Research and Markets released its Bridge Construction – Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019-2029 report, which showed the bridge work industry is growing globally at a compound annual growth rate (CAGR) of 6.23%.

Measured at a value of $113.6 billion in 2024, the forecasting organisation said the sector size will reach $153.6 billion by 2029.

“The key factors propelling market expansion are the rising volume of traffic on the roads and the expanding number of automobiles,” said Research and Markets.

“In addition, the need for railway bridges is increasing as a result of the growth of rail networks and the increasing emphasis on public-private partnerships for the development of transportation infrastructure.”

The report noted strengths in Asia-Pacific and posited that other regions emphasising railway infrastructure builds will also see growth in the segment.

“Due to rising urbanisation and increased investments in infrastructure, the Asia-Pacific region is anticipated to hold a disproportionately large share of the worldwide bridge-building market throughout the study period,” stated the report.

“Most of the major infrastructure projects in development were railway lines, such as the ones in Norway and Sweden, the UK, the US, Asia and South-East Asia, and Japan.”

India was listed as the country with the most infrastructure projects valued at more than $25 million.

Regarding Asia-Pacific, the report said the region is set to ‘dominate’ the bridge-building market. “Urbanization, population increase, and economic development all contribute to the urgent demand for new and upgraded infrastructure,” it stated.

China topped the list of countries with highest overall value of infrastructure projects in-development or execution above $25 million at a value more than $5 trillion. The US and India were roughly half that value, at about $2 trillion each.