With the sudden outburst of COVID-19 last year, many individuals were concerned about how it would affect the economy. Despite the negative effects of the pandemic, studies indicate a steady rise in the global bridge construction market.
Here’s a quick breakdown of the bridge construction market and what factors affect its growth.
The Construction Market
The construction market consists of sales made in the construction industry such as construction services and goods by organizations, sole traders, and partnerships that construct buildings or engineering projects (e.g., highways and utility systems). While the market primarily consists of the construction of buildings or other projects, it also includes the process and materials necessary for preparing new construction sites.
These materials are obtained from both domestic and international suppliers such as manufacturers and wholesale trade operators. The service and goods provided by this market include construction, civil engineering, specialty trade contracting, and other residential, non-residential, and engineering modes.
What Affects the Market?
A large market such as the construction market has several variables that come together to influence the industry. However, there are always key factors that contribute more than others.
The availability of raw materials, the technology for extracting and processing raw materials, government policies, and increased sustainability focus all greatly affect the construction market. A great example of this is demonstrated through the pandemic as many companies struggled to procure their materials from their usual international suppliers. COVID-19 created a significant impact on the industry that will greatly affect but not hamper the market moving forward.
Technology is an important factor that is pushing change in nearly every industry. Its influence over the construction industry is illustrated with more drone usage and 3D printing than ever before. Not to mention, new innovative methods of bridge construction such as modular and prefabricated designs.
The Projected Global Boom of the Bridge Construction Market
In 2019, the global bridge construction market was valued at $908.0 billion and projected to reach $1,212.6 billion by 2027. Thus registering a CAGR of 4.6% from 2020 to 2027. The strong growth of this market is attributed to an increase in investments, government initiatives, and global economic growth.
The global urban population is expected to rise by 2050. Thus, fueling the demand for bridge construction and other transport infrastructure. Furthermore, the surge in the standard of living, particularly in developing countries is anticipated to drive market growth.
In addition, technological advancements are expected to encourage the growth of the market. These improvements in equipment and systems are intended to reduce the time and cost involved in bridge construction. This economic and urbanization boom is expected to fuel the expansion of the railway networks throughout the globe. Thus boosting the growth of the bridge construction market.
Here at U.S. Bridge, we pride ourselves as leaders in the bridge construction industry. We’ve been engineering and manufacturing bridges for decades with services worldwide.
We understand that a bridge project is a major investment. That’s why we designed an effortless process for you to build a bridge that will last generations. Please contact us for a free quote or use our exclusive bridge design tool Bridge Scope for a quick five-minute scope. Together, we’ll build a better future for America’s infrastructure.