The latest report by IMARC Group, “Bridge Construction Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global bridge construction market size reached US$ 870.4 Million in 2021. Bridge construction refers to building solid structures that span horizontally between supports to carry vertical loads. Precast, cast-in-situ, balanced cantilever, span by span casting, incremental launching, arch, cable-stayed, and advanced shoring are some of the methods commonly used for bridge construction. Different construction methods are employed depending on various factors, such as site accessibility, the scale of the bridge, the time allowed for construction, regularity of span lengths, material costs, environmental factors, and engineering constraints. Nowadays, the demand for bridge construction has rapidly escalated across the globe due to expanding road networks.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Bridge Construction Market Trends:
The increasing number of vehicles on roads and rising traffic congestion represent the primary factors driving the market growth. Besides this, the shifting focus toward public-private partnerships for developing transport infrastructure, coupled with strong economic growth, is another major growth-inducing factor. Additionally, the expansion of railway networks due to rapid urbanization and population growth has strengthened the need for railway bridges to enhance accessibility to urban areas. Moreover, several favorable initiatives undertaken by governments of various countries, such as increased funding and support for infrastructure development, have catalyzed the market growth. Furthermore, various technological advancements, including the launch of Geosynthetic Reinforced Soil–Integrated Bridge System (GRS–IBS) technology to reduce the overall bridge construction time and costs, have positively influenced the market growth. Apart from this, the rising construction of suspension bridges in the sea to improve connectivity and the growing adoption of precast or prestressed concrete panels to facilitate faster construction are also creating a positive market outlook. On account of these factors, IMARC Group expects the market value to reach US$ 1,193.3 Million by 2027, expanding at a CAGR of 5.10% during the forecast period (2022-2027).
- Based on the type, the market has been divided into beam, truss, arch, suspension, cable-stayed, and other bridges.
- The market has been classified based on the material into steel, concrete, and composite materials.
- Based on the application, the market has been bifurcated into road and highway, and railway.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being ACS Group (Grupo ACS), AECOM, Balfour Beatty plc, Bouygues Group, China Communications Construction Company Limited, China State Construction Engineering Corporation Ltd., Fluor Corporation, Kiewit Corporation, Samsung C&T Corporation, Strabag SE, and Vinci SA.
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