Press release
Highway Maintenance Market Size Forecasted To Achieve $10.38 Billion By 2029 With Steady Growth
Highway Maintenance Market
What Is the Highway Maintenance Market Size and Projected Growth Rate?
The highway maintenance market size will rise from $7.76 billion in 2024 to $8.24 billion in 2025 at a CAGR of 6.2%. Growth factors include aging infrastructure, rising vehicle traffic, government regulations and safety standards, road wear and tear, funding from infrastructure investment programs, and technological advancements in road construction.
The highway maintenance market size is expected to reach $10.39 billion in 2029 at a CAGR of 6.0%. Growth is attributed to rising road accident casualties, expanding road networks, increased sustainability focus, predictive maintenance advancements, smart infrastructure demand, and increased government funding. Major trends include AI and machine learning adoption, smart sensor i
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What Are the Major Segments in the Highway Maintenance Market?
The highway maintenancemarket covered in this report is segmented -
1) By Service Type: Road Surface Repair and Resurfacing, Signage And Markings, Drainage Maintenance, Other Services
2) By Contract Type: Outsourced Maintenance Contracts, In-House Maintenance Teams
3) By Highway Type: National Highway, State Highway, County Highway
Subsegments:
1) By Road Surface Repair And Resurfacing: Asphalt Patching And Resurfacing, Concrete Repair And Resurfacing, Surface Treatment
2)By Signage And Markings: Road Sign Installation And Maintenance, Pavement Marking Services, Reflective Signage Installation
3) By Drainage Maintenance: Drain Cleaning And Maintenance, Ditch And Culvert Maintenance, Stormwater Management Services
4) By Other Services: Vegetation Control, Snow And Ice Removal, Roadway Lighting Maintenance, Safety Inspections And Audits
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What Are The Driving Highway Maintenance Market Evolution?
The increasing number of road accident casualties is supporting the growth of the highway maintenance market. Factors like higher traffic, distracted driving, and poor road conditions contribute to the rise in accidents. Maintenance efforts improve road safety by addressing hazards and enhancing infrastructure. For instance, in October 2022, Govt. Wales reported 4,447(r) road casualties in 2022, a 2% increase from 2021. Therefore, rising accident casualties are strengthening the highway maintenance market.
Which Firms Dominate The Highway Maintenance Market Segments?
Major companies operating in the highway maintenance market are 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
What Trends Are Expected to Dominate the Highway Maintenance Market in the Next 5 Years?
Major companies in the highway maintenance market are adopting artificial intelligence (AI) and machine learning for predictive maintenance, specifically for road surface anomaly detection, improving real-time identification of potholes and road safety. AI algorithms analyze camera images to detect irregularities like potholes. For instance, in September 2023, Toshiba Corporation, based in Japan, introduced an AI technology for detecting expressway potholes. This system uses weakly supervised learning to streamline training, providing accurate real-time detection and localization, enhancing road safety and maintenance efficiency.
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Which Is The Largest Region In The Highway Maintenance Market?
Asia-Pacific was the largest region in the highway maintenance market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the highway maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Highway Maintenance Market?
2. What is the CAGR expected in the Highway Maintenance Market?
3. What Are the Key Innovations Transforming the Highway Maintenance Industry?
4. Which Region Is Leading the Highway Maintenance Market?
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