Bridge Construction Market

The global bridge construction market size was valued at $857.7 billion in 2020, and is projected to reach $1,416.9 billion by 2030, registering a CAGR of 5.0% from 2021 to 2030. A bridge is a super-structure that spans horizontally between supports. The major function of a bridge is to carry vertical loads. It provides a way over an obstacle without closing the way under the bridge. These obstacles include a valley or a river or a railway or a road. The bridge design depends upon the type of bridge that is being constructed. It is a huge project that requires the skills related to different engineering disciplines. These engineering disciplines include civil, mechanical, geology, electrical, and computer sciences; therefore, all engineering disciplines must work together for the success of the project. Most funding for bridge construction projects comes from government sources and the industry performance can be tied to government spending. For example, the Government of India in 2019-2020 allocated US$63.20 billion for the infrastructure sector. Bridges are mainly used for transportation. 

The bridge construction market was hampered during the outbreak of COVID-19 pandemic owing to regulation on manufacturing and production. The construction of new bridges as well as maintenance of old bridges declined significantly. In addition, budget allocated for infrastructure development was on hold or used for healthcare facilities. However, the construction of new roads and railway network will soon led to recovery of the market.

Surge in number of vehicles on road leads to traffic that increases the demand for bridges. According to the World Economic Forum, the number of cars is projected to reach the two billion mark globally by 2040. The global bridge construction market is expected to register strong growth due to rise in investments, government initiatives, and economic growth in developing and developed economies. The Global Infrastructure Hub initiated by G20 works with private and public sectors globally to enhance the flow and quality of infrastructure projects. At the same time, rapid urbanization and improvements in technology, such as Geosynthetic Reinforced Soil–Integrated Bridge System (GRS–IBS) are expected to drive the growth of the market. These improved technologies aim to reduce the time and cost involved in bridge construction and drive the bridge construction market growth.

Environmental rules & regulations developed by UNEP, insufficient funds, complex loading, complex structural geometry, and unavailability of quality raw materials, such as sand are some of the factors that limit the growth of the market. The suspension bridges are now being constructed in the sea due to unavailability of land; this in turn is expected to propel the bridge construction market opportunities. Automation in bridge construction further fosters the market growth during the forecast period. Moreover, surge in usage of precast or prestressed concrete panels for faster construction of bridges is also expected to fuel the market growth.

Growth in expenditure on infrastructure development, such as improvement of roads, bridges, and others has been witnessed. As stated by the Global Infrastructure Outlook, by 2040, the global population is estimated to grow by approximately two billion with the urban population growing by 46%, triggering massive demand for infrastructure support. Such factor drives the growth of the market.

An increase in urbanization is expected to fuel the expansion of the railway networks throughout the globe, which in turn boosts the bridge construction market trends. In addition, the demand for railway bridges, owing to the industrialization & development in transportation, high immigration, new inventions, and high investment, majorly in Asia-Pacific fuels the market growth. For instance, in December 2018, the Government of India built a Bogibeel bridge, longest rail-road bridge over the river Brahmaputra in Assam state. The bridge includes two broad gauge railway lines, which offer connectivity between Assam and Arunachal Pradesh.

However, volatile economic conditions in Latin America may hamper the market growth. Furthermore, surge in focus on public–private partnerships for transport infrastructure development offers lucrative growth opportunities for the bridge construction during the forecast period.

The bridge construction market is classified into type, material, application, and region. By type, the global market is categorized into beam, truss, arch, suspension, cable-stayed, and others. By material, the market is segmented into steel, concrete, and composite material. Based on application, the bridge construction market is bifurcated into road & highway and railway. By region, the bridge construction market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the global bridge construction market share during the analysis period due to growth in urbanization and increase in infrastructure investments.

Competition analysis

The key companies profiled in the report include ACS Group, AECOM, Balfour Beatty, China Communications Construction Company Limited, China Railway Group Ltd, Fluor, HOCHTIEF AG, Kiewit Corporation, SAMSUNG C&T, and VINCI. The major players that operate in the market have adopted key strategies such as product development, business expansion, agreement, partnership, and acquisition to strengthen their market outreach and sustain the stiff competition in the market.

Key Benefits For Stakeholders

• The report provides an extensive analysis of the current trends, future estimations, and dynamics of the bridge construction market. 
• In-depth bridge construction market analysis is conducted by estimations for the key segments between 2021 and 2030. 
• Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
• A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
• The bridge construction market forecast analysis from 2021 to 2030 is included in the report.
• The key market players that operate in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the market industry.

 Bridge Construction Market Report Highlights