Increase in global freight trade and increase in maritime fraud
DUBLIN, June 25, 2021 / PRNewswire / – The report “Cargo Inspection Market – Forecasts from 2021 to 2026” has been added to ResearchAndMarkets.com offer.
The global cargo inspection market is expected to grow at a compound annual growth rate of 5.24% during the forecast period to reach a market size of 2,315.431 million US dollars in 2026, from US $ 1,619,444 million in 2019.
The market is expected to grow in the coming years, due to the increase in freight trade globally. In addition, the increase in cross-border trade, free trade agreements and the imperative need to protect high-quality and high-value goods and cargoes are expected to have a significant impact on the overall market growth during the period. forecast.
In addition, large companies around the world are providing advanced and innovative cargo inspection services and solutions, which is also expected to be a major factor in the overall growth of the market in the coming years.
For example, Intertek, a leading market player, provides goods inspection services and reduces and minimizes the risks of trading in goods through independent testing and inspection. The company contributes to the protection of high-quality and valuable cargo shipments and significantly minimizes the risk of exposure to loss for all parties involved.
Increase in global freight trade
The market is expected to increase in the coming years, owing to the increase and growth in the global freight trade. According to data provided by the United Nations Conference on Trade and Development, maritime transport has become an essential part of trade and the world economy.
About. 80% of world trade in volume and more than 70% of trade in value pass through the sea and the oceans and are processed and managed by ports around the world. There has been a sharp increase in the total share of developing economies in commercial imports by sea and has risen to approx. 65% in 2019. In addition, more than 40% of all cargo loaded and around 62% of all cargo is unloaded in Asian seaports. Over 11.1 billion tonnes were shipped internationally in 2019. Approx. 7.9 billion tonnes were dry cargo. In recent years, the total share of dry goods trade has also increased.
These trends are expected to have a positive development for the market during the forecast period. The increase in oil and gas trade is expected to have a positive impact on the market. According to the BP Statistical Review 2020, the total exports and imports of raw products amounted to 1241.9 million tonnes in 2019.
Due to the COVID-19 pandemic, trade slowed or fell in 2020. But, in the years to come, oil and gas trade is expected to grow at an exponential rate. In addition, increased trade in minerals and agricultural products is expected to positively impact the market during the forecast period.
Increased trade is expected to increase the need for cargo inspection, worldwide. One of the main benefits of cargo inspection is that it reduces risk. Customers and importers do not have to spend large amounts of capital and can easily avoid re-inspection. In addition, it also strengthens the confidence of the customer and the buyer in the product or merchandise in question. It also lowers and lowers costs and improves acceptance of goods, worldwide. These trends are expected to have a positive impact on the market during the forecast period.
Increase in maritime fraud
Large companies have invested significant capital to improve and expand their cargo inspection services for their respective customers. In addition, an increase in maritime fraud is also expected to have a major impact as criminals and perpetrators have developed new methods such as hacking.
Major ports around the world have adopted new and advanced solutions and technologies to enable and detect new types of fraud, such as the automation of container operations. In addition, increased competition has allowed shipowners not to exercise extra diligence and due diligence when dealing with their new business partners.
Rising fuel prices allow strong criminal designs and allow them to have an impact on the quantity consumed by ships, the quality of deliveries and the quantity of deliveries. Tampering and non-compliance are some of the common concerns with bunkers. Bills of lading forged with the intention and purpose of stealing cargo have also increased at an exponential rate in recent years. There has been an increase in demand for advanced software solutions to detect these types of frauds.
Several guard dogs had been set up in recent years to detect maritime fraud. The International Maritime Bureau is known as a specialized division of the International Chamber of Commerce, whose main task is to urge organizations, governments and other interested parties to cooperate and exchange information with each other, with the aim of combating against maritime fraud, on a global scale.
Additionally, the role of cargo inspection companies has grown at an exponential rate over the past decade as these companies and firms provide expertise and solutions to their respective organizations and governments. Some of the larger companies provide extensive training for border and customs officers around the world and enable them to use their advanced and innovative cargo inspection system and solutions.
- In May 2021, US Customs and Border Protection announced that it plans to spend approximately $ 46 million, to upgrade and develop new technology to improve rail freight inspections, at their Mexican and Canadian borders. CBP had said it would use new high-energy rail scanners, which would be used to generate high-quality images in a safer and faster manner.
- In April 2021, Leidos Holdings Inc, a major Reston-based Fortune company, announced that it had been awarded a contract worth 480 million US dollars by US Custom and Border Protection (CBP) to provide innovative and advanced multi-energy portal systems for non-intrusive inspections of respective commercial vehicles at sea or at land entry points. Under this new contract, the company would deploy, integrate and train border customs personnel in the use of its cargo and vehicle inspection system with a high energy transmission cargo inspection system and low power consumption. This development is expected to have a positive impact on the market during the forecast period.
Main 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 factors
4.2. Market constraints
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 strategic analysis
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier competitiveness matrix
9. Company profiles
- Intertek Group PLC
- Agricultural Industry Marine Inspection Group
- Bureau Veritas
- EBCO systems
- Varex Imaging
- Cargo Inspection Group
For more information on this report, visit https://www.researchandmarkets.com/r/478s9m
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SOURCE Research and Markets