The presence of numerous global as well as regional players has led to widespread fragmentation in the global bridge bearings market. With increasing adoption of bridge bearings in the global construction sector, players in the market are focussing on strengthening their base in the early stages of product development. A new report by leading research firm Future Market Insights studies the growth trajectory of the global bridge bearings market for a 10 year period from 2018 to 2028 and throws light on the current market structure and key strategies adopted by the leading market players.
According to the research analysis, revenue from the sales of bridge bearings 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.
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Future Market Insights’ Recommendations for Market Players
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. 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.
Boost in Governmental Investments Towards Global Infrastructure Projects and Growth in Construction Activities to Create Lucrative Opportunities for Manufacturers of Bridge Bearings
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.
Emergence of Global Bridge Preservation Partnerships and Increasing Use of Neoprene Elastomeric Bridge Bearings Trending the Bridge Bearings Market
One of the trends observed in the bridge bearings market is the emergence of several partnerships at the global level to maintain the integrity of existing as well as new bridges. The main objective of these collaborations is to reduce/delay/prevent deterioration of bridges, restore the core functionalities, and maintain the bridge structure in good condition to ensure enhanced performance spanning several years. The American Association of State Highway and Transportation Officials (AASHTO) is involved in the R&D of advanced tools and methodologies to extend bridge life through preservation treatments and construction best practices. This association further promotes the use of seismic force resistant products such as bridge bearings in the U.S. The Europe based National Cooperative Highway Research Program – in partnership with the AASHTO – focuses on bridge evaluation and the necessary quality control checks.
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Another trend shaping the global bridge bearings market is the use of elastomeric bridge bearings owing to their better elasticity. Elastomeric bridge bearings can be easily installed and require minimal maintenance as compared to other types of bridge bearings. Neoprene elastomeric bridge bearings are currently in high demand as neoprene rubber comes with a high resistance to temperature and facilitates smooth load transfer from the beam to the bridge structure. Neoprene elastomeric bridge bearings are also resistant to lateral and longitudinal beam movement caused due to thermal variations.