NEWARK, Del, Aug. 01, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the bridge bearing market is expected to experience growth and flexibility from 2024 to 2034, with an estimated value of USD 1,242.87 Million by 2034, up from USD 777.7 Million in 2024, registering a 4.80% CAGR.
Bridge bearings are crucial structural components that transfer loads from the bridge superstructure to the bearing support elements, ensuring the bridge's structural integrity. There are various types of bridge bearings, including elastomeric, pot, and rocker bearings. The market is driven by the need for reliable transportation infrastructure, bridge maintenance, and smart infrastructure solutions. Challenges include high costs, installation and maintenance difficulties, and the risk of failure and collapse.
Steel is a popular and durable material in construction, particularly in bridges, highways, and infrastructure projects. The demand for steel bridge bearings is increasing, with stainless steel being preferred due to its increased corrosion resistance and excellent load and speed ratings. Elastomeric bearings are cost-effective and require minimal maintenance, leading to increased market demand.
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Urbanization necessitates improved transportation infrastructure, including bridges. Bridge bearings transfer loads, contributing to socioeconomic advancement. However, intense competition can lead to price wars, limiting innovation and market growth.
Asia Pacific offers cost advantages compared to Europe and North America, attracting bridge bearing manufacturers to develop their products in these countries. Europe's governments are capitalizing on new projects to boost the economy and create jobs, while North America is experiencing technological advancements driving market growth.
Key Takeaways from the Bridge Bearing Market:
- The bridge bearing market is on track to experience significant growth, with the United Kingdom experiencing a CAGR of 3.40%.
- Germany's bridge bearing industry is set to undergo a 4.10% CAGR amid an infrastructure boom.
- China's bridge bearing industry growth represents a significant advancement in bridging progress and is predicted to exhibit a CAGR of 5.20%.
- Canada's bridge bearing industry is set to witness moderate growth with a 5.10% CAGR, driven by economic recovery and construction activities.
- India's thriving bridge-bearing industry is en route to experiencing modest growth, with a predicted CAGR of 6.70%.
“The construction industry has seen significant investments, with an estimated $3 trillion spent in FY2017. Expanding construction investments by PPPs and regional governments are expected to boost transport infrastructure growth and bridge bearing trade. Economic conditions in developing and developed countries contribute to sustained growth.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Bridge Bearings Market - Category-wise Analysis
Which Material is the Most Preferred?
According to FMI, demand for steel bridge bearings will continue to hold major sway across the forecast period. Amongst all grades, preference for stainless steel will remain elevated, attributed to their increased corrosion resistance and excellent load and speed ratings. Moreover, the need for more durable bridges renders steel the primary choice.
However, in recent years, advancements in the construction industry have prompted companies to adopt more lightweight and flexible construction material, paving way for enhanced usage of rubber and combined bridge bearings. Materials such as elastic polymers are also being incorporated, as governments look to curtain maintenance costs associated with steel and other metal related bearings.
Which Bridge Bearing Design Type is Highly Sought After?
The bridge bearings market has been further divided based on design into elastomeric, pot, sliding plate, roller, spherical, disc, and other types of bridge bearings. The elastomeric bridge bearing segment is expected to develop rapidly in the global bridge bearings market.
The category is predicted to maintain its value share dominance and to account for 32.0% of the overall global incremental $ potential. The primary reasons for the expansion of the elastomeric bridge bearing sector are the low cost associated with the installation of elastomeric bridge bearings and greater performance against seismic stresses.
Competitive Landscape of Bridge Bearing Market:
Notable examples of players in this market include the joint efforts of Freyssinet Spain, Acciona, and Tecade to repair and enhance Seville's El Centenario Bridge, demonstrating the power of collaboration in preserving vital infrastructure. Additionally, SKF's bearings played a crucial role in the construction of Turkey's world's longest suspension bridge, ensuring their suitability and success in this significant infrastructure project.
The market report examines established and emerging market players, providing extensive lists of their products and categorized offerings. The analysts have meticulously documented market entry for each player, contributing to a more insightful analysis.
Leading Companies Engaged in the Bridge Bearing Market:
- Canam Group Inc.
Canam Group Inc. is a well-known fabricator of steel components. They have been providing exceptional services to clients for over half a century. Canam's mission is to pursue a better customer experience, and they have a set of core values that include integrity, total client satisfaction, excellent relations with personnel and business partners, and delivering non-negotiable first-quality products. They offer a wide range of construction products and services, such as buildings, steel structures, bridges, and other construction-related solutions. Canam has received various honors and awards for their projects and contributions.
- Trelleborg AB
Trelleborg AB is a world leader in engineered polymer solutions that seal, damp, and protect critical applications in demanding environments. Their innovative solutions accelerate performance for customers in a sustainable way. Trelleborg operates in 40 countries and has 15,646 employees. They play a vital role in modern-day society by ensuring machines, tools, and accessories function optimally, using polymers such as natural rubber, synthetic rubber, and other specialized materials. The company operates through three business areas: Trelleborg Industrial Solutions, Trelleborg Sealing Solutions, and Trelleborg Wheel Systems.
- Ekspan Limited
Ekspan Limited is a holding company that provides movement control products and services for bridges and other infrastructure projects. Their subsidiaries specialize in designing, manufacturing, and installing bridge bearings and expansion joints. Ekspan is the preeminent bearing manufacturer in the United Kingdom, delivering end-to-end solutions with in-house design and precision manufacturing of mechanical and structural bearings. Their clientele primarily resides in the United Kingdom. Overall, Ekspan is an expert in movement control products and services, and they have a strong reputation for providing high-quality solutions to their clients.
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Key Players in Bridge Bearing Industry:
- Canam Group Inc.
- Trelleborg AB
- Ekspan Limited
- Epic Polymer Systems Corp.
- Freyssinet Limited
- Granor Rubber & Engineering Pty. Limited
- Gumba GmbH & Co. KG
- KantaFlex (India) Private Limited
- Mageba SA
- Metal Engineering & Treatment Co. Pvt. Ltd.
- RJ Watson, Inc.
- Structural Rubber Products
- Cosmec Inc.
- Voss Engineering, Inc.
- Zaoqiang Dacheng Rubber Co., Ltd.
Bridge Bearing Segmentation Analysis:
By Material Type:
- Steel Bridge Bearings
- Rubber and Combined Bridge Bearings
By Design Type:
- Elastomeric Bridge Bearings
- Pot Bridge Bearings
- Sliding Plate Bridge Bearings
- Roller Bridge Bearings
- Spherical Bridge Bearings
- Disc Bridge Bearings
- Other Bridge Bearings
By Region:
- North America
- Latin America
- Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Industrial Automation Domain at Future Market Insights:
The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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