Road Construction and Maintenance Market size is set to grow by USD 214 billion from 2024-2028, Investments in road and highway infrastructure projects boost the market, Technavio

NEW YORK, July 4, 2024 /PRNewswire/ -- The global road construction and maintenance market size is estimated to grow by USD 214 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.36%  during the forecast period. Investments in road and highway infrastructure projects is driving market growth, with a trend towards adoption of new technologies and materials. However, rise in cost of construction  poses a challenge. Key market players include ACS Actividades de Construccion Y Servicios SA, Advantage North Services Ltd., Afcons Infrastructure Ltd., Balfour Beatty Plc, Blacklidge, Cat Works LLC, Dilip Buildcon Ltd., Ebenezer Commercial Works Ltd., Granite Construction Inc., Hunan Communication and Water Conservancy Group Ltd, Kiewit Corp., Ledcor IP Holdings Ltd., National Highways and Infrastructure Development Corp. Ltd., Strabag International GmbH, TATA projects, Tenmile, The Lane Construction Corp., United Materials , and Xenomatix.

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Market Driver

The construction industry is undergoing significant changes, with a shift towards new materials and prefabricated building blocks. Technologies like cloud-based software, integrated collaboration, mobile project management, Building Information Management (BIM), and laser scanning are becoming essential. While these advancements offer operational cost savings and process streamlining, initial investments can be challenging for construction firms due to thin profit margins. Despite this, the road construction and maintenance market is expected to grow as companies adopt these technologies and materials. 

The Road Construction and Maintenance market is experiencing significant growth due to the increasing need for infrastructure development and upkeep. Key trends include the use of advanced technologies such as vehicle routing systems and real-time traffic management. The adoption of sustainable practices, like the use of eco-friendly materials and recycling, is also on the rise. Additionally, the implementation of smart city projects and the focus on improving road safety are driving market expansion. The market is further boosted by government investments and private sector participation. Overall, the Road Construction and Maintenance industry is thriving, with a strong emphasis on innovation and efficiency. 

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Market Challenges

•         The construction industry faces rising costs due to increasing raw material prices and specialized service fees. Raw materials like metals, glass, and cement have seen steady increases. Vendors are passing these costs onto buyers, but unsustainable prices may decrease demand and hinder market growth. In Europe, Germany's high purchase costs are a concern due to supply-demand imbalance. These factors may negatively impact the global road construction and maintenance market.

•         The Road Construction and Maintenance market faces several challenges. The primary challenge is the high cost of construction and maintenance due to the use of expensive materials and technologies. Another challenge is the long construction time, which causes traffic disruptions and inconvenience to commuters. The need for sustainable and eco-friendly solutions is also a significant challenge. Additionally, the lack of consistent funding and regulatory frameworks can hinder the progress of road projects. Furthermore, the increasing demand for smart and connected roads adds to the complexity and cost of construction and maintenance. Lastly, ensuring the safety and security of construction sites and workers is a constant concern.

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Segment Overview 

This road construction and maintenance market report extensively covers market segmentation by  

1. Application 
• 1.1 New construction
• 1.2 Reconstruction
• 1.3 Repair
2. Type 
• 2.1 Highway
• 2.2 Street
• 2.3 Bridge
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 New construction-  The road construction and maintenance market is a significant business sector, focusing on building and preserving infrastructure for transportation. Companies provide services such as designing, engineering, and constructing new roads, as well as repairing and upgrading existing ones. This market is essential for economic growth and daily life, ensuring safe and efficient travel for individuals and businesses.

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Research Analysis

The Road Construction and Maintenance Market encompasses the development and upkeep of infrastructure to ensure safety and sustainability in vehicle operation. Preventative work, such as major repairs and reconstruction, is crucial to mitigate road collisions and address ageing infrastructure. Proactive strategies, including funding gaps, extreme weather, and climate change, are addressed through economic stimulus and environmental regulations. Sensor systems, drones, data analytics, and recycled materials contribute to sustainable construction techniques and lifecycle costing. Building materials, rainwater capture, and high-quality materials are essential for resilient infrastructure. Greenhouse gas reduction is a priority, with a focus on sustainable materials and sensor technology.

The Road Construction and Maintenance market encompasses the production of materials and equipment used in the building and upkeep of road infrastructure. This industry is essential for ensuring safe and efficient transportation systems. Environmental considerations, such as the use of eco-friendly materials and practices, are increasingly important in road construction. Technological advancements, like the implementation of smart technology and automation, are revolutionizing the industry. The market is driven by factors such as population growth, urbanization, and government investments in infrastructure. The use of advanced technologies and sustainable practices is expected to continue shaping the future of road construction and maintenance.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• New Construction
• Reconstruction
• Repair
• Type
• Highway
• Street
• Bridge
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com/

SOURCE Technavio