand from $2.91 billion in 2024 to $3.02 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.7%. Factors that contributed to growth during the historic period include global trade expansion, strict regulatory norms, increase in cross-border terrorism activities, drug trafficking and illicit trade worries, and trade facilitation agreements.
How Does the Forecast Look for the Cargo Inspection Market?
The Cargo Inspection market is expected to maintain its strong growth trajectory in upcoming years.
• A steady increase is projected in the cargo inspection market over the coming years, reaching $3.65 billion by 2029, with a compound annual growth rate (CAGR) of 4.9%.
The anticipated growth in this period is due to factors such as ongoing worldwide security issues, the broadening of e-commerce logistics, an emphasis on anti-counterfeit measures, and the widening of air cargo transportation. Key trends during this period encompass advancements in sensor innovation, the incorporation of artificial intelligence (AI), the application of blockchain in supply chains, collaboration among inspection bodies, and the integration of multi-modal inspection systems.
What Are The Leading Drivers Of Growth In The Cargo Inspection Market?
The cargo inspection market is set to be boosted by an increase in international trade. This involves the transaction of goods and services among companies in different countries, with cargo inspection playing a crucial role in ensuring the goods in shipment meet the various conditions set out in the sales agreement. To put this into perspective, projections from the World Trade Organization, a Switzerland-based intergovernmental organization, estimate that the total volume of global merchandise trade will see a surge of 2.6% in 2024 and 3.3% in 2025. The highest growth is expected for Africa, with exports predicted to rise by 5.3% in 2024, faster than any other region. Consequently, this spike in international trade is contributing to the expansion of the cargo inspection market.
How Are The Segments Defined Within The Global Cargo Inspection Market?
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
Subsegments:
1) By Marine: Container Inspection, Vessel Inspection, Port Security Inspections
2) By Air: Baggage Inspection, Cargo Hold Inspection, Air Freight Inspection
3) By Road: Truck And Trailer Inspections, Checkpoint Inspections, Customs Inspections
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How Are New Trends Expected To Influence The Growth Of The Cargo Inspection Market?
The rise of product innovation is a significant trend that's being noticed in the cargo inspection market. Many major businesses in this sector are concentrating on introducing new services to secure their market standing. For instance, in March 2022, the US-based container inspection company, National Cargo Bureau, debuted a web-based container inspection database and access portal for remote container inspection service. This allows users to remotely evaluate and inspect their container transport units with the support of NCB's team of surveyors. Any media files and client related data can be automatically uploaded through this device onto their mobile platform.
Who Are the Key Players In The Cargo Inspection Market?
Major companies operating in the cargo inspection market include:
• 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
What Is The Most Dominant Region In The Cargo Inspection Market?
North America was the largest region in the cargo inspection market analysis in 2024. 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.
