PUBLISHER: The Business Research Company | PRODUCT CODE: 1435720
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435720
Bridges and tunnels represent enduring components of transportation infrastructure, with bridges spanning rivers, roads, railways, and tunnels serving as subterranean passages under hills, buildings, or bodies of water.
Bridges and tunnels represent the primary structures for transportation, constructed using diverse materials such as steel, concrete, and composites. A tunnel refers to an extended subterranean passage often carved through hills or beneath bodies of water. They serve multiple purposes, finding applications in both commercial and governmental sectors.
The bridges and tunnels market research report is one of a series of new reports from The Business Research Company that provides bridges and tunnels market statistics, including bridges and tunnels industry global market size, regional shares, competitors with a bridges and tunnels market share, detailed bridges and tunnels market segments, market trends and opportunities, and any further data you may need to thrive in the bridges and tunnels industry. This bridges and tunnels 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 and tunnels market size has grown strongly in recent years. It will grow from $144.19 billion in 2023 to $152.99 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. Historical growth was propelled by urbanization, population expansion, investments in maintenance and upgrades, adherence to environmental regulations, and advancements in economic development.
The bridges and tunnels market size is expected to see strong growth in the next few years. It will grow to $195.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the upcoming period is linked to the adoption of smart infrastructure, the implementation of sustainable practices, initiatives in urban planning, enhancing resilience and adapting to climate change, and the collaborative efforts through public-private partnerships. Major trends expected in this forecast period encompass the digitalization and implementation of Building Information Modeling (BIM), integrating technology for safety measures, advancements in technology, the utilization of digital twin technology, and the incorporation of advanced materials and construction techniques.
The burgeoning presence of automobiles on roads is set to ignite growth within the bridges and tunnels market. As a prevalent mode of transportation, automobiles-commonly referred to as cars-powered by internal combustion engines, frequently utilize bridges and tunnels for transportation. These infrastructural elements facilitate the smooth and secure movement of vehicles across rivers, through valleys, and aid in avoiding traffic congestion. Notably, a March 2022 report from the European Automobile Manufacturers' Association (ACEA) revealed a 5.5% surge in US passenger car sales, totaling 11.9 million units in 2021. The US witnessed the production of over 6.3 million passenger cars in 2021, marking a 3.1% increase from the previous year. Similarly, Chinese automakers achieved a production figure of 20.7 million vehicles in 2021, escalating by 7.1%. Globally, the total production of cars soared by 2.7% to reach 63.2 million in 2021. Consequently, the escalating number of automobiles traversing roads fuels the growth trajectory of the bridges and tunnels market.
The escalation of urbanization acts as another pivotal driver propelling the expansion of the bridges and tunnels market. Urbanization, characterized by the concentration of populations in cities, fosters social and economic growth by expanding urban areas. Bridges and tunnels play a vital role in facilitating urbanization, connecting communities, mitigating traffic congestion, and enhancing accessibility within urban settings. For instance, findings from the World Economic Forum in April 2022 indicated that more than 4.3 billion individuals, accounting for 55% of the global population, resided in urban locales. Projections indicate this figure is poised to surge to 80% by 2050. As urbanization continues to soar, the demand for bridges and tunnels is expected to grow in tandem, underpinning the expansion of urban areas.
The bridges and tunnels market is witnessing a surge in technological advancements as a prominent trend. Major industry players are directing their focus toward innovating solutions to bolster their market standing. One such innovation surfaced in January 2023 with Acciona, S.A., a Spain-based construction and infrastructure giant, introducing its groundbreaking tunnel technology, Digitunnel. This real-time technology revolutionizes tunnel construction projects by assimilating vast volumes of real-time data from project sites, transforming it into accessible and actionable information. Digitunnel offers live updates on project progress, heightens worker safety, and notably diminishes the reliance on manual oversight and documentation. Moreover, it swiftly detects potentially hazardous gases within the tunnel, further enhancing worker safety.
Leading companies in the bridges and tunnels sphere are steering their efforts towards cutting-edge solutions, exemplified by the development of circular 3D-printed concrete bridges to meet evolving infrastructure needs. These bridges, fashioned through advanced printing technology, exhibit enhanced structural efficiency and design adaptability. In December 2023, Holcim, a Switzerland-based building materials manufacturer, unveiled Phoenix, the world's pioneering circular 3D-printed concrete bridge. Employing Holcim's proprietary ECOCycle circular technology and a specially crafted concrete ink containing recycled components, this innovative structure embodies circular construction principles, significantly reducing material usage by a staggering 50% without compromising performance. This achievement, made possible through computational design and 3D printing techniques, marks a paradigm shift in sustainable infrastructure development.
In April 2022, Egis Group, a renowned France-based construction engineering firm, completed the acquisition of Waagner Biro Bridge Services Group, a bridge and tunnels construction company headquartered in the United Arab Emirates, for an undisclosed sum. This strategic acquisition aligns with Egis Group's objectives, aiming to fortify its support for the needs of local communities while expanding its global operations and maintenance capabilities.
Major companies operating in the bridges and tunnels market report are China State Construction Engineering Corporation Limited, China Railway Construction Corporation Limited, China Communications Construction Company Limited, Bouygues S.A., Hochtief AG, Larsen & Toubro Construction, Kajima Corporation, Bechtel Corporation, Kiewit Corporation, Fluor Corporation, AECOM Technology Corporation, Acciona S.A., Balfour Beatty PLC, Bilfinger Berger AG, Aecon Group Inc., Daelim Industrial Co. Ltd., Tutor Perini Corporation, Construcciones y Auxiliar de Ferrocarriles (CAF), Granite Construction Inc., Hatch Ltd., Construction Partners Inc., Copasa Group, Lane Construction Corporation, Dywidag Interbuild GmbH, American Bridge Company, Dragados Inc., ECC Group PLC, 3TI Progetti S.p.A., Aktor SA, Abertis Infraestructuras S.A.
Asia-Pacific was the largest region in the bridges and tunnels market in 2023. The regions covered in the bridges and tunnels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the bridges and tunnels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bridges and tunnels market consists of revenues earned by entities by providing bridges and tunnels services such as arch bridges, beam bridges, cantilever bridges, bored tunnels, and immersed tube tunnel services. The market value includes the value of related goods sold by the service provider or included within the service offering. The bridges and tunnels market also includes sales of deck slab, girder, truss and others which are used in providing bridges and tunnels services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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.
Bridges And Tunnels Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bridges and tunnels market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bridges and tunnels ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bridges and tunnels market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.