New York, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Surety Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2027 - by Bond Type (Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, and Court Surety Bond)," The surety market size was valued at US$ 16.07 billion in 2019 and is projected to reach US$ 25.18 billion by 2027; it is expected to grow at a CAGR of 6.4%from 2020 to 2027.
Download Sample PDF Brochure of Surety Market Size - COVID-19 Impact and Global Analysis with Strategic Insights at: https://www.theinsightpartners.com/sample/TIPRE00002849/
Global Surety Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 16.07 Billion in 2019 |
| Market Size Value by | USD 25.18 Billion by 2027 |
| Growth rate | CAGR of 6.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 134 |
| No. of Tables | 29 |
| No. of Charts & Figures | 58 |
| Historical data available | Yes |
| Segments covered | Bond Type , and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | CRUM & FORSTER, CAN Financial Corporation, American Financial Group, Inc., The Travellers Indemnity Company, Liberty Mutual Insurance Company, The Hartford, HCC Insurance Holdings, Inc., CHUBB, AmTrust Financial Services, IFIC Security Group |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Surety Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00002849/ |
Global Surety Market: Competitive Landscape
AmTrust Financial Services, Inc.; Crum & Forster; CNA Financial Corporation; American Financial Group, Inc.; The Travelers Indemnity Company; Liberty Mutual Insurance Company; Hartford Financial Services Group, Inc.; HCC Insurance Holdings; IFIC Surety Group; and Chubb Limited among others.
Surety Bonds are obtained by principal parties to protect third parties from a failure to meet contractual obligations. There are four main types of bonds that serve the different purpose namely: contract surety bond, commercial surety bond, fidelity surety bond, and court surety bond. The most common surety bonds are the commercial and contract surety bond and serve the purpose of protecting the public and private interests. The court and fidelity surety bonds protect against the litigation and theft. Surety bonds of all types cost a premium based on the performance of the business and credit score of the business owner which is between 1-15% of the bond value.
Inquiry Before Purchase: https://www.theinsightpartners.com/inquiry/TIPRE00002849/
Contract surety bonds protects the owners in case a contractor backs out after winning a bid, after the contractor wins a bid and accepts to work on the project bid bond is replaced by a performance bond. The performance surety bond protects the owner, if the work done by the contractor is not according to the terms in the contract. The payment bond ensures that the winning contractor has the financial means to compensate suppliers, laborers, and subcontractors. The contract bond captures a significant share of the surety bond market and is growing continuously due to rapid increase in construction activities in various regions like APAC, Europe, and MEA. The contract surety bonds are replacing other guarantee methods like bank guarantees and pay on demand services.
The global surety market by geography is segmented into five regions including North America, Europe, Asia Pacific, Middle East & Africa and South America. Market is currently dominated by North America followed by Europe however, the market in South America is growing at a highest CAGR.
Speak to Research Expert: https://www.theinsightpartners.com/speak-to-analyst/TIPRE00002849
Impact of COVID-19 Pandemic on Global Surety Market Growth:
The construction industry across the world was witnessing significant growth prior to the emergence of COVID-19 in late 2019. The outbreak of COVID-19 has led the construction industry players to temporarily call off their respective projects. Due to unprecedented impact of COVID-19 and uncertainty in economic conditions of developedand developing countries, the construction industry is expected to witness a slower growth till 2021. Attributing to the fact that surety market is heavily driven by construction industry, a slowdown in the growth of construction industry is reflecting downfall in surety market globally.
On the basis of bond type, contract surety bond is the leading segment of the global surety market. In the construction industry, contract surety bond is highly used particularly for public construction projects. Contract Surety Bond is also known as contractor bond; contract bond is a type of surety bond that is used by the investors and developers in the construction business, as a guarantee that the terms and condition of the contract will be fulfilled. The contract bond protects against the losses incurred due to the contractor’s failure to complete the project or meet the contract specification. Surety providers evaluate the principal builder’s financial merits and charge a premium in accordance with the likeness of occurrence of an adverse event.
Quickly Purchase Premium Copy of Surety Market Growth Report (2020-2027) at: https://www.theinsightpartners.com/buy/TIPRE00002849/
The overall surety market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the surety market. It also provides the overview and forecast for the global surety market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts, and key opinion leaders specializing in the Surety industry.
The surety market penetration rates in North America region is higher than any other markets across the globe. This is attributed to most of U.S. State governments’ laws that mandate surety bonds. Both the U.S. and Canada Surety markets are ruled by insurers, and banks play only a minor role.
Majority of the countries have not witnessed significant increase in the number of global surety players entering in their market in the recent past. However, Europe, on the other hand, has noticed a slight expansion of global players’ entering markets to fulfil the demand. In other regions, increasing competition and pressure from global players is not equivalently visible. In certain countries such as Japan and some SAM countries, the global players have minimal or no access to the market. While in countries such as Chile and Ecuador, the global players have entered the market by acquiring local players instead of establishing their own presence.
Go through further research published by The Insight Partners:
Wind Turbine Forging Market– The wind turbine forging market is expected to grow from US$ 7,286.13 million in 2022 to US$ 11,154.14 million by 2028; it is estimated to grow at a CAGR of 7.4% from 2022 to 2028.
Mobile Water Treatment Market – The mobile water treatment market is expected to grow from US$ 2,448.31 million in 2022; it is expected to grow at a CAGR of 10.5% from 2022 to 2028.
Seam Welding Machine Market– The seam welding machine market was valued US$ 1,142.87 million in 2022, it is estimated to grow at a CAGR of 4.0% from 2022 to 2028.
Driving Training Simulator Market– The global driving training simulator market was valued US$ 1,950.00 million in 2021; It is estimated to grow at a CAGR of 4.6% from 2022 to 2028.
Loading Spout Market– The global loading spout market is valued US$ 308.73 million in 2022; it is expected to grow at a CAGR of 6.2% from 2022 to 2028.
Air Purification Market– The air purification market is expected to grow from US$ 23,809.52 million in 2021 to US$ 73437.36 million by 2028. It is estimated to grow at a CAGR of 17.7% from 2021 to 2028.
Robotic Welding Cell Market– The robotic welding cell market share is expected to grow from US$ 1,240.18 million in 2022 to US$ 1,919.62 million by 2028. It is estimated to grow at a CAGR of 7.6% from 2022 to 2028.
Automotive Transceivers Market– The automotive transceivers market is expected to grow from US$ 6,340.11 million in 2022 to US$ 9,383.65 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2022 to 2028.
Band Saw Blades Market– The band saw blades market was valued at US$ 1,162.48 million in 2022 and is expected to reach US$ 1,347.80 million by 2028; it is estimated to grow at a CAGR of 2.5% from 2022 to 2028.
Cold Forming and Cold Heading Market– The cold forming and cold heading market are expected to grow from US$ 19,510.15 million in 2022 to US$ 27,332.39 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2022 to 2028.
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/surety-market
