Covid-19 Impact & Market Status
Due to travel prohibitions and business closures, the COVID-19 has had a negative impact on economies and businesses in a number of countries. The closure of various plants and factories has had a severe influence on global supply chains, negatively affecting manufacturing, delivery schedules, and product sales in the worldwide market. Most sectors, with the exception of medical supplies and life support items, had been severely hit, and bridge construction market had also been severely impacted and the growth of the market was hampered due to the reduced demand for bridge construction during this period as everything came to a standstill.
The global Bridge Construction market is expected to develop US$ 6,836.8 million by 2032, at a compound annual increase in price (CAGR) of 3 % throughout the forecast period.
Beam Bridges in High Demand
Beam Bridge, Truss Bridge, Arch Bridge and others are some of the different types of bridges available in the bridge construction market. Beam bridges currently have earned the highest revenue share in the market and are predicted to continue in the same way during the analysis period. Simple beam or cantilever structures composed of metal truss or pre-stressed concrete sections make up beam bridges. The horizontally self-supporting single beam bridge transfers weights upwards via pillars or abutments.
Road & Highway segment to earn Highest Revenue
Road & Highway, Railway are the applications for the bridge construction market. The Road & Highway segment currently earns the highest revenue share in the market, and it is predicted to continue to rise during the analysis period. Bridges have always been widely used to connect crossroads and provide access to various sections of the land. It's built to withstand heavy rolling loads of up to 0.8 meganewtons, as well as crowds and other factors. Metal, reinforced concrete, and wood are used to construct highway bridges.
Asia-Pacific expected to Dominate
During the forecast period, Asia Pacific is expected to have significant expansion in the bridge construction market due to the growing urbanisation in those regions which leads to the expansion of rail networks around the world, which drives market growth directly. In addition, the region's marketplace expansion is fuelled by the industrialization of transportation and the improvement of railway bridges, as well as significant immigration, new technologies, and high investments.
North America also earns a significant revenue share in the bridge construction market, and it is predicted to rise rapidly during the analysis period due to the high spending power and the strong demand for bridges to reduce traffic congestion in those regions.
Furthermore, the market's expansion is aided by the new technological developments and the need for connecting important places which could improve the economy and make people’s lives easier.
A bridge is a structure that spans two areas of land, allowing people and vehicles to travel from one side to the other. From ancient times to present times, bridges have been utilised widely to crossroads, valleys, and rivers, enabling access to various regions of the land. Bridge construction is a crucial component of both physics and civil engineering. Furthermore, whether the load-bearing shape is concave, convex, or flat, the essential notions of bridge building or design are dependent on it. Bridge construction is distinguished by large projects that require the application of skills from a variety of engineering disciplines, including mechanical, electrical, civil, geology, and computer sciences.
The bridge construction market is predicted to grow form USD 857.7 billion to about USD 1387.8 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 5 percent during the forecast period 2022-2029.
The key factors driving market expansion are rising road traffic and an increasing number of automobiles. Aside from that, the growing demand for railway bridges is being fuelled by the growth of railway networks and the increased focus on public-private partnerships for transportation infrastructure development. Moreover, some beneficial measures performed by various governments and non-governmental organisations are favourably influencing market growth. Furthermore, with recent technological breakthroughs, the main players are focused on the development of innovative equipment and systems to aid in the construction of faster and more cost-effective bridges. Some of the obstacles that hinder the market's growth include UNEP-developed environmental norms and regulations, a lack of funding, complex loading, complex structural geometry, and the lack of quality raw materials like as sand.
The market has intense competition due to the high demand and consists of several big corporations such as AECOM, ACS Group, Balfour Beatty, China Communications Construction Company Limited, China Railway Group Ltd etc.
Latest Innovations in the Bridge Construction Market: A Snapshot
- In May 2022, the US Army Corps of Engineers has given Balfour Beatty, an international infrastructure company a design and construction contract at Fort Meade, Maryland. Balfour Beatty will design and build the East Campus Building and a parking building on the US Army military installation under the contract.
Bridge Construction Market Scope
|Revenue forecast in 2028
|USD 1387.8 billion
|CAGR of 5 % during 2021-2028
|Type, Application, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|AECOM, ACS Group, Balfour Beatty, China Communications Construction Company Limited, China Railway Group Ltd etc.
Key Segments of the Bridge Construction Market
Type Overview, 2022-2029 (USD Billion)
- Beam Bridge
- Truss Bridge
- Arch Bridge
Application Overview, 2022-2029 (USD Billion)
- Road & Highway
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa