The cargo inspection market is expected to grow from an estimated USD 2.38 billion in 2018 to USD 2.85 billion by 2023, at a CAGR of 3.66% between 2018 and 2023. Cargo inspection is one of the inspection services offered by the companies to test the quality and quantity of traded commodities and condition of cargos through which these commodities get traded.
Factors driving the growth of this market include the increasing demand for quality assured commodity and increased trade of various commodities. Trade house across regions strive to enhance the quality and standards of goods that are imported and exported to the overseas markets, especially in developed countries where stringent regulations are imposed on imported goods.
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Market for oil, gas, & petrochemicals industry expected to capture the largest market share during the forecast period
The oil & gas industry is governed by stringent rules, regulations, and standards as it is directly related to the environment and safety of life. Secondly, it is the natural resource on which the economy of any country is dependent. The cargo inspection play a critical role by offering different services to meet all the required regulations and standards.
There is a high demand for efficiency, accuracy, and reliability of support services. Cargo inspection companies play an integral role in the oil, gas, & petrochemicals industry by ensuring the safety of people and sites, maintaining regulatory compliance of raw materials used in all stages of the process and providing services such as tank gauging, bunker inspection, atmospheric monitoring, tank cleanliness inspection, tanker lightering, offshore lightering cargo inspection, sample quality laboratory testing, and investigation of cargo discrepancies.
Cargo inspection market in Asia Pacific to grow at a significant rate during the forecast period
The cargo inspection market is likely to witness a continuous growth across the world, particularly in the emerging economies of Asia Pacific. This growth is mainly being spurred by the strict regulatory and economic factors. Moreover, consumer behavior across the world is changing as customers give greater importance to the quality of the product. Furthermore, factors such as the increasing importance of safety and security among consumers/end users and the increasing product diversification are some of the major growth drivers for this market.
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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). Other companies covered in this report are SWISS APPROVAL International (Swisszerland), AIM Control Group (Vietnam), Cargo Inspection Group (UK), Alex Stewart International (UK), CWM Survey & Inspection BV (Netherlands), Peterson & Control Union (Netherlands), Alfred H Knight Group Ltd. (UK), CWM Survey & Inspection BV (Netherlands), Certispec Group (Canada), Qtech Control Limited (UK), Cargo Inspectors and Superitendence Co. Pvt. Ltd. (India), E.L. Johnson’s Sons & Mowat Ltd. (UK), W K Webster & Co. Ltd. (UK), and Brooks Bell (UK).
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