Bridge Construction Market: Business Opportunities, Current Trends, Growth by Top Companies and Global Industry Analysis By 2026
A bridge is a super-structure that spans horizontally between supports. The major function of a bridge is to carry vertical loads. It provides a way over an obstacle without closing the way under the bridge. These obstacles include a valley river, a railway, or a road. The bridge design depends upon the type of bridge being constructed. It is a huge project that requires the skills related to engineering disciplines. These engineering disciplines include civil, mechanical, geology, electrical, and computer sciences; therefore, all engineering disciplines must work together for the success of the project. Most funding for bridge construction projects comes from government sources and industry performance can be tied to government spending. For example, the Government of India in 2019-2020 has allocated INR 4.56 lakh crore (US $63.20 billion) for infrastructure sector. Bridges are mainly used for transportation.
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Increase in number of vehicles on road leads to traffic, which increases the demand for bridges. According to the World Economic Forum, the number of cars are projected to reach the two billion mark globally by 2040. The global bridge construction market is expected to register strong growth due to increase in investments, government initiatives, and economic growth in developing and developed economies. The initiative like Global Infrastructure Hub initiated by G20, which works with private and public sectors globally to enhance the flow and quality of infrastructure projects. At the same time, rapid urbanization and improvements in technology, such as Geosynthetic Reinforced Soil-Integrated Bridge System (GRS-IBS) are expected to drive the growth of the bridge construction market. These improved technologies aim to reduce the time and cost involved in bridge construction and drives the market growth.
Environmental rules and regulations developed by UNEP, insufficient funds, complex loading, complex structural geometry, and unavailability of quality raw materials, such as sand are some of the factors that limit the growth of the bridge construction market. The suspension bridges are now being constructed in the sea due to unavailability of land; this in turn is expected to propel the growth of the bridge construction market. Automation in bridge construction further foster the market growth during the forecast period. Increase in usage of precast or Prestressed concrete panels for faster construction of bridges is also expected to fuel the market growth.
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The global bridge construction market segmented on the basis of type, material, construction type, and region. By type, the market is divided into beam, truss, arch, and suspension bridge. By material, it is classified into Concrete Bridge, R.C.C Bridge, Steel Bridge, Composite bridge, and others. By application, it is categorized into highway bridge, railway bridge, and others. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The developing countries in Asia-Pacific region dominated the market in 2018 in this segment because of increase in infrastructural activities.
Key players operating in this market include AECOM, China Communications Construction Company Limited, China Railway Group Ltd, Fluor, ACS Group, Kiewit Corporation, SAMSUNG C&T, VINCI, HOCHTIEF AG, and Balfour Beatty. AECOM has completed the construction of Charles W. Cullen Bridge in January 2012, at the Indian River Inlet and Pearl Harbor Memorial Bridge, or Q-Bridge in the U.S. The China Communications Construction Company Limited has completed number of bridge projects that include Chongqing Chaotianmen Yangtze River Bridge, Nanjing Third Yangtze River Bridge, and Sidu River Bridge of Shanghai-Chengdu West Expressway, which is the tallest suspension bridge of the globe.
The report offers key drivers that propel the growth in the global bridge construction market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
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Key offerings of the report:
o Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
o Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
o Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
o Regional Analysis: Thorough analysis of each region help market players devise expansion strategies and take a leap.
o Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.
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