Dublin, June 28, 2021 (GLOBE NEWSWIRE) -- The "Cargo Inspection Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
In May 2021, US Customs and Border Protection announced that it had been planning to spend around US$46 million, to upgrade and develop novel technology to enhance rail cargo inspections, at their Mexican and Canadian borders. The CBP had stated that it would use novel high-energy rail scanners, that would be used in the generation of high-quality images more securely and quickly.
In April 2021, Leidos Holdings Inc, a major Reston-based Fortune company, announced that it had been awarded a contract worth US$480 million by the United States Custom and Border Protection (CBP) to provide novel and advanced multi-energy portal systems for non-intrusive inspections of the respective commercial vehicles at sea or land points of entry. Under this novel contract, the company would deploy, integrate and train the border customs staff to use its cargo and vehicle inspection system with high energy transmission and low energy backscatter cargo inspection system. This development is expected to have a positive impact on the market, during the forecast period.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Global Cargo inspection Market Analysis, By Component
6. Global Cargo inspection Market Analysis, By Industry vertical
6.3. Oil and Gas
7. Global Cargo inspection Market Analysis, by Geography
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
Intertek Group PLC
Agriculture Industry Marine Inspection Group
Cargo Inspections Group
For more information about this report visit https://www.researchandmarkets.com/r/mr6zph
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