Pre-Shipment Inspection Market - Industry Statistics, Trends, Size, Growth, Share, Type, Demand and Forecast to 2025
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The solutions from the pre-shipment inspection market are used to control the quality of products to meet the standard requirements. The effective application of the system from the pre-shipment inspection market ensures risk mitigation of investing a larger chunk of money on imports.
The growing disposable income helps consumers to invest in superior quality products. This increased spending capacity has bolstered the requirements for reliable inspection methodologies in the warehouses. The motive of these advanced solutions is to ensure the availability of quality products for end-users. These have created a noticeable demand for the system from the pre-shipment inspection market.
The warehouse operators are also taking initiatives to meet the requirements of superior quality products among consumers. This growing need for quality products has generated the outsourcing requirement in the pre-shipment inspection market. Furthermore, the increasing sales of customer goods are also predicting significant growth opportunities in the pre-shipment inspection market.
The pre-shipment inspection market is also witnessing growth prospects because of the growing count of marketing campaigns. These campaigns are increasing awareness among consumers related to products and their respective brands.
The onset of a streamlined distribution channel has increased the sales of capital goods, luxury goods, and electronics from different geographical locations. It is an increasing prospect in the pre-shipment inspection market.
The product owners are coming across an increasing count of cases of faulty products. This has encouraged the owners of warehouses to adopt efficient methodologies from the pre-shipment inspection market. These systems reduce the risk of paying a larger chunk of money for the import of products and services. It results in the rising popularity of the pre-shipment inspection methods in oil and gas applications, mining, transportation, medical and health sector, and food and agriculture. These factors are predicted to create lucrative opportunities in the pre-shipment inspection market.
Pre-Shipment Inspection Market – Introduction
Pre-shipment inspection is an integral part of the supply chain management used in the quality control phase to ensure that the supply goods comply with the required standards. Effectiveness of the pre-shipment inspection systems help in mitigating the risks of spending a hefty amount on the imports.
Sales of pre-shipment inspection exceeded a value of US$ 11 Bn in 2018 and are anticipated to continue growing at a steady pace in the upcoming years. Rapid urbanization in the developing countries in parallel to the global reach of products and their increasing brand recall value is anticipated to deliver sustained growth opportunities to the pre-shipment inspection market. Shifting preferences of consumers for the superior quality of products with an increase in their spending capacity has encouraged the warehouse owners to employ reliable inspection methodologies for ensuring that only quality products reach to the end-users. This has generated a notable rise in the demand for pre-shipment inspection in the warehouses.
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Pre-Shipment Inspection Market – Notable Developments
In August 2017, DEKRA completed the acquisition of MasterTest with a strategic plan to expand its base in Portugal. According to the company, the transaction holds plan for long-term growth to establish a network across Portugal by leveraging organic growth opportunities and through acquisitions.
In August 2018, Alchemy Systems acquired Intertek Group Plc to leverage the geographical reach and expertise in QA. The transaction is based on obtaining two-ways growth benefits for accelerating the growth of the company in the international market.
ALS announced the acquisition of Mav-Tech Inc. and Maverick Testing Laboratories, Inc. to expand the service line of the business in North America.
Some of the most prominent competitors operating in the competitive landscape of global pre-shipment inspection market include –
DNV GL AS
TUV Nord Group
Intertek Group Plc
Cotecna Inspection SA
CIS Commodity Inspection Services
Asia Quality Focus
AIM Control Group
The company was incorporated in 1907 and is based in Barcelona. Applus+ touts its extensive skill set for the development of technical solutions for amplifying the competitiveness of the product, foster innovation, and support the end-to-end product development process. The company received an award for Energy and Industry Division in Spain by UNDP.
TÜV Nord Group
TÜV Nord Group was established in 1869 and is headquartered at Hanover. The company acquired DMT GmbH & Co. KG, Verebus Engineering BV, Alter Technology Group, and RAG Bildung GmbH. The company works with a purpose to offer the networked world to its customers. It offers excellent technology and security services to address the crucial issues of the world.
AsiaInspection was founded in 2005 and is based in Hong Kong. The company has around 20 offices and functions in over 85 countries. The company recently modified its name to QIMA to ensure its geographical coverage. It is a leading QA and compliance provider performing Product Inspections, Supplier Audit Programs, and Lab Testing.
Pre-Shipment Inspection Market – Dynamics
Demand from Consumer Goods to Uphold the Growth of the Pre-Shipment Inspection Market
There has been an increase in the demand for premium quality goods on account of a rise in the disposable income of the consumers. As a result, the warehouse operators have been making conscious efforts to ensure that the required quality of goods reaches to the customers. This has generated a demand for outsourcing pre-shipment inspection services with the growing sales of consumer goods, which is predicted to hold significant growth prospects for the pre-shipment inspection market in the upcoming years.
Rise in the Import and Export Activities to Bolster the Growth of the Pre-Shipment Inspection Market
With the rise in the marketing campaigns, there has been an increase in the awareness pertaining to the product and its brand. Advent of streamlined distribution channel has fortified the sales prospects of electronics, luxury goods, and capital goods from another geographical location. Increasing incidences of faulty products have encouraged the warehouse owners to adopt effective pre-shipment inspection methodologies to offset the risk of paying heavy import cost. As a result, the popularity of the systems is on a surge for food and agriculture, medical and health sector, transportation, mining, and oil and gas applications, which is predicted to bode well for growth of the pre-shipment inspection market.
Pre-Shipment Inspection Market – Segmentation
The pre-shipment inspection market can be classified on the basis of:
Pre-Shipment Inspection Market Segmentation – By EXIM
Based on the EXIM, the pre-shipment inspection market can be fragmented into:
Pre-Shipment Inspection Market Segmentation – By Sourcing Type
On the basis of the sourcing type, the pre-shipment inspection market can be bifurcated into:
Pre-Shipment Inspection Market Segmentation – By Application
Depending on the application, the pre-shipment inspection market can be segmented into:
Medical Devices and Life Sciences
Oil, Gas and Petroleum
Construction and Infrastructure
Industrial and Manufacturing
Consumer Goods and Retail
Agriculture and Food
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