New York, United States, Feb. 13, 2024 (GLOBE NEWSWIRE) -- A bridge is a building designed to cross a physical barrier and allow access over it. Beam bridges, truss bridges, arch bridges, suspension bridges, cable-stayed bridges, and others are among the different types of bridges. A pier or an abutment supports the bridge's ends on each side. It is the most fundamental type of bridge span structural form, made of steel, concrete, or a combination of the two. Its structure is made up of beams that are built next to one another, supporting a deck in the middle and a deck at the top. The main beams include I-beams, H-beams, box girders, and trusses. The expansion of the construction sector and the rise in vehicle production are two factors that are fueling the market's expansion. In addition, it is predicted that by 2050, there will be a rise in the number of cities, which will increase the need for bridge construction in the coming years.
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Surging Investments in Transport Infrastructure Drives the Market
According to Straits Research, “The global bridge construction market size was valued at USD 1035.28 billion in 2022. It is projected to reach USD 1534.55 billion by 2031, growing at a CAGR of 4.47% during the forecast period (2023-2031).” The demand for new transportation infrastructure is rising as a result of growing government initiatives to build out and improve existing transportation infrastructures like roads, highways, bridges, railway stations, and airports. These initiatives include Saudi Arabia's and Latin America's efforts to upgrade their airport facilities, as well as the Indian government's extortionate investments in the construction of new roads and highways. Border Roads Organisation (BRO) built 24 bridges in Ladakh, in four states, and in two union territories in 2021 to ensure the quick movement of troops at the borders with China and Pakistan. It is anticipated that this will give the market profitable growth opportunities. The development of transportation infrastructure is the subject of numerous government initiatives. One of the main forces is economic growth. The demand for barrier systems in transport infrastructure projects across various industries is rising concurrently as a result of large-scale foreign investments brought on by the strengthening economies of developing nations like India, Indonesia, and others. For instance, India announced plans in December 2019 to invest US$1.39 trillion over the following five years in infrastructure development projects.
Rising Public-Private Partnerships for Bridge Infrastructure give an Opportunity for Exponential Growth
A public-private partnership is a cooperative effort between the government and corporations in the private sector to develop public infrastructure systems. In this kind of partnership, a private company oversees the project and offers technical and operational expertise to government projects. The country can improve the effectiveness and sustainability of public services thanks to its strong combination of public and private capital. After the global economy slowed, developing countries strengthened PPPs to increase infrastructure spending and keep the growth momentum going. For instance, the UAE's government used its public-private partnership (PPP) model to announce a $2.7 billion tender in February 2019 for infrastructure projects. The infrastructure projects cover building roads, bridges, and other homes and businesses. During the National Highways Development Project, PPP models gained popularity in India, with BOT (both toll and annuity model) projects making the biggest contributions. However, more is still required. Innovative PPP models have raised the private sector's interest in roads and highways. The NHAI needs to raise Rs 1.4 lakh crore through PPPs over the fiscal years 2018–2022, which is a significant amount of money to even begin to approach the ambitious goal set for the Bharatmala Pariyojana. To attract such sizeable investments, the government may consider removing obstacles through reforms and encouraging private sector involvement.
Regional Analysis
Asia Pacific bridge construction industry share is expected to grow at a CAGR of 5.15% during the forecast period. Due to an increase in projects for the construction of roads and highways, the market for bridge construction is growing in the developing region of Asia-Pacific. In the Asia-Pacific region, which has a dense population overall, India and China are the two most populous countries. Market expansion in developing nations like China and India is anticipated to be supported by an increasing need for new road and highway construction. For instance, in October 2018, India announced plans to build a four-lane bridge over the Brahmaputra River in Assam state. By 2026, construction is anticipated to be complete. Population expansion, rapid urbanization, and robust economic growth are the driving forces behind the region's transportation infrastructure and construction sector. China is also expected to increase its annual expenditures on transportation infrastructure through 2030. More roads and highways are expected to be built as a result of the country's quick urbanization, industrialization, and population growth. For instance, China built a bridge in October 2019 to cross the Heilongjiang River and connect its highway to the Russian city of Blagoveshchensk in an effort to strengthen trade ties with that country.
Europe is expected to witness dynamic growth in the bridge construction market, with a CAGR of 3.4% during the forecast period. The transport infrastructure sector has seen a slight uptick since 2014, as has the European construction market as a whole. About 1.8% of the GDP in the European Union was spent on infrastructure investments. It is anticipated that during the forecast period, spending on constructing roads and highways in Eastern Europe will rise, and the region's road systems will get better. Eastern European nations like Bulgaria, Romania, and Slovakia are anticipated to grow significantly as a result of rising infrastructure construction spending, which will positively impact the construction of new bridges. Furthermore, it is anticipated that Western Europe's overall transportation construction expenditure will rise at a significant rate due to an increase in the construction of stadiums, hotels, and retail buildings, which accelerates the region's market growth. The main engine of market expansion is the growth of Europe's road and highway infrastructure sector. Additionally, it is anticipated that a rise in the trend of renovating old bridges will encourage market expansion soon. For instance, the Italian government rebuilt the Morandi Bridge in April 2020 after it collapsed in 2018. Many companies are working on building bridges as a way to expand through strategic partnership agreements.
Key Highlights
- Based on type, the global bridge construction market is bifurcated into beam bridges, truss bridges, suspension bridges, cable-stayed bridges, arch bridges, and others. The beam bridge segment is the highest contributor to the market and is expected to grow at a CAGR of 5.45% during the forecast period.
- Based on material, the global bridge construction market is bifurcated into steel, concrete, and composite material. The concrete segment is the highest contributor to the market and is expected to grow at a CAGR of 4.27% during the forecast period.
- Based on application, the global bridge construction market is bifurcated into roads & highways and railways. The roads & highway segment is the highest contributor to the market and is expected to grow at a CAGR of 5.0% during the forecast period.
- Asia Pacific region is the highest contributor to the market and is expected to grow at a CAGR of 5.15% during the forecast period.
Competitive Analysis:
The global bridge construction market's major key players are ACS Group, China Communications Construction Company Limited, AECOM, Balfour Beatty, Kiewit Corporation, SAMSUNG C&T, China Railway Group Ltd, Fluor, HOCHTIEF AG, and VINCI.
Market News:
- In September 2022, VINCI to construct the foundations of several property developments in Hong Kong worth EUR 80 million.
- In March 2022, Kiewit Corporation to build a USD 1.2 billion Gemini solar plus storage project in the Nevada region of the USA.
Global Bridge Construction Market: Segmentation
By Type
- Beam Bridge
- Truss Bridge
- Arch Bridge
- Suspension Bridge
- Cable-Stayed Bridge
By Material
- Steel
- Concrete
- Composite Material
By Application
- Roads & Highway
- Railway
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/bridge-construction-market/segmentation
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