According to the research analysis, revenue from the sales of bridge bearings Market is projected to reach a valuation of US$ 935.0 Mn by the end of 2028, up from an estimated US$ 586.2 Mn by 2018 end, registering a CAGR of 4.8% during the forecasted 10 year period 2018 – 2028.
The report reveals that China is currently the most prominent regional market for bridge bearings. Growth in the production of steel in China has led to increasing demand for bridge bearings and this demand is anticipated to remain on an upward swing in the coming decade. Increasing investments in transportation infrastructure in the countries of Latin America and Middle East & Africa is further expected to lead to a surge in sales of bridge bearings in these two regional markets.
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With manufacturers of bridge bearings looking to expand strategically across key regional markets, Future Market Insights recommends key players to pump in investments in the developing markets of China, MEA, and Latin America. Mergers and acquisitions are a key strategy adopted by market players, and according to Future Market Insights’ analysis, M&A activities in developing markets will help manufacturers of bridge bearings expand their product offerings.
Bridge bearings are pre-requisite components in construction of transport infrastructures, especially highways. Accessible and reliable transport infrastructure is the cornerstone of progress in every economy as it enhances productivity, saves time and connects the society. Thus, the need for improving the existing road infrastructure to deliver better accessibility is increasing and thus, creating opportunities for bridge bearings in the global market over the forecast period.
The construction industry has witnessed significant investments in recent times. For instance, in FY2017, it is estimated that the spending on infrastructural construction was around US$ 3 Tn. Hence, expanding construction investments by PPP (Public Private Partnerships) and regional governments are stipulated to register healthy growth in case of transport infrastructure and thus, subsequently augment the trade of bridge bearings. Further, the transport infrastructure industry has witnessed sustained incremental growth over the years, which can be attributed to favorable economic conditions in numerous developing and developed countries.
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On the basis of material type, the global bridge bearings market is segmented into:
- Rubber and Combined
On the basis of design type, the global bridge bearings market is segmented into:
- Elastomeric Bearings
- Pot Bearings
- Sliding Plate Bearings
- Roller Bearings
- Spherical Bearings
- Disc Bearings
on the basis of regions, the global bridge bearings market is segmented into:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia and Pacific
- Japan and the Middle East and Africa.
Rapid urbanisation at the global level has led to a burgeoning expansion of the construction sector across the world. Governments of both developing and developed economies are greenlighting multiple construction and infrastructural projects to strengthen commercial and transportation infrastructure development. This is anticipated to boost global demand for bridge bearings in the construction sector. Further, a growing demand among the population in China, Europe, U.S, and the Middle East for amusement parks, luxury sports venues, and other leisure activity establishments is fuelling revenue growth of the bridge bearings market. Manufacturers of bridge bearings will witness sustained growth in future if they leverage the numerous opportunities created in the global market and enhance their product portfolio.