The bridges and tunnels market has shown strong growth, increasing from $144.19 billion in 2023 to $152.99 billion in 2024, achieving a compound annual growth rate (CAGR) of 6.1%. This growth during the historical period is attributed to urbanization, population growth, the need for maintenance and upgrades, compliance with environmental regulations, and economic development. Looking forward to 2028, the market is projected to maintain its strong growth, reaching $195.91 billion at a CAGR of 6.4%. The forecasted growth is driven by considerations for smart infrastructure, the adoption of sustainable practices, urban planning initiatives, efforts towards resilience and climate change adaptation, and the promotion of public-private partnerships. Key trends expected in the forecast period include digitalization and Building Information Modeling (BIM), technological integration for safety, advancements in technology, adoption of digital twin technology, and the use of advanced materials and construction techniques.
Major Driver In The Bridges And Tunnels Market
The escalating number of automobiles traversing roads worldwide is poised to propel the growth of the bridges and tunnels market in the foreseeable future. Automobiles, powered by internal combustion engines and commonly known as cars, represent one of the primary modes of transportation. Bridges and tunnels facilitate the movement of automobiles, enabling smooth passage across rivers and through valleys, thereby enhancing travel convenience and safety. According to a report by the European Automobile Manufacturers' Association (ACEA), sales of passenger cars in the US surged by 5.5% to 11.9 million units in 2021, with over 6.3 million cars produced in US facilities, marking a 3.1% increase from 2020. Chinese automakers witnessed a production surge of 7.1%, reaching 20.7 million vehicles in 2021. Globally, the total number of cars produced climbed by 2.7% to 63.2 million in 2021. Thus, the rising number of automobiles on roads is driving the growth of the bridges and tunnels market. In 2023, the bridges and tunnels market was valued at $P billion and is expected to reach $Q billion by 2024, further ascending to $R billion by 2028.
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Bridges And Tunnels Market Competitive Landscape
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.
Key Bridges And Tunnels Market Trend
Technological development is a key trend gaining popularity in the bridges and tunnels market. Major companies operating in the bridges and tunnels market are focused on developing innovative solutions to strengthen their position in the market. For instance, in January 2023, Acciona, S.A., a Spain-based construction and infrastructure company, launched its new tunnel technology solution called Digitunnel. This real-time technology provides better control and ensures progress in the tunnel's construction projects by gathering and combining copious volumes of real-time data created at the project site, turning it into useful and accessible information for all parties. This invention offers real-time updates on the project's status, improves worker safety, and significantly lessens the need for human control and documentation. Additionally, this technology quickly identifies any potentially harmful gases in the tunnel, enhancing worker safety.
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Bridges And Tunnels Market Segmentation
The bridges and tunnels market covered in this report is segmented –
1) By Type: Tunnel, Bridge
2) By Material: Steel, Concrete, Composite Material
3) By Application: Commercial, Government
By Geography:The regions 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.
Asia-Pacific was the largest region in the bridges and tunnels market in 2023.
The Bridges And Tunnels Global Market Report 2024 furnishes information about the global bridges and tunnels market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
