Bridges And Tunnels Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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The global bridges and tunnels market has been observing a robust growth rate in the past years and forecasts suggest a solid trajectory onward. Anticipated to grow from $144.19 billion in 2023 to $152.99 billion in 2024, the market is set to progress at a compound annual growth rate CAGR of 6.1%. Factors propelling this growth include the growth of urbanization, burgeoning population, demand for maintenance and upgrades, and the ever-evolving economic landscape shaped by environmental regulations.

What's In Store For The Global Bridges And Tunnels Market?

With an estimated growth to a size of $195.91 billion in 2028 at a CAGR of 6.4%, the bridges and tunnels market is set to continue its upward trend. This anticipated upswing can be attributed to advancements in the spheres of smart infrastructure, urban planning initiatives, and public-private partnerships, amidst a more climate aware world that is increasingly investing in sustainable practices. The forecast period will witness technological innovations in digital twin technology, advanced materials and construction techniques, safety measures, and digitalization with Building Information Modelling BIM.

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What is Driving the Growth of the Bridges and Tunnels Market?

Among the major drivers of this market is the increasing number of automobiles on roads worldwide. The automobile, an internal combustion engine-powered vehicle, is transported primarily via bridges and tunnels. By facilitating easy and safe journey across rivers and valleys while avoiding traffic, these infrastructures are indispensable to vehicular commute. For instance, in March 2022, a report by the European Automobile Manufacturers' Association ACEA revealed a 5.5% increase in US passenger car sales, from 2020 to 2021, pushing the figure to 11.9 million units. Additionally, in 2021, the worldwide automobile production increased by 2.7% culminating at a total of 63.2 million.

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Who are the Major Players in the Bridges and Tunnels Market?

The dominant entities in the bridges and tunnels market include China State Construction Engineering Corporation Limited, China Railway Construction Corporation Limited, China Communications Construction Company Limited, Bouygues S.A., and Hochtief AG. Other key players in the market include Larsen & Toubro Construction, Kajima Corporation, Bechtel Corporation, Kiewit Corporation, Fluor Corporation, AECOM Technology Corporation, and Acciona S.A, among others.

Technological strides have been key to the evolution of the bridges and tunnels market, with leading corporations consistently looking to innovate and improve. For instance, in January 2023, Spain-based construction company Acciona launched Digitunnel, a real-time solution for better managing tunnel construction projects. The technology, designed to rapidly identify potentially harmful gases, ensures worker safety and seamless project management by converting site data into useful information.

How Is The Bridges And Tunnels Market Segmented?

The bridges and tunnels market report covers segments on the basis of type, material, and application:

1 By Type: Tunnel, Bridge
2 By Material: Steel, Concrete, Composite Material
3 By Application: Commercial, Government

Where Is The Bridges And Tunnels Market Experiencing the Most Growth?

The Asia-Pacific region leads the global bridge and tunnels market, holding the largest market share in 2023. Other regions covered in the report encompass Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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