Increased Requirements from Oil and Gas Sector Have accelerated The Global Cargo Inspection Market

 

Every day, billions of companies and individuals use oil and gas to commute, work, heat homes and offices and perform many other activities. Oil and gas have been a major industry that is required around the globe for industrial, commercial and residential purposes. For instance, PAO Novatek has signed a 15 year agreement with Shenergy group to produce 19.8 million tonne/year (tpy) Arctic LNG 2 project. The agreement includes the shipment of 3 million tpy of Arctic LNG production to terminals in China. Arctic LNG 2 will use three 6.6-million tpy liquefaction trains installed on gravity-based platforms on Gydan Peninsula across the Gulf of Ob from Yamal LNG. The increasing import and export of the natural gas and hydrocarbon gas liquid has further enhanced the demand of cargo inspection.

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Data Bridge Market Research analyses that the cargo inspection market is expected to grow at a CAGR of 4.1% in the forecast period of 2021 to 2028 and is expected to reach USD 3,179,806.05 thousand by 2028. The increasing initiatives taken to reduce the methane emission from the gas processing, production and transportation to protect the environment and reduce greenhouse gases is therefore boosting the growth of global cargo inspection market.

Cargo Inspection Market

How does Free Trade Agreements (FTAs) provide growth opportunities to the market?

Free trade is one of the most effective strategies to attract foreign investment into countries. It lowers or eliminates trade barriers such as taxes and regulatory restrictions. FTAs contribute to economic growth by lowering government spending on local industries and encouraging foreign direct investment (FDIs). FDIs assist in the development of local market expertise by collaborating with domestic enterprises to create local resources. Furthermore, these domestic firms benefit from their global partners' access to cutting-edge technology. As a result, lower trade barriers and a more stable and transparent investment climate will encourage countries to trade freely. The World Trade Organization (WTO) is also pushing for free trade agreements. Consequently, as the number of FTAs grows, so will trade between countries, which will bolster the growth of the cargo inspection market.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2021 to 2028

Base Year

2020

Historic Years

2019 (Customizable to 2013 - 2018)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

By Industry Type (Mining, Metals, Agriculture, Oil, Gas, Petrochemicals, Chemicals, Machine Manufacturing, Automotive, Medical Devices and Others), Type (LNG, LPG, Coal, Iron Ore, Grains, Fertilizers, Ro-Ro, Cruise and Others), Offering (Product, Services), Inspection Type (Bunker Quantity Surveys, Hold & Hatch Inspection Hold Survey, Draft Survey, Cargo Damage Survey, Cargo Lashing/ Handling/Logistics, Cargo Tally Verification Draft Survey, Cargo Survey, Pre-Shipment Inspection, Cargo Sampling (Oil), Cargo Measurement (Oil), Proof and Inspection of Asset, Pre-Vetting Inspection, Pre-Purchase Vessel Inspection, Vessel On/Off Hire Survey, Vessel Condition and Damage Survey, Cleanliness ISM Preparation Audit, Marine Warranty Survey Navigation Audit and Others), Technology (Non-Intrusive Inspection Technology, Non-Destructive Evaluation (NDE) Technology), Port Types (Sea Ports, Inland Ports, Dry Ports, Warm Water Ports)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

Market Players Covered

SGS SA (Switzerland), Bureau Veritas (France), Intertek Group plc (U.K.), ALS Limited (Australia), Cotecna (India), Alex Stewart International (India), AHK Group Ltd (U.K.), CWM Survey & Inspection BV(U.S.), Camin Cargo Control (U.S.), Swiss Approval International (Switzerland) (South Africa), Peterson and Control Union (South Africa), AIM Control Inspection Group of Companies (Vietnam), Cargo Inspections International Limited (Russia), Wakefield Inspection Services (U.K.), Marine Inspection LLC (U.S.), Qtech Control Limited (India), CWH Johnsons International (U.K.) Smiths Detection Group Ltd. (U.K.) and Eurofins Scientific (Luxembourg)

Data Points Covered in Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Segment Analysis:

Global cargo inspection market is segmented into six notable segments which are based on the industry type, type, offering, inspection type, technology and port types.

  • On the basis of industry type, the cargo inspection market is segmented into mining, metals, agriculture, oil, gas, petrochemicals, chemicals, machine manufacturing, automotive, medical devices and others. In 2021, the agriculture segment is expected to dominate the global cargo inspection market, growing with the highest CAGR of 4.9% in 2021 to 2028 due to the rise in the export and import duties agro-commodity worldwide product.
  • On the basis of type, the cargo inspection market is segmented into LNG, LPG, coal, iron ore, grains, fertilizers, Ro-Ro, cruise and others. In 2021, grains segment is expected to dominate the global cargo inspection market growing with the highest CAGR of 4.9%

The grains segment is expected to dominate the global cargo inspection market

In 2021, grains segment is expected to dominate the global cargo inspection market growing with the highest CAGR of 4.9% in the forecast period of 2021 to 2028 due to the rising concern regarding food feed quality both by consumer and public authorities, which has made every company focus on varied factors, including health and safety, quality, environment, and others.

  • On the basis of offering, the cargo inspection market is segmented into product and services. Product is further sub segmented into 3D, micro and robotic. In 2021, product segment is expected to dominate the global cargo inspection market growing with the highest CAGR of 3.4% in the forecast period of 2021 to 2028 due to continuous technological advancement in 3D scanners, robotics, and others to provide improved and accurate inspection services.
  • On the basis of inspection type, the cargo inspection market is segmented into bunker quantity survey, hold and hatch inspection hold survey, draft survey, cargo damage survey, cargo lashing/ handling/logistics, cargo tally verification draft survey, cargo survey, pre-shipment inspection, cargo sampling (oil), cargo measurement (oil), proof and inspection of asset, pre-vetting inspection, pre-purchase vessel inspection, vessel on/off hire survey, vessel condition and damage survey, cleanliness ISM preparation audit, marine warranty survey navigation audit and others. In 2021, the bunker quantity survey segment is expected to dominate the global cargo inspection market, growing with the highest CAGR of 5.4% in 2021 to 2028 due to automation. It provides impartial, independent quantity measurement inspection services for marine fuels, issuing detailed bunker survey reports to confirm fuel delivery and report bunker fuel shortages, further augmenting the market's growth.
  • On the basis of technology, the cargo inspection market is segmented into non-intrusive inspection technology and non-destructive evaluation (NDE) technology. In 2021, non-intrusive Inspection technology segment is expected to dominate the global cargo inspection market growing with the highest CAGR of 4.4%

The non-intrusive Inspection technology segment is expected to dominate the global cargo inspection market

In 2021, non-intrusive Inspection technology segment is expected to dominate the global cargo inspection market growing with the highest CAGR of 4.4% in the forecast period of 2021 to 2028 as this is considered the mature field of technology as it not only locates the detect but also provides precise information regarding size, orientation, and shape for that particular defect. Moreover, cost-effectiveness and reliability is another factor which drives its overall share.

  • On the basis of port types, the cargo inspection market is segmented into sea ports, inland ports, warm water ports and dry ports. In 2021, sea ports segment is expected to dominate the global cargo inspection market growing with the highest CAGR of 4.6% in the forecast period of 2021 to 2028 due increase in the preference of trading activities via sea ports in every country compared to other port types.

Major Players

Data Bridge Market Research recognizes the following companies as the major cargo inspection market players in cargo inspection market are SGS SA (Switzerland), Bureau Veritas (France), Intertek Group plc (U.K.), ALS Limited (Australia), Cotecna (India), Alex Stewart International (India), AHK Group Ltd (U.K.), CWM Survey & Inspection BV(U.S.), Camin Cargo Control (U.S.), Swiss Approval International (Switzerland) (South Africa), Peterson and Control Union (South Africa), AIM Control Inspection Group of Companies (Vietnam), Cargo Inspections International Limited (Russia), Wakefield Inspection Services (U.K.), Marine Inspection LLC (U.S.), Qtech Control Limited (India), CWH Johnsons International (U.K.) Smiths Detection Group Ltd. (U.K.) and Eurofins Scientific (Luxembourg).

Cargo Inspection Market

 Market Development

  • In March 2021, Smiths Detection Group Ltd. installed a mobile high-energy inspection system HCVM XT at the NATO Support and Procurement Agency (NSPA). The site requires all external construction vehicles and other equipment to scan potential threats that enter the site such as radiological materials, explosive devices, weaponry and unauthorized surveillance or covert equipment.
  • In February 2021, TÜV SÜD was accredited for inspections and approval agency for unportable tanks by the U.S. Department of Transportation (DOT) with international regulations as ADR/RID, IMDG Code and TPED. The approval helps company in attracting more customers to it that will enhance the growth for the company.
  • In June 2019, Hitachi Transport System, Ltd., and Hitachi Automotive Systems, Ltd. concluded a share transfer agreement of 70% that is issued by the PALENET CO., LTD., a consolidated subsidiary of Hitachi Automotive Systems.
  • In February 2021, SGS SA launched a new program to win food safety culture to measure food safety levels. The new program enhanced the business portfolio delivering more income along with profit generation.

Increased Homeland Security Inspections Is Expected To Drive the Market's Growth Rate

With rising cases of contraband and terrorist activities, the demand for cargo scanner has been rising continuously in the U.S. The mission of Customs and Border Protection (CBP) is critical to the protection of America and the American people. The threat to border security and global trade posed by terrorists using a maritime container to deliver a weapon is addressed by CSI. CSI proposes a security regime to ensure that all containers posing a potential terrorist risk are identified and inspected at foreign ports before being loaded onto vessels bounded for the United States. Hence, the growing overall demand of the cargo inspection to prevent from terrorists and illegal arms is driving the growth of the global cargo inspection market.

Regional Analysis

Geographically, the countries covered in the cargo inspection market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA).

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in cargo inspection market during the forecast period

Asia-Pacific dominated the cargo inspection market due to the large population and ports and harbors for non-intrusive inspection technology segment. Asia-Pacific will continue to dominate the cargo inspection market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the rising number of trades in this region. 

North America is estimated to be the fastest-growing region in cargo inspection market

North America is expected to grow during the forecast period due to the growing sea trade for non-intrusive inspection technology segment along with large number of ports and harbors in this region. In addition to this, the rising government regulations for non-intrusive inspection technology are expected propel the market's growth rate in this region.

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