Bridge Construction Market to Reach $1,212.6 Bn, Globally, by 2027 at 4.6% CAGR: Allied Market Research
Rise in investments to enhance transport infrastructure, surge in number of vehicles, and increase in urbanization drive the growth of the global bridge construction market
PORTLAND, Oregon, July 16, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Bridge Construction Market by Type (Beam Bridge, Truss Bridge, Arch Bridge, Suspension Bridge, Cable-Stayed Bridge, and Others), Material (Steel, Concrete, and Composite Materials), and Application (Road & Highway and Railway): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global bridge construction industry generated $908.0 billion in 2019, and is expected to reach $1,212.6 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in investments to enhance transport infrastructure, surge in number of vehicles, and increase in urbanization drive the growth of the global bridge construction market. However, slow economic activities after Brexit and uncertain economic conditions hinder the market growth. On the other hand, focus on public–private partnerships and demand for railway bridges with rise in industrialization present new opportunities in the coming years.
COVID-19 Scenario
- Due to lockdown imposed by the governments of various countries to curb the spread of COVID-19, bridge construction activities have been stopped.
- Import and export activities have been halted by some countries, so construction companies are not able to procure raw material to resume construction.
- Moreover, construction workers have returned to their hometowns, due to which, many construction activities have not been resumed with full capacity post-lockdown.
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The beam bridge segment to maintain its lead position during the forecast period
Based on type, the beam bridge segment accounted for the highest share in 2019, holding more than one-third of the global bridge construction market, and is estimated to maintain its lead position during the forecast period. In addition, this segment is projected to witness the highest CAGR of 5.6% from 2020 to 2027. This is attributed to rise in government investments in the infrastructure and transportation development. The report also analyzes segments including truss bridge, arch bridge, suspension bridge, cable-stayed bridge, and others.
The concrete segment to maintain its dominance throughout the forecast period
Based on material, the concrete segment accounted for nearly half of the global bridge construction market in 2019, and is expected to maintain its dominance throughout the forecast period. This is attributed to increase in usage of precast or prestressed concrete panels for faster construction and adoption of acquisition strategy by market players. However, the steel segment is expected to register at the fastest CAGR of 5.3% from 2020 to 2027. This is due to increase in investments for construction of railway bridges that are made from steel.
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Asia-Pacific, followed by North America, to offer lucrative opportunities
Based on region, Asia-Pacific, followed by North America, contributed to the largest share of more than half of the global bridge construction market in 2019, and is estimated to continue its dominant share by 2027. Moreover, this region is expected to maintain the highest CAGR of 5.3% from 2020 to 2027. This is attributed to surge in population, urbanization, and strong economic growth leading to development of transport infrastructure in the region. The report also analyzes segments including LAMEA and Europe.
Leading market players
- 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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