Portland,OR, Feb. 01, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global bridge construction market generated $857.7 billion in 2020, and is expected to reach $1,416.9 billion by 2030, growing at a CAGR of 5.0% from 2021 to 2030.
Rise in number of vehicles, surge in inflow of investments to improve transport infrastructure, and recovery in the construction industry have boosted the growth of the global bridge construction market. However, weak economic conditions in Latin America and slow economic activity after Brexit hinder the market growth. On the contrary, surge in focus on public-private partnerships is expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The market was negatively affected due to Covid-19 pandemic with regulations imposed on production and manufacturing of raw materials.
- Moreover, the construction activities of new bridges and maintenance of old bridges were declined remarkably.
- However, the rise in construction of new roads and railway network will increase the market growth post-lockdown.
The report segments the global bridge construction market on the basis of type, material, application, and region.
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Based on type, the beam bridge segment held the largest share in 2020, accounting for around one-third of the market. However, the suspension bridge segment is projected to register the highest CAGR of 6.0% during the forecast period.
On the basis of material, the concrete segment held the largest share in 2020, contributing to nearly half of the market. However, the steel segment is estimated to manifest the highest CAGR of 5.5% from 2021 to 2030.
The global bridge construction market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for nearly half of the market. However, LAMEA is anticipated to portray the highest CAGR of 6.6% during the forecast period.
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Front Runners are:
The global bridge construction market includes an in-depth analysis of the prime market players such as ACS Group, Balfour Beatty, AECOM, China Railway Group Ltd, China Communications Construction Company Limited, HOCHTIEF AG, Fluor, SAMSUNG C&T, Kiewit Corporation, and VINCI.
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