Bridge Infrastructure Market Assessment, By Bridge Type [Arch Bridges, Beam Bridges, Cantilever Bridges, Suspension Bridge, Cable-Stayed Bridges, Others], By Material [Concrete, Steel, Composite Materials, Others], By Application, [Railway, Roads and High

Bridge Infrastructure Market Assessment, By Bridge Type [Arch Bridges, Beam Bridges, Cantilever Bridges, Suspension Bridge, Cable-Stayed Bridges, Others], By Material [Concrete, Steel, Composite Materials, Others], By Application, [Railway, Roads and Highway], By Region, Opportunities and Forecast, 2017-2031F

Global bridge infrastructure market is expected to observe a CAGR of 5.20% during the forecast period 2024-2031F, rising from USD 989.20 billion in 2023 to USD 1483.92 billion in 2031. The growth of bridge infrastructure market is being driven by increased government initiative to upgrade and extend the country's existing transportation network, which includes roads, highways, bridges, and rail network.

Increasing government initiative, higher investments, and economic growth in established and emerging countries are expected to boost the worldwide bridge-infrastructure market in the forecast years. The G20 launched the Global Infrastructure hub to improve the flow and caliber of infrastructure projects. Technological innovations such as the Geosynthetic Reinforced Soil-Integrated Bridge System (GRS-IBS), which reduces the time and cost of bridge building, along with rapid urbanization, are predicted to propel market expansion.

For instance, GRS-IBS is an Accelerated Bridge Construction technology that was included in both EDC-1 and EDC-2. Since the innovation was first promoted under the program in 2010, about 200 bridges in 44 states in Puerto Rico and the District of Columbia have been chosen for construction utilizing GRS-IBS.

Strategic Partnership to boost the Global Bridge Infrastructure Market Growth

A public-private partnership is an endeavor that combines the governments and private sector companies' resources to create public infrastructure systems. In this type of arrangement, a private business manages the project and provides government initiatives with technical and operational know-how. Due to its robust mix of public and private capital, the nation can increase the sustainability and efficacy of public services. Developing nations tightened public-private partnerships (PPPs) in response to the global economic slowdown to boost infrastructure spending and maintain growth momentum.

Similarly, in 2021, Fluor Corporation won a gold award in the environmental, social, and governance of the Year category for the Gordie Howe International Bridge Project, at the 2020 Public-Private Partnership (P3) Awards.

Rising infrastructure Investment and Projects to Influence Market Growth

Due to urbanization and the expansion of the construction industry, Asia-Pacific is seeing the highest level of new bridge construction activity. Global investments in railway networks, especially in developing nations such as China and India, are the main driver of market growth. With eight out of the world's top ten largest suspension bridges, five are currently under construction, and out of nine of the top ten longest cable-stayed bridges, four are currently underway. China leads in Asia-Pacific in building bridges. Eight of the ten longest arch bridges in the world are in China and two more are being presently built.

The demand for steel bridges is anticipated to increase due to China's Guangdong Province intending to invest more than USD 16 billion (CNY 110 billion) in railway projects in 2023. The need for new bridges is projected to increase in the forecast period due to China's notable increase in railway, building over the last five years.

Road and Highway Sector is Expected to Dominate the Market

According to the World Bank report published in 2023, 4.4 billion people or 56% of the world's population, will be living in the urban cities by 2050. It is anticipated that the tendency will continue with the urban population becoming more than triple from its current level by 2050. This indicates that about seven out of ten individuals will reside in cities. The need for street and other transportation infrastructure such as highway, railway, and metro are required for smooth transportation. Due to limited space in cities, most of the roadways will require overpasses to sustain the transportation needs, leading to the growth of the global bridge infrastructure market.

In Texas, the United States, construction of the North Tarrant Express Capacity Improvement began in Q4 2023. The project will build an overlap highway road with bridges in Texas spanning 21 kilometers, and it is anticipated to be completed in the first quarter of 2027. In addition to relieving traffic congestion and promoting economic growth in North Texas, the project seeks to give drivers some considerable and dependable travel options.

Asia-Pacific to Dominate the Global Bridge Infrastructure Market Share

Asia-Pacific is expected to be the fastest-growing market for bridge construction due to its rapid urbanization and technological advancements. The region's growing economies, especially in China and India, are putting a significant demand on bridge infrastructure market. Government initiatives to strengthen public infrastructure, especially roads and highways, are contributing to the region's growth. China is investing heavily in sustainable infrastructure development in partnership with European countries. The growing urbanization in the region requires the development of cities and public infrastructure, which is expected to boost the regional bridge infrastructure market.

As of May 2022, China had over USD 5 trillion worth of infrastructure projects under development. The next two nations on the list, with infrastructure projects valued at around USD 2 trillion each, are the United States and India. India, on the contrary, is the nation with the greatest number of significant infrastructure projects.

For instance, India FDI investments in construction development and construction activity sectors stood at USD 26.54 billion and USD 33.52 billion, respectively in 2023, according to a report released by the India Brand Equity Foundation

Future Market Scenario (2024 – 2031F)

Public-private partnerships, which bring public and private sectors together for finance, construction, and managing transportation projects have grown in popularity. Building information modeling (BIM), and new materials are among the innovative technologies that the industry is implementing to boost productivity and cut expenses for building bridge.

Asia-Pacific is seeing an increase in the demand for infrastructure development. Through 2030, the Asian Development Bank (ADB) projects to maintain economic development, fight poverty, and lower the risk of climate change, that would conclude into an investment in almost USD 1.7 trillion a year in infrastructure.

Key Players Landscape and Outlook

The bridge market is made up of multinational engineering firms, specialist construction companies and technology providers. AECOM, Jacobs Engineering, and ACS are the big players with experience of large bridge projects. The market revolves around sustainable and resilient design with companies using green materials and construction methods. Partnerships, mergers, and acquisitions are common as companies tend to expand their capabilities and reach.

In 2023, Manhattan Road & Bridge Company (South Division), a specialist in building overwater bridges, sold its assets and project contracts to Manhattan Road & Bridge Company, a division of Manhattan Construction Group. The acquisition adds further knowledge and equipment to Manhattan's marine-based construction and bridge-building capabilities.

For instance, in 2020, American Bridge Company purchased Southland Holding, a US-based construction company, for an unknown sum. While American Bridge Company specializes in building roads and bridges. The acquisition will allow Southland Holding to broaden its company into tunneling, facilities, pipelines, heavy highways, bridges, and marine construction.