Pre-Shipment Inspection (PSI) Market Size, Share, Growth, and Industry Analysis, By Type (In-House, Outsourced), By Application (Marine Transportation, Road Transportation, Air Transportation), Regional Insights, and Forecast To 2031

Updated On: 29 April 2024

Pre-Shipment Inspection (PSI) Market Report Overview

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The global pre-shipment inspection (PSI) market size was 12960 million in 2021 and is expected to reach USD 19651.83 million by 2031, exhibiting a CAGR of 4.2% during the forecast period. 

The term "pre-shipment inspection" refers to the sort of inspection performed before to the transportation of products. These operations, such as checking items, documentation and packaging, along with quality assurance or consistency of goods, can be carried out at various stages prior to shipment. The pre-shipment process was implemented to reduce the risk of low quality and non-compliance items, minimize product recalls, and reduce costs.

Furthermore, rising urbanization, the rise of e-commerce sites, and an increase in disposable money all benefit the pre-shipment inspection business. Furthermore, the trend of outsourced inspections services to third-party vendors creates lucrative potential for market participants during the projection period.

COVID-19 Impact: Interruption in Services to Deplete Market Growth

The COVID-19 pandemic has been unprecedented and staggering, pre-shipment inspection (PSI) experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Aside from suffering among people, the COVID-19 pandemic caused disturbances in practically every aspect of life. Universities and businesses were closed or experienced significant interruptions, many vital products became scarce, and civic and social life came to a halt. Wearing masks and maintaining social distance became the norm. Half of the world's population was on lockdown in April 2020. The lockdowns provided a little respite and valuable breathing space for the ecosystem. The interruptions led in the loss of millions of jobs and the deprivation of people's ability to earn a living.

The COVID-19 pandemic disrupted the supply chain of most of the business globally. The pre-shipment (PSI) market suffered due to the pandemic. However, new advancements in technologies will boost up the market in the coming years.

LATEST TRENDS

"Increment in Consumer Expenditure to Stimulate Market Development  "

One of the primary factors supporting the growth of the market is the increase in consumer expenditure around the world. The rise in counterfeiting and piracy, as well as the use of inspection to guarantee that products meet quality, technical skills, safety, and other regulatory criteria, is increasing the commercial viability of their goods and services and accelerating the market.

The increase in product recalls around the world, as well as the use to limit the danger of acquiring low-quality items, has a further impact on the market.

Pre-Shipment Inspection (PSI) Market Segmentation

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• By Type

Based on type; the market is divided into in-house, outsourced.

In-house is the leading part of the type segment.

• By Application

Based on the application; the market is divided into marine transportation, road transportation, air transportation.

Marine transportation is the leading part of the application segment.

DRIVING FACTORS

"Minimization of Acquiring Poor Products to Aid Market Expansion "

Buyers and sellers can both lessen the risks involved with international trade by completing a pre-shipment inspection (PSI). It minimizes the likelihood of acquiring poor products for the customer, while it reduces the likelihood of conflicts or reputational damage for the vendor. Pre-shipment inspection (PSI) develops confidence and trust between trading partners by ensuring that the products fulfil the agreed-upon requirements, resulting in a more seamless and successful transaction.

"In-House Sourcing Category to Foster Industry Progress "

In 2017, the in-house sourcing category accounted for a greater percentage of the overall pre-shipment inspection (PSI) market growth.  Previously, manufacturers and organizations had to obey The Limited standards and requirements; thus, they may establish own in-house pre-shipment inspection capability.  Human/user security and environmental safety standards have expanded in recent years and have become compulsory for certain product categories.

RESTRAINING FACTORS

Long lead times for international certification exams are expected to pose a challenge to the pre-shipment inspection business between 2021 and 2028. Moreover, an expert is required to handle and maintain this pre-shipment inspection (PSI) which further impedes the market growth during the anticipated timeframe.

Pre-Shipment Inspection (PSI) Market Regional Insights

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"Consumer Electronics Industries in Asia Pacific to Support Market Advancement "

In 2017, Asia Pacific represented the highest proportion of the worldwide pre-shipment inspection (PSI) market.  China, Japan, South Korea, and Taiwan are industrially advanced countries with large export capacity.  Consumer electronics, processed foods, and agriculture are the main sectors in these countries.  These industries have an elevated need of pre-shipment inspection services (PSI), which will assist them in meeting international requirements. It is further anticipated that in the coming years Asia Pacific will account for the greatest pre-shipment Inspection (PSI) market share.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• SGS (India)
• TUV (India)
• GIQCI (Italy)
• CICC (Greece)
• Intertek (U.K.)
• QIMA (India)
• IQS Global (U.K.)
• TTS Global (U.K.)
• Astra (U.S.)
• Bureau Veritas (France)
• HQTS (U.K.)
• WTO (Switzerland)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.