Bridges Global Market Report 2024

The bridges market size has grown strongly in recent years. It will grow from $118.56 billion in 2023 to $126.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. Historical growth in the construction of bridges can be attributed to several key factors. These include substantial government spending on infrastructure projects, the trend toward urbanization, rapid industrialization, population growth leading to increased infrastructure needs, and the expansion of trade, necessitating better transportation networks and connectivity.

The bridges market size is expected to see strongly grown in the next few years. It will grow to $164.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. Anticipated growth in the forecast period for bridge construction is expected to be driven by several factors. These include the emphasis on sustainable infrastructure practices, the development of smart infrastructure solutions, the focus on resilience and adaptability in construction, the integration of renewable energy into bridge projects, and advancements in utilizing advanced materials for construction.

Anticipated growth in global infrastructure development stands as a driving force behind the expansion of the bridges market. Infrastructure encompasses essential physical and organizational structures vital for societal and enterprise operations, including bridges, roads, buildings, and power supplies. Bridges, a critical component of hard infrastructure, manage burgeoning traffic demands. Notably, a study by the Department for Promotion of Industry and Internal Trade (DPIIT) in February 2021 revealed a surge in Foreign Direct Investments (FDI) in construction and infrastructure, escalating from $17.22 billion in 2020 to an expected $1.4 trillion by 2023. This substantial increase in infrastructure investments augurs well for the burgeoning bridges sector.

The escalating frequency of natural disasters globally is poised to propel the growth of the bridges market. Events like earthquakes, hurricanes, and floods often cause severe damage to bridges, necessitating reconstruction and retrofitting efforts. To fortify against future calamities, there's a heightened focus on designing resilient bridges, spurring demand for such projects. Governments typically allocate funds for infrastructure repair and reconstruction post-major disasters, further stimulating growth in the bridge construction industry. For instance, in 2021, catastrophic events linked to natural hazards totaled 432, causing significant fatalities, affecting millions, and incurring approximately $252.1 billion in economic losses, surpassing the annual average recorded in the past decade. This surge in natural disasters underscores the driving force behind the growing bridges market. The evolution of new construction technologies is shaping the landscape of the bridges market. Leading companies within the sector are deeply invested in integrating advanced technologies into bridge construction processes, aiming to enhance efficiency, speed, and longevity. Innovations like road-rail cable-stayed systems are revolutionizing the construction of new bridges, particularly those spanning rivers. Additionally, the adoption of cutting-edge technologies such as robotics, virtual reality, and augmented reality is significantly reducing operational costs and project timelines. Notably, ongoing bridge projects, like the arch steel bridge in Bangladesh, exemplify the application of advanced technology for improved structural performance and maintenance.

Key entities operating in the bridges market are actively developing AI-based construction solutions to gain a competitive edge. These AI-driven solutions leverage sophisticated algorithms to optimize planning, design, and execution in bridge construction projects, enhancing efficiency, safety, and accuracy. For instance, Disperse.io, a UK-based construction technology company, introduced 'Impulse' in November 2022, a product utilizing AI to elevate construction planning and project management. By integrating 360° site scans, Impulse identifies and addresses issues, offering performance insights, coordinating drawings and schedules, and empowering project managers with data-driven decision-making capabilities. This AI-powered tool enhances project oversight, tracks progress, and facilitates informed project management for contractors and project managers.

In April 2022, Egis Group, a construction engineering company based in France, completed the acquisition of Waagner-Biro Bridge Systems AG for an undisclosed sum. This strategic acquisition allowed Egis to enhance its presence in the Middle East significantly. It enabled the company to broaden its service portfolio, encompassing infrastructure maintenance, project structuring, and comprehensive facility management services. This expansion strengthened Egis' foothold in the region and positioned them better to cater to the diverse needs of their clients. Waagner-Biro Bridge Systems AG, based in Austria, specializes in providing construction solutions for steel and composite bridges.

Major companies operating in the bridges market report are ACS Actividades de Construcción y Servicios S.A., AECOM Technology Corporation, Balfour Beatty PLC, China Communications Construction Company Limited, China Railway Group Limited, Fluor Corporation, Hochtief Aktiengesellschaft, Kiewit Corporation, Samsung C&T Corporation, VINCI S.A., Sanford Contractors Inc., Precon Smith Construction Inc., Brennan Industries Inc., Milbocker & Sons Inc., WSP Global Inc., Bouygues Construction, Bechtel Corporation, Skanska AB, Larsen & Toubro Limited, Obayashi Corporation, Salini Impregilo S.p.A., Koninklijke BAM Groep nv (Royal BAM Group), Ferrovial S.A., JFE Engineering Corporation, T.Y. Lin International Group, the Lane Construction Corporation, COWI A/S, KBR Inc., the Walsh Group Ltd., HNTB Corporation, Tutor Perini Corporation, Sundt Construction Inc., Graham Construction & Engineering LP, PCL Construction Enterprises Inc.

Asia-Pacific was the largest region in the bridges market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.the regions covered in the bridges market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa. The countries covered in the bridges market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

There are various types of bridges, each with unique designs and functionalities. These include the beam bridge, truss bridge, arch bridge, suspension bridge, and cable-stayed bridge. A beam bridge, for instance, consists of horizontal supports resting on two endpoints, bearing traffic by acting as a sturdy beam capable of withstanding both dynamic and static loads. Materials used in bridge construction range from steel and concrete to composite materials. Bridges find applications in supporting roads, highways, and railways, among other transportation networks.

The bridges market research report is one of a series of new reports provides bridges market statistics, including bridges industry global market size, regional shares, competitors with a bridges market share, detailed bridges market segments, market trends and opportunities, and any further data you may need to thrive in the bridges industry. This bridges market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bridges market includes revenues earned by entities by construction of cantilever bridge, cable-stayed bridge and tied-arch bridge. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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