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2022
Bridge Construction Market

Bridge Construction Market

by Type (Beam Bridge, Truss Bridge, Arch Bridge, Suspension Bridge, Cable-stayed Bridge, and Others), Material (Steel, Concrete, and Composite Material), and Application (Roads & Highway and Railway): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A05055
Pages: 311
Jan 2022 | 11272 Views
Author(s) : Digvijay P , Onkar S
Tables: 149
Charts: 92
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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.

Bridge-Construction-Market

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.

Bridge Construction Market
By Type

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Beam bridge segment holds the largest share in the market

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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.

Bridge Construction Market
By Application

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Railway segment is expected to grow at a significant rate during the forecast period.

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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.

Bridge Construction Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2020 and LAMEA is expected to grow at a highest rate during the forecast period.

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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

Aspects Details
By Type
  • Beam Bridge
  • Truss Bridge
  • Arch Bridge
  • Suspension Bridge
  • Cable-Stayed Bridge
  • Others
By Material
  • Steel
  • Concrete
  • Composite Material
By Application
  • Road & Highway
  • Railway
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Norway, Sweden, Poland, Romania, Bulgaria, Turkey, Serbia, Croatia, Netherlands, Belgium, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Philippines, Indonesia, Vietnam, Myanmar, Bangladesh, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Companies
  • ACS Group
  • AECOM
  • Balfour Beatty
  • China Communications Construction Company Limited
  • China Railway Group Ltd
  • Fluor
  • HOCHTIEF AG
  • Kiewit Corporation
  • SAMSUNG C&T
  • VINCI
 

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The new bridge construction activity is highest in Asia-Pacific due to growth of the construction sector and rise in urbanization. In addition, surge in investments in railway network around the globe drives the market growth. Moreover, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, with notable growth in the developing countries such as China and India, which have become favorable destinations for investments in the infrastructure sector.

The rise in development of railway infrastructure is expected to serve as a potential market for steel bridges. Among the APAC countries, China has planned to invest more than US$ 114 billion for development of railway projects in 2020, which is expected to positively impact the demand for steel bridges. China has witnessed considerable growth in railway construction in the past five years, which has simultaneously fueled the demand for new railway bridges and is expected to witness continuous growth during the forecast period.

Players that operate in the bridge construction market have adopted product development as their key growth strategy to gain a stronger foothold. For instance, in June 2017, France-based VINCI Corporation started a new project named Grand Paris Expressway project. The project is carried out in joint venture with Spie Batignolles. In this project, the company made bridge over the RER, a regional express way track. The new station is projected to connect Line 16, Line 11, and the RER, an expressway line. Similarly, in June 2017, VINCI Construction started renovation of bridges in Leicestershire. The total 2 bridges are renovated by the VINCI Construction. The A50 Motorway and A511 Motorway road projects were completed by VINCI Construction. The estimated cost of the contract was around $1.2 million. Thus, all these factors together are anticipated to significantly contribute toward the growth of the global bridge construction market.

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FREQUENTLY ASKED QUESTIONS?

A. The bridge construction market was valued at $857.7 billion in 2020, and is expected

A. The forecast period considered for the global bridge construction market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.

A. To get latest version of global bridge construction market report can be obtained on demand from the website.

A. The base year considered in the global bridge construction market report is 2020.

A. The top companies holding the market share in the global bridge construction market 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.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. By type, the beam bridge segment dominated the global bridge construction market, in terms of revenue and is expected to maintain this trend during the forecast period.

A. By application, the roads & highways segment is the highest share holder of global bridge construction market.

A. The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. The market value of the global bridge construction market is $910.9 billion in 2021.

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