Portland, OR, Oct. 21, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bridge construction market garnered $908.0 billion in 2019, and is estimated to reach $1,212.6 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in need for bridges due to increasing road traffic in urban areas drives the growth of the global bridge construction market. However, unavailability of raw materials such as sand and complex structural geometry & loading restrain the market growth. Furthermore, growing adoption of automation in bridge construction is expected to provide new growth opportunities for market players in the near future.
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Covid-19 scenario:
- Bridge construction activities across the globe have been slowed down or halted due to disrupted supply of raw materials such as sand and cement with restrictions on logistic mobility amid the lockdown due to Covid-19 pandemic.
- According to the UNIDO (United Nations Industrial Development Organization), the construction sector across the developing economies has been affected worst during Covid-19 pandemic as 30-70% of pre-Covid-19 workforce have migrated back to their hometowns due to uncertainties and loss of income during the lockdown.
- In addition, the construction activities of the bridges have been stopped to avoid social gathering and curb the spread of coronavirus.
The report offers a detailed segmentation of the global bridge construction market based on type, material, application, and region.
Based on type, the beam bridge segment contributed to the largest share in 2019, accounting for more than one-third of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is estimated to portray the highest CAGR of 5.6% during the forecast period. The report also discusses segments such as arch bridge, truss bridge, suspension bridge, cable-stayed bridge, and others.
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Based on material, the concrete segment accounted for the largest share in 2019, holding more nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the steel segment is expected to register the highest CAGR of 5.3% from 2020 to 2027.
Based on region, Asia-Pacific contributed the highest share, accounting for more than half of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, it is expected to grow at the highest CAGR of 5.3% from 2020 to 2027. The report also analyzes segments including North America, LAMEA, and Europe.
Leading market players analyzed in the research include AECOM, ACS Group, China Communications Construction Company Limited, Balfour Beatty, Fluor, China Railway Group Ltd., Kiewit Corporation, Hochtief AG, Vinci, and Samsung C&T.
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