Market Size of Highway, Street, And Bridge Construction Industry
Study Period | 2020 - 2029 |
Market Size (2024) | USD 2.51 Trillion |
Market Size (2029) | USD 3.67 Trillion |
CAGR (2024 - 2029) | 6.55 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
Highway, Street, And Bridge Construction Market Analysis
The Highway, Street, And Bridge Construction Market size is estimated at USD 2.51 trillion in 2024, and is expected to reach USD 3.67 trillion by 2029, growing at a CAGR of 6.55% during the forecast period (2024-2029).
The demand for new infrastructure, urbanization, population growth, economic development, and the need for modernization and maintenance are significant drivers for this market. Government investments and initiatives in transportation infrastructure also contribute to market growth.
The industry faces challenges such as funding constraints, regulatory hurdles, and labor shortages. Environmental compliance and community engagement are also factors influencing project development.
Asia-Pacific accounts for the major share of highway and bridge construction projects globally. Countries like China and India are leading players in highway and bridge construction. India is one of the fastest-growing highway markets. India’s national highways network, at 1.45 lakh km, is now the second largest in the world after the United States, and it has increased by 59% in the past nine years till 2023. China is one of the largest markets for bridge construction worldwide. China has the ownership of eight of the world's top 10 largest suspension bridges, with five under construction.
Traditionally, governments worldwide have been the principal provider of infrastructure (in terms of financing and construction) within their respective countries. However, over the last few decades, Public-Private Partnerships have become increasingly common in the highway and infrastructure sector. Collaborations between government entities and private companies help fund, build, and maintain transportation projects.
The adoption of innovative construction technologies, such as Building Information Modeling (BIM), drones, and advanced materials, is increasing in the industry. These technologies aim to improve efficiency, reduce costs, and enhance safety. The industry has a growing emphasis on sustainable and environmentally friendly construction practices. This includes the use of eco-friendly materials and environmentally conscious construction processes.
Highway, Street, And Bridge Construction Industry Segmentation
The Highway, Street, and Bridge Construction Market comprises establishments primarily involved in the construction of the following: Highways (including elevated), streets, roads, airport runways, public sidewalks, and bridges. The work performed may also include new work, reconstruction, rehabilitation, and repairs.
The highway, street, and bridge construction market is segmented by type (highway construction, street construction, and bridge construction), by construction type (new construction, reconstruction, and repair), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The report offers market size and forecast in value (USD) for all the above segments.
By Type | |
Highway Construction | |
Street Construction | |
Bridge Construction |
By Construction Type | |
New Construction | |
Reconstruction and Repair |
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Highway, Street, And Bridge Construction Market Size Summary
The highway, street, and bridge construction market is poised for significant growth over the forecast period, driven by factors such as urbanization, population growth, and the need for infrastructure modernization. Government investments and initiatives in transportation infrastructure play a crucial role in this expansion. However, the industry faces challenges including funding constraints, regulatory hurdles, and labor shortages. The Asia-Pacific region, particularly China and India, dominates the market, with China leading in bridge construction and India rapidly expanding its highway network. The trend towards Public-Private Partnerships is becoming more prevalent, facilitating the funding and maintenance of transportation projects. The adoption of innovative construction technologies and sustainable practices is also on the rise, aiming to enhance efficiency, reduce costs, and minimize environmental impact.
As global urbanization continues to rise, the demand for transportation infrastructure, such as highways and streets, is expected to increase, supporting economic growth and alleviating traffic congestion in urban areas. North America, Latin America, and the Caribbean are experiencing high levels of urbanization, driving the need for new construction projects. The competitive landscape of the market is characterized by numerous construction companies and engineering firms vying for contracts, with key players including China Communications Construction Group Ltd, Grupo ACS, and Skanska AB. Recent projects in the United States, such as the North Tarrant Express Capacity Improvement and the US 97 Bend North Corridor, highlight ongoing efforts to expand and improve highway infrastructure to meet growing demand.
Highway, Street, And Bridge Construction Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Value Chain/Supply Chain Analysis
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1.3 Government Regulations and Initiatives in the Industry
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1.4 Technological Developments in the Market
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1.5 Impact of COVID - 19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Highway Construction
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2.1.2 Street Construction
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2.1.3 Bridge Construction
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2.2 By Construction Type
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2.2.1 New Construction
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2.2.2 Reconstruction and Repair
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 France
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2.3.2.3 Italy
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2.3.2.4 Rest of Europe
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2.3.3 Asia Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 Rest of Asia-Pacific
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2.3.4 Latin America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 UAE
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2.3.5.2 Saudi Arabia
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2.3.5.3 South Africa
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2.3.5.4 Rest of Middle East and Africa
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Highway, Street, And Bridge Construction Market Size FAQs
How big is the Highway, Street, And Bridge Construction Market?
The Highway, Street, And Bridge Construction Market size is expected to reach USD 2.51 trillion in 2024 and grow at a CAGR of 6.55% to reach USD 3.67 trillion by 2029.
What is the current Highway, Street, And Bridge Construction Market size?
In 2024, the Highway, Street, And Bridge Construction Market size is expected to reach USD 2.51 trillion.