Bridge Construction Market Size And Forecast
Bridge Construction Market size is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e., 2021 to 2028.
Growing demand for bridges because of increases in the number of vehicles on the road is the key driving factor for the bridge construction marketplace. In addition, the global bridge construction marketplace is anticipated to register strong growth because of an increase in investments, authorities’ initiatives, and economic growth in developing and developed countries. The Global Bridge Construction Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Bridge Construction Market Definition
A bridge is a super-structure that connects two sections of land so that people and vehicles can cross from one side to the other. Bridges are extensively used to crossroads, valleys, and rivers, providing a passage with other parts of the land from ancient times to modernity. Bridge construction is an important key part of physics and civil engineering. Additionally, the fundamental ideas of bridge construction or design are depending on the load-bearing shape; whether concave, convex, or flat. Bridge construction is characterized by big projects that consist of the usage of talents associated with various engineering disciplines consisting of mechanical, electrical, civil, geology, and computer sciences.
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Thus, all engineering disciplines need to work collectively for the success of the project. Most funding for bridge construction projects comes from government sources and the industry’s overall performance can be tied to authorities’ spending. However, a bridge is designed keeping in mind the various loads that shall act on it. In addition, the design of a bridge is such that it could bear the regular carloads and other forces whose creation is because of earthquakes and winds. Furthermore, the determination of the bridge layout takes place by the kind of bridge whose construction is to take place. The main kinds of bridges are beam, arch, truss, cantilever, and suspension. Moreover, categorization of the bridges can take place through the planned use, pedestrian pavement, material to be used like structural steel, reinforced concrete, pre-stressed concrete, or post-tensioned concrete.
Global Bridge Construction Market Overview
Growing demand for bridges because of increases in the number of vehicles on the road is the key driving factor for the bridge construction marketplace. As per the report of the World Economic Forum (WEF), the number of cars is predicted to reach 2 billion marks globally by 2040. Thus, the growing number of vehicles plays a vital role in driving the marketplace growth. In addition, growing urbanization and technological improvements such as Geosynthetic Reinforced Soil–Integrated Bridge System (GRS–IBS) are predicted to drive the growth of the marketplace. The main purpose of these advanced technologies is to reduce the time and cost involved in construction of bridges and fuel the market growth.
Furthermore, bridges play a vital role in the economic growth of a country. For instance, bridges increase the financial position of a country when they join places that complement each other economically. Additionally, bridges facilitate travel so customers should buy goods and services from their communities and beyond. Thus, the above-mentioned role of bridges helps in growing the economic growth of developing and developed countries, which ultimately drives the marketplace growth. Moreover, automation in bridge construction together with infrastructure developments is also predicted to propel the market growth. Furthermore, due to the lack of land in developing countries, the number of suspension bridges built over water has increased, this, in turn, is predicted to propel the bridge construction market.
Moreover, increases in the expenditures on infrastructure development, consisting of the development of roads, bridges, and others are the factors that help in boosting the marketplace growth. However, volatile economic conditions may hamper the market growth.
Global Bridge Construction Market: Segmentation Analysis
The Global Bridge Construction Market is segmented based on Type, Application, and Geography.
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Bridge Construction Market, By Type
• Beam Bridge
• Truss Bridge
• Arch Bridge
• Suspension Bridge
• Cable-stayed Bridge
Based on Type, the market is further segmented into Beam Bridge, Truss Bridge, Arch Bridge, Suspension Bridge, Cable-stayed Bridge, and Others. The Beam Bridge segment is dominating the market with the highest market share and is anticipated to grow significantly and dominate the global market during the forecast period. Beam bridges are either simple beam or cantilever structures usually made from metal truss or pre-stressed concrete units. The single beam bridge is horizontally self-supporting and transfers loads vertically via pillars or abutments. The cantilever bridge transmits loads via piers or abutments central to the beam.
Bridge Construction Market, By Application
• Road & Highway
On the basis of application, Road & Highway and Railway. The Road & Highway segment is witnessing the highest market share with strong market growth during the forecast period. Bridges are extensively used to crossroads, providing a passage with other parts of the land from ancient times to modernity. In addition, Highway Bridge was constructed for the passage of highway vehicles and pedestrians. It is designed for heavy rolling loads of up to 0.8 meganewtons, crowds of people, and other forces. Highway bridges are manufactured from metal, reinforced concrete, or wood.
Bridge Construction Market, By Geography
• North America
• Asia Pacific
• Rest of the World
On the basis of regional analysis, the Global Bridge Construction Market is classified into North America, Europe, Asia Pacific, and Rest of the world. APAC region would evolve as a leader in the worldwide bridge construction market. Growing urbanization leads to the expansion of rail networks worldwide, which, in turn directly propel marketplace growth. Also, the industrialization of transportation and improvement of railway bridges, high immigration, new inventions, and high investments in Asia-Pacific are primary factors fuelling the region’s marketplace growth.
The “Global Bridge Construction Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ACS Group, AECOM, Balfour Beatty, China Communications Construction Company Limited, China Railway Group Ltd, Fluor Corporation, HOCHTIEF AG, Kiewit Corporation, SAMSUNG C and T, and VINCI. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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