Trends and Hot Topics

Report: Modular Bridges Market Size Projected to Reach 16B by 2030

New York – A recent report by Straits Research indicates that the modular bridges market size is projected to reach $16.46 billion by 2030, growing at a CAGR of 6.5%.

Modular bridges offer a solution during emergencies, such as natural disasters, and help to quickly fix transportation lifelines and enable rapid post-disaster reconstruction.

According to the report, construction is expected to be one of the most dynamic sectors in the coming years, playing a crucial role in the prosperity of societies across the globe. As per the data available by Oxford Economics, the global construction sector is foreseen to grow by $8 trillion, and this growth is expected to be driven by the U.S, China, and India.

China’s Belt and Road Initiative (BRI) development strategy intends to build connectivity and cooperation throughout six key economic corridors, consisting China, Mongolia, Russia, Eurasian countries, and Central and West Asia, among others. China’s Ministry of Commerce announced that Chinese non-financial investments in countries, along with the Belt and Road Initiative, reached around $12.78 billion during the first 11 months of the year 2019. Over 60 countries have signed on the project. The Chinese companies, along the Belt & Road Initiative, have signed an average total contract value of  $11.6 billion each month.

The government of India launched the Bharatmala Pariyojana program to construct 50 new national corridors, connecting about 550 districts. Phase 1 of the project consists constructing 34,800 km of roads and highways by the year 2021, followed by Phase 2 of the project, which includes port and coastal connectivity. Furthermore, there are many upcoming construction projects across the globe that will require a large number of modular bridges during their construction process for the transportation of equipment, vehicles, heavy machinery, and workers, among others.

Key Highlights of the Report:

  • The global modular bridges market size is projected to reach $16466.21 million by 2030 at a CAGR of 6.5% from 2022 to 2030.
  • Asia-Pacific to produce large amounts of steel to support the global modular bridges market’s growth
  • In the construction business, modular bridges are frequently employed, and the Belt and Road Initiatives in China are expected to boost the market.

Some of the largest construction projects include AL Maktoum International Airport, Dubai, with an estimated cost of $32 billion, spread over 21 square miles. London’s Crossrail Project, with an estimated cost of $23 billion, is another large-scale high-speed railway project, further driving the market growth.

Key players include Acrow Corporation of America; Atlantic Industries Limited (AIL); BAE Systems plc; Bailey Bridges, Inc.; Beaver Bridges Ltd; CNIM Group; S. Bridge; Janson Bridging Nederland BV; Creative Pultrusions, Inc; General Dynamics European Land Systems; S.L.U; and Jiangsu Bailey Steel Bridge Co. ltd.