Rockville, MD , Dec. 19, 2024 (GLOBE NEWSWIRE) -- The global Bridge Bearings Market is set for significant growth, projected to reach a valuation of US$ 777.7 million in 2024, according to a comprehensive study by Fact.MR. Over the forecast period of 2024 to 2034, the market expected to grow at a steady CAGR of 4.8%, driven by rising investments in road infrastructure and advancements in paving technology.
Bearings for bridges are an important part of construction, as they help in load transfer of the superstructure to the substructure and at the same time allow for movement due to geothermic expansion, being subjected to earthquake or traffic loads. These devices are vital in ensuring the durability, safety, and functionality of bridges as they reduce adverse forces and enable controlled displacement of structural components.
The increasing orientation towards infrastructural development, majorly in developing economies, is a strong driver for the demand of bridge bearings. During the next decade, the market is likely to grow 1.6 times and thereby yield an incremental dollar opportunity of US$ 465.2 million from 2024 to 2034.
The primary drivers of this growth stem from ongoing bridge construction and rehabilitation projects, development of more advanced bearing systems, and the emergence of environmentally sustainable options in structural engineering.
The bridge bearings market is set to benefit from the rising demand for reliable and high-performance structural components due to steadily growing investments in global infrastructure. Consistently increasing infrastructure investments worldwide expected to drive the need for dependable and high-performance bridge support systems, thus propelling the growth of the bridge bearings market.
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Factors Contributing to Market Growth:
This has led to more investments being laid out for bridge maintenance, thereby creating new opportunities for the bridge bearings market. For Instance, China plans to extend its high-speed rail network to as long as 70,000 kilometers by 2035. The developing nations are the major growth promoters in the bridge bearing market, owing to expansions in infrastructure transportation. For instance, under the National Infrastructure Pipeline in India, a proposed allocation of approximately US$ 1.4 trillion was there from 2019 to 2025, which is expected to drive up demand for the bridge bearing system considerably.
Key Takeaways from Market Study:
- The global bridge bearings market is projected to grow at 4.8% CAGR and reach US$ 1,242.9 million by 2034
- The market created an opportunity of US$ 465.2 million growing at a CAGR of 4.8% between 2019 to 2024
- East Asia is a prominent region that is estimated to hold a market share of 36.3% in 2034
- Predominating market players include Freyssinet, Mageba SA and Canam Group Inc among others.
- Elastomeric bearing by design are estimated to grow at a CAGR of 5.4% creating an absolute $ opportunity of US$ 228.2 million between 2024 and 2034
“Strategic investments in sustainable bearing technologies and innovations, such as enhanced durability and seismic resistance, will be critical for establishing a competitive advantage in the bridge bearings market. As infrastructure development expands worldwide, adopting eco-conscious materials and advanced engineering solutions will strengthen market presence and address increasingly stringent structural standards," says a Fact.MR analyst.”
Leading Players Driving Innovation in the Bridge Bearings Market:
Ameenji Rubber Pvt Ltd; Canam Group Inc.; Ekspan Limited; Freyssinet Limited; Granor Rubber & Engineering Pty. Limited; Gumba GmbH & Co. KG; KantaFlex (India) Private Limited; Lubrite Technologies; Mageba SA; RJ Watson, Inc.; Seismoflex Private Ltd; Structural Rubber Products; Trelleborg Marine and Infrastructure; Voss Engineering, Inc.; Zaoqiang Dacheng Rubber Co., Ltd.; Other Prominent Players
Market Development:
The bridge bearings market is witnessing a concerted effort towards developing efficient, versatile, and application-specific designs to cater to the evolving needs of construction industries.
The key players in the market are seen to actively invest in research and development activities, collaborate with industry partners, and also venture into new market opportunities.
Bridge Bearings Industry News:
- In 2024, Canam Group finalised the acquisition of Tensio, a Can-Explore firm, expanding its footprint in the bridge bearing industry. Tensio's powerful real-time monitoring system and intelligent building structure sensors round out Canam's product offering. This strategic step enhances Canam's commitment to provide innovative structural monitoring systems while also expanding its market reach in North America's construction industry.
- In 2023, R.J. Watson, Inc. was honoured to supply 110 high-load multi-rotational bearings for the Gordie Howe International Bridge's U.S approaches. The structural load for the 2.5-kilometer bridge is carried by bearings with load capacities ranging from 439,000 lbs. to 1,195,000 lbs.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global Bridge Bearings market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the By Material (Steel & Rubber Combined), By Design (Elastomeric Bearing, Pot Bearing, Sliding Plate Bearing, Roller Bearing, Spherical Bearing, Disc Bearing, Others), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, Middle East & Africa).
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