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Highway Maintenance Market 2024 to 2033: Growth Analysis and Forecast
Highway Maintenance Market
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According to The Business Research Company's, The highway maintenance market size has grown strongly in recent years. It will grow from $7.32 billion in 2023 to $7.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.9% The growth in the historic period can be attributed to aging infrastructure, increasing vehicle traffic, government regulations and safety standards, road wear and tear, funding from infrastructure investment programs, and technological advancements in road construction and maintenance.
The highway maintenance market size is expected to see strong growth in the next few years. It will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising road accident casualties, expansion of road networks and urbanization, increased focus on sustainability and eco-friendly materials, advances in predictive maintenance technologies, growing demand for smart infrastructure, enhanced government funding, and public-private partnerships. Major trends in the forecast period include adoption of AI and machine learning for predictive maintenance, integration of smart sensors and Internet of Things for real-time monitoring, emphasis on sustainability and use of recycled materials, automated and drone-based inspection methods, and development of advanced road surface materials.
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Market Drivers and Trends:
The rising road accident casualties is expected to propel the growth of the highway maintenance market. The rising road accident casualties are often attributed to factors such as increased traffic volume, distracted driving, speeding, and inadequate road safety measures. Highway maintenance helps reduce rising road accident casualties by ensuring better road conditions, addressing hazards like potholes and cracks, and improving overall road safety infrastructure. For instance, in October 2022, according to the Govt. Wales, the executive branch of the Welsh government administrated within the United Kingdom, in 2022, there were 4,447(r) road casualties reported by police forces in Wales, an increase of 2% compared to 2021. Therefore, rising road accident casualties are driving the growth of the highway maintenance market.
Major companies operating in the highway maintenance market are focusing on artificial intelligence (AI) and machine learning for predictive maintenance, such as AI for road surface anomaly detection, to enhance real-time identification of potholes and improve road safety. AI for road surface anomaly detection uses artificial intelligence algorithms to identify and analyze irregularities in road surfaces, such as potholes and cracks, from camera images. For instance, in September 2023, Toshiba Corporation, a Japan-based electronics company, and Toshiba Digital Solutions, a Japan-based commercial services company, introduced a groundbreaking AI technology for road surface anomaly detection, specifically targeting expressway potholes. This AI utilizes weakly supervised learning to significantly streamline the training process, enabling real-time detection with high accuracy and reduced false positives. This technology allows for real-time detection and precise localization of anomalies, facilitating timely maintenance and improving road safety. These are validated through joint experiments with Nexco Central, which promises to enhance road safety and maintenance efficiency by automating and improving critical road surface issue detection.
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Major Key Players of the Market:
Vinci SA, Colas Group, Skanska AB, Jacobs Engineering Group Inc., AECOM, WSP Global Inc., Ferrovial SA, Balfour Beatty plc, Stantec Inc., Kier Group plc, Amey plc, Tarmac Limited, Costain Group plc, John Sisk & Son Limited, VolkerHighways Ltd., The Miller Group, Ringway Infrastructure Services Ltd., FM Conway Limited, BAM Nuttall, AE Yates, Dawson Road Maintenance, Markolines
Highway Maintenance Market 2024 Key Insights:
• The highway maintenance market size is expected to see strong growth in the next few years. It will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Surge In Road Accident Casualties Fuels Growth In Highway Maintenance Market
• AI Revolutionizes Highway Maintenance With Real-Time Road Surface Anomaly Detection
• Asia-Pacific was the largest region in the highway maintenance market in 2023
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