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Transportation Infrastructure Construction Market Report - Industry size, share, growth trends, key players, demand outlook, and forecast analysis 2033
Transportation Infrastructure Construction Market
According to The Business Research Company's, The transportation infrastructure construction market size has grown steadily in recent years. It will grow from $3,240.16 billion in 2023 to $3,398.27 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to population growth, urbanization, aging infrastructure, government investment, technological advancements, and environmental regulations.
The transportation infrastructure construction market size is expected to see strong growth in the next few years. It will grow to $4,180.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to smart transportation systems, renewable energy integration, climate change adaptation, public-private partnerships (PPPs), and digitalization and automation. Major trends in the forecast period include sustainable infrastructure, multimodal transportation hubs, resilient infrastructure, data-driven decision-making, and modular construction.
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Market Drivers and Trends:
The growing tourism industry is expected to propel the growth of the transportation infrastructure construction market going forward. The tourism industry encompasses the activities, services, and infrastructure facilitating travel and leisure experiences for individuals visiting destinations outside their usual environment. The tourism industry is growing due to increased disposable income, more accessible access to travel, and a desire for cultural exploration and leisure experiences. Tourism destinations often require well-developed road networks to provide access to attractions, accommodations, and amenities. Governments and transportation authorities invest in constructing and improving roads and highways to support tourism activities, enhance connectivity between destinations, and promote economic development in tourist areas. For instance, in March 2024, according to the Office for National Statistics, a UK-based producer of official statistics, in June 2022, there were 3.0 million visits to the UK by international travelers, a rise from 2.8 million visits recorded in May 2022. Therefore, the growing tourism industry is expected to drive the growth of the transportation infrastructure construction market.
Major companies operating in the transportation infrastructure construction market are adopting strategic partnerships to enhance project execution and foster innovation. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in September 2023, Ferrovial, a Finland-based company specializing in construction and maintenance services for electrical technical services, partnered with Georgia Institute of Technology, a Georgia-based research university and institute of technology. With this partnership, Ferrovial aims to develop advanced innovation in transport infrastructure. The partnership will allow for joint research activities, provide new educational and development opportunities for students, and enable Ferrovial to create a more sustainable future for mobility.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
China Communications Construction Company, Vinci SA, CK Hutchison Holdings, CRH plc, Hochtief AG, Bechtel Corporation, Colas Group, Fluor Corporation, Bouygues Construction SA, Larsen & Toubro Limited, AECOM, Kiewit Corporation, Balfour Beatty plc, Laing O'Rourke, Jacobs Engineering Group Inc., TATA Projects, KEC International Limited, Hindustan Construction Company Limited, Globalvia Inversiones S.A., Megha Engineering & Infrastructures Limited, ACS Group of Companies LLC, Beijing Urban Construction Group, Eagle Infra India Ltd, IRB Infrastructure Developers Ltd
Transportation Infrastructure Construction Market 2024 Key Insights:
• The transportation infrastructure construction market size is expected to see strong growth in the next few years. It will grow to $4,180.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Tourism Industry Growth Fuels Demand For Transportation Infrastructure Construction
• Strategic Partnerships In Transportation Infrastructure Construction Driving Innovation And Collaboration
• Asia Pacific was the largest region in the transportation infrastructure construction market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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