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“Cargo inspection market to exhibit steady growth between 2018 and 2023”
The cargo inspection market is expected to grow from USD 2.38 billion in 2018 to USD 2.85 billion by 2023, at a CAGR of 3.66% between 2018 and 2023. Factors driving the growth of this market include the increasing demand for quality assured commodity and increased international trade of various commodities. Trading house across regions strive to enhance the quality and standards of goods that are imported and exported in the overseas markets, especially in developed countries where stringent regulations are imposed on imported goods. Moreover, the increasing global ago-commodity trade propel the growth of the cargo inspection market. However, different geographies have varying regulations and standards of inspections, which could lead to conflicts regarding the acceptance of local and international standards,
“Agriculture industry is expected to have a fastest growth in Cargo Inspection market”
This growth is attributed to the formulation of stringent regulations and standards to ensure the quality and safety of products, and increasing awareness among consumers regarding the quality of agricultural products and food. Cargo inspection services in agriculture carry out highly specialized cargo surveys of food and agricultural products to assess their condition. It includes the grain test for moisture, density, percentage of damaged grains, and infestation.
“North Americas expected to account for a significant share of the cargo inspection market during the forecast period”
North America has some notable amount of export of agro-commodities such as oilseeds, fertilizers, and cereals. US is the major exporter of agro-commodities among North American countries. The US has some rigorous standards for imported goods. The retail sector in Mexico has witnessed a tremendous growth over the past few years. Some of the key factors driving the growth in the country’s retail sales are the increasing income levels of the middle class, rising access to credit and continuous development of organized retail infrastructure.
The breakup of the profiles of primary participants for the report has been given below:
- By Company Size: Tier 1 = 28%, Tier 2 = 35%, and Tier 3 = 37%
- By Designation: C-Level Executives = 45%, Directors = 33%, and Others = 22%
- By Region: Europe = 40%, North America = 30%, APAC = 20%, and RoW = 10%
The cargo inspeciton market is led by various players according to their core competencies. Key players in this market are SGS Group (Switzerland), Bureau Veritas SA (France), Intertek Group plc (UK), ALS Limited (Australia), and Cotecna Inspection SA (Switzerland)
Moreover, players such as SWISS APPROVAL International (Swisszerland), Pterson & Control Union (Netehrlands), AIM Control Group (Vietnam), Alex Stewart International (UK), CWM Survey & Inspection BV (Netherlands), and Certispec Group (UK) play a significant role in the cargo inspection market.
The report on the global cargo inspection market covers different segments?industry and geography. On the basis of industry, the cargo inspection market has been classified into oil , gas & petrochemicals, metals & mining, and agriculture. The report covers 4 major geographic regions?North America, Europe, APAC, and Rest of the World (Middle East & Africa).
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast for the market based on industry and geography have been conducted to provide an overall view of the cargo inspection market.
- The value chain analysis has been included in the report to provide an in-depth insight into the cargo inspection market.
- Major drivers, restraints, opportunities, and challenges of the cargo inspection market have been detailed in this report.
- A detailed competitive landscape, along with key players and their revenues and growth strategies, has been included in the report.
- Key players in the cargo inspcetion market have been profiled, including their recent developments, product launches, and SWOT analysis. Also, MnM view on these players has been included.