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Bridges Market 2024 Mega Trends, Industry Growth, Future Outlook And Forecast To 2033
Bridges Market Trends
According to The Business Research Company's, The bridges market size has grown strongly in recent years. It will grow from $118.56 billion in 2023 to $126.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to government spending, urbanization, industrialization, population growth, trade expansion.
The bridges market size is expected to see strongly grown in the next few years. It will grow to $164.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to sustainable infrastructure, smart infrastructure, resilience and adaptability, renewable energy integration, advanced materials. Major trends in the forecast period include public-private partnerships, modular and prefabricated construction, aesthetic design and landscaping, integration of ai and automation, floating bridges.
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Market Drivers and Trends:
An increase in infrastructure developments across the globe is expected to propel the growth of the bridges market. Infrastructure refers to physical and organizational structures and facilities that are needed for the operations of enterprises and society. This infrastructure consists of constructions such as buildings, roads, power supplies, and bridges and helps to promote the long-term viability of households and businesses. bridges come under hard infrastructure which makes up the physical systems that help to manage growing traffic. For instance, in February 2021, according to Financial express-news, according to the study published by the Department for Promotion of Industry and Internal Trade (DPIIT), FDI investments in construction and development infrastructure were $17.22 billion in 2020, which is expected to increase to $1.4 trillion by end of 2023. Thus, the increase in investments in the development of infrastructure will support the growth of bridges going forward.
Introducing new technologies in construction is shaping the bridges market. Major companies operating in the bridges market are focused on implementing new technologies in bridges, to build bridges better and faster and contribute to longer bridge life. New Technologies like road-rail cable-stayed are used in the construction of new bridges especially bridges constructed on rivers. Further, advanced technologies such as robots, virtual reality and augmented reality technologies are being used to construct bridges at reduced operational cost and reduce the lead time of the projects. For instance, the new under-construction arch steel bridge in Bangladesh is constructed with advanced technology in bridge maintenance and management to improve the structural performance of the bridges.
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Major Key Players of the Market:
ACS Actividades de Construcción y Servicios S.A.; AECOM Technology Corporation; Balfour Beatty plc; China Communications Construction Company Limited; China Railway Group Limited; Fluor Corporation; Hochtief Aktiengesellschaft; Kiewit Corporation; Samsung C&T Corporation; VINCI S.A.; Sanford Contractors Inc.; Precon Smith Construction Inc.; Brennan Industries Inc.; Milbocker & Sons Inc.; WSP Global Inc.; Bouygues Construction; Bechtel Corporation; Skanska AB; Larsen & Toubro Limited; Obayashi Corporation; Salini Impregilo S.p.A.; Koninklijke BAM Groep nv (Royal BAM Group); Ferrovial S.A.; JFE Engineering Corporation; T.Y. Lin International Group; The Lane Construction Corporation; COWI A/S; KBR Inc.; The Walsh Group Ltd.; HNTB Corporation; Tutor Perini Corporation; Sundt Construction Inc.; Graham Construction & Engineering LP; PCL Construction Enterprises Inc.
Bridges Market 2024 Key Insights:
• The bridges market size will grow to $164.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Rising Infrastructure Development To Drive Market Growth
• Road-Rail Cable-Stayed Driving Innovation In Bridges Market
• Asia-Pacific was the largest region in the bridges market in 2023
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