Global cargo inspection market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 3.7% during the forecast period.
The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Cargo is the goods carried on a motor vehicle, ship, rail or aircraft. Cargo inspection is the process of ensuring the quality of commodity cargos and its services are also used to meet all the standards and regulations. This process is carried out to inspect the quality and quantity of goods that get traded.
An increasing transportation of goods and services and rising demand for quality-assured commodities are the major driving factors behind the growth of the market. Growing transport infrastructure, rising awareness regarding the quality of food products and agriculture products and increasing government’s rules and regulations are expected to improve the growth of the market during the forecast period. Cargo inspection process provides some benefits such as reduced risks, improved inspection of the damaged container or goods and increased goodwill, which are ultimately propelling the growth of the market.
However, different regulations and standards across regions and non-intrusive inspection services are the major restraining factors that could hamper the growth of the market.
Global Cargo Inspection Market: Segmentation Analysis
By industry, the agriculture segment dominated the market in 2019 and is expected to witness fast growth at a CAGR of XX% during the forecast period. In agriculture industry, cargo inspection process is performed by well specialized cargo inspectors and surveyors, which are certified by FOSFA and GAFTA associations. The inspection service in agriculture industry includes the grain test for infestation, moisture, damaged grains and density. Fresh vegetables and fruits are inspected on their packaging, size, acidity and pressure test. It also includes tank and hold cleanliness, measuring, weighing and sampling. Rising government rules and regulations regarding the quality of food products is driving the growth of the market.
Alternatively, oil, gas and petrochemical segment is projected to witness fast growth at a CAGR of XX% during the forecast period. The cargo inspection services in oil, gas and petrochemical industry includes inspection, testing, and sampling of petroleum products, crude oil, LPG and chemical gases, bulk oil cargo measurement, ship to ship inspections, bunker inspections, loss control and tank cleanliness inspections. Increasing market for oil, gas and petrochemical industry across the globe is propelling the growth of the market.
Global Cargo Inspection Market: Regional Analysis
Region-wise, Asia pacific held the largest market share in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. The economies such as China, Japan, South Korea, and India are the major key contributors behind the growth of the market. The growth is attributed to the stringent government regulations and policies and different economic factors. Rising export activities of goods and services, increasing market for transportation industry in India and China, growing export of the agro-commodity, increasing significance of safety and security among consumers and growing market for Indian air cargo are driving the growth of the market in the APAC region. For instance, India’s whole air cargo volume is grown to approximately 3.75m tonnes in fiscal year 2019 with a 7.5% of growth rate.
The objective of the report is to present a comprehensive analysis of the Global Cargo Inspection Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Cargo Inspection Market dynamics, structure by analyzing the market segments and projects the Global Cargo Inspection Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Cargo Inspection Market make the report investor’s guide.
The Scope of Global Cargo Inspection Market
Global Cargo Inspection Market, By Industry
• Oil, Gas, & Petrochemicals
• Metals & Mining
Global Cargo Inspection Market, By Region
• North America
• Asia Pacific
• South America
• Middle East and Africa
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