Global Highway, Street and Bridge Construction Market Report 2024: Key Trends Include Smart City Initiatives, Increase in Urban Mobility Solutions and Greater Private Sector Participation

DUBLIN, March 8, 2024 /PRNewswire/ -- The "Highway, Street, and Bridge Construction Global Market Report 2024" has been added to  ResearchAndMarkets.com's offering.

The highway, street, and bridge construction market size has grown steadily in recent years, growing from $896.65 billion in 2023 to $938.74 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth observed in the historical period can be attributed to population growth and urbanization, the replacement of aging infrastructure, government funding and initiatives, the enhancement of transportation networks, and economic development goals.

The market is expected to see further growth, reaching $1142.88 billion in 2028 at a compound annual growth rate (CAGR) of 5%. The anticipated growth in the forecast period can be attributed to smart city initiatives, a focus on environmental sustainability, the increase in urban mobility solutions, efforts towards resilience and climate adaptation, and greater private sector participation. Major trends expected in the forecast period include the incorporation of innovative materials and composites, collaboration through public-private partnerships (PPPs), a heightened focus on safety and intelligent construction equipment, the adoption of 3D printing in construction, and the introduction of sustainable transportation infrastructure financing.

The highway, street, and bridge construction market are expected to grow with increased infrastructure investments globally. Infrastructure investments focus on specific sectors creating a country's infrastructure, including public or private initiatives in highway, street, and bridge construction. 

The highway, street, and bridge construction market is anticipated to experience growth due to the expanding tourism industry. The tourism industry encompasses activities related to the temporary movement of people for leisure, business, or other purposes. Construction of highways, streets, and bridges positively impacts the tourism industry by improving accessibility, safety, and connectivity. This, in turn, fosters economic development and provides tourists with a more enjoyable and seamless travel experience. According to the U.S. Department of Commerce in June 2022, the number of international visitors to the US increased to 22.1 million in 2021. The growing tourism industry is a key driver for the growth of the highway, street, and bridge construction market.

Technological advancements take center stage as a key trend in the highway, street, and bridge construction market. Major companies are focusing on integrating the latest technologies in the construction of highways, streets, and bridges to fortify their market positions. 

Major companies in the highway, street, and bridge construction market are developing new products, such as 3D-printed concrete bridges, to gain a competitive edge. A 3D-printed concrete bridge refers to a structure constructed using 3D printing technology and concrete materials. 

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.

Report Scope

Markets Covered:

• By Type: Highway; Street; Bridge
• By Construction Type: New Construction; Reconstruction and Repair
• By Funding: Government Funding; Private Funding

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments

Companies Profiled

• China State Construction Engineering
• China Railway Group Ltd.
• China Communications Construction Company Limited
• Vinci SA
• Bouygues SA
• Laing O'Rourke
• ACS Group S.A.
• Grupo ACS
• Samsung C&T
• Hochtief
• Larsen & Toubro Ltd.
• Strabag SE
• Bachtel Corporation
• Jacobs Engineering Group Inc.
• Skanska
• Colas Group
• Fluor Corporation
• Turner Construction
• Kiewit Corporation
• AECOM
• Balfour Beatty
• Ferrovial
• PCL Construction
• Stantec Inc.
• Tutor Perini Corporation
• Granite Construction Inc.
• Heijmans
• Flatiron Construction Corp.
• Lane Construction Corporation
• Continental Engineering Corporation
• Eurovia Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/2g34rc

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SOURCE Research and Markets