Dublin, March 07, 2024 (GLOBE NEWSWIRE) -- The "Highway, Street, and Bridge Construction Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global landscape of infrastructure construction is experiencing transformative growth, as illustrated by the latest insights released in a comprehensive market research report. The focus on highway, street, and bridge construction has intensified, revealing a promising trajectory of growth bolstered by innovative technological advancements and urban mobility solutions. This report elucidates the progressive expansion within the sector, propelled by smart city initiatives and a collective shift towards sustainable development.
The highway, street, and bridge construction market is observing substantial growth driven by key factors such as urbanization, economic development strategies, and global infrastructure investments.
The market, which stood at $896.65 billion in 2023, is forecasted to burgeon to $938.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. Through the lens of this report, a refined understanding of the market dynamics unveils that this vigorous growth is set to continue, potentially reaching $1142.88 billion in 2028 with a CAGR of 5%.
Technological Advancements Fueling Market Innovations
- Innovative materials and composites in construction
- Advanced public-private partnership models
- Integration of intelligent construction equipment
- Utilization of 3D printing technologies
- Emerging sustainable transportation infrastructure financing
These trends are poised to redefine the highway, street, and bridge construction landscapes, steering the market towards robust and environmentally conscious frameworks. Entities operating in the market are accelerating efforts to incorporate such innovations to command a competitive edge within this burgeoning field.
Global Infrastructure Investment: A Catalyst for Growth
With a specific focus on the enhancement of highway transportation, infrastructure investments worldwide have demonstrated a consequential impact on the growth of the market.
According to significant data trends, there is a projected 21% increase in spending on infrastructure and transportation in 2022 compared to 2019, signifying a pivotal role in the expansion of the highway, street, and bridge construction market.
Surge in Tourism Industry Driving Infrastructure Developments
The relationship between the burgeoning tourism industry and infrastructure construction is reciprocal, fostering mutual growth and prosperity. Improved highways, streets, and bridges facilitate seamless travel experiences, thereby enhancing tourist satisfaction and boosting economic development.
Strategic Mergers and Acquisitions: Shaping the Competitive Landscape
The strategic navigation of the market through mergers and acquisitions is a significant highlight, showcased by entities like Construction Partners Inc. acquiring Good Hope Contracting Co. Actions such as these delineate a landscape marked by expansion, enhanced service delivery, and fortified market positions.
Geographical Market Insights
The Asia-Pacific region stands as the front-runner in the highway, street, and bridge construction market for 2023, encapsulating a significant share of global activities. This regional dominance is complemented by market segmentations across North America, Western Europe, Eastern Europe, South America, Middle East, and Africa.
The report further breaks down the types of construction into highways, streets, and bridges, providing granular analysis into new construction, reconstruction, and repairs, along with insights into funding sources.
Report Scope
Markets Covered:
- By Type: Highway; Street; Bridge
- By Construction Type: New Construction; Reconstruction and Repair
- By Funding: Government Funding; Private Funding
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Companies Profiled:
- China State Construction Engineering Corporation Ltd.
- China Railway Group Ltd.
- China Communications Construction Company Limited
- Vinci SA
- Bouygues SA
- Laing O'Rourke
- ACS Group S.A.
- Grupo ACS
- Samsung C&T Corporation
- Hochtief AG
- Larsen & Toubro Ltd.
- Strabag SE
- Bachtel Corporation
- Jacobs Engineering Group Inc.
- Skanska AB
- Colas Group
- Fluor Corporation
- Turner Construction
- Kiewit Corporation
- AECOM
- Balfour Beatty plc
- Ferrovial SA
- PCL Construction
- Stantec Inc.
- Tutor Perini Corporation
- Granite Construction Inc.
- Heijmans N.V.
- Flatiron Construction Corp.
- Lane Construction Corporation
- Continental Engineering Corporation
- Eurovia Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/l01c77
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