Europe Steel Bridge Market
By Type (Through Truss Bridge, Half Through Truss Bridge, Deck Truss, Bow-String Trusses and Others) – Industry Demand Analysis & Opportunity Assessment 2017–2025
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By Type (Through Truss Bridge, Half Through Truss Bridge, Deck Truss, Bow-String Trusses and Others) – Industry Demand Analysis & Opportunity Assessment 2017–2025
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By Type
The Europe steel bridge market has been segmented by type into through truss bridge, half through truss bridge, deck truss, bow-string trusses and others, out of which, the through truss bridge segment garnered the highest share of around 44% in the region during 2017 and is believed to grow at a CAGR of 3.7% over the forecast period. The second largest share was held by half through truss bridge segment with a total market share of 33.0% in 2017 and is further predicted for the positive growth by the end of 2025.
Steel bridges are designed to complement many other materials, notably HPC and other advanced composite materials and to provide structures with superior durability and extended life span. Increasing investment in various construction related research and development activities is anticipated to drive the demand for steel bridges. Apart from this, enhancement of new technologies in construction sector due to the continuous research and development activities is likely to embark the growth of Europe steel bridge market in the upcoming years. Factors such as increasing construction solutions provided by steel makers for bridges is expected to drive the market of steel bridge in Europe at a CAGR of 3.4% across the forecast period i.e. 2018-2025. Further, Europe steel bridge market is expected to reach USD 131.1 Billion by the end of 2025 from USD 101.5 Billion in 2017. Germany is the prominent country in the region that is expected to cross USD 30.0 Billion by the end of 2025.
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Growth Indicators
The Europe steel bridge market is riding on the back of mechanical properties of steel as steel does not warp, split, crack or creep and is an isotropic material, which means it has the same dimensional properties in all directions. Since there is no "grain," the strength of steel is the same in all loading directions. Along with that, steel is light in weight and require less costly equipment to lift the material which can be used on construction sites. Such factors make it highly preferred construction material for bridges over conventionally used material such as concrete. Additionally, steel offers cost effectiveness over a long span of time as they need low maintenance, have longer life as compared to other types of bridges and they do not need to be replaced as frequently.
The construction of the steel bridges takes less time in comparison to concrete bridges which results into economic and safety benefits along with the less time consuming duration of steel bridge construction that minimizes the disruption of public mobility.
Additionally, steel from a dismantle bridge can be used again for another project because steel is fully recyclable and does not lose its properties upon being recycled. These factors are also believed to aid the Europe steel bridge market to grow in the near future.
Barriers
Presence of cheaper alternatives with less initial manufacturing cost, presence of various alternatives in the market such as concrete are expected to slow down the growth of the steel bridge market in Europe region. Further, the cost constraints attached to the manufacturing and construction along with the need for high skilled labor might result in decreased demand for the steel bridges in the future.
Some of the affluent industry leaders in the Europe steel bridge market are VINCI, Bechtel Corporation, Hochtief AG, Skanska, Balfour Beatty, Bouygues Construction, Ferrovial, Fluor Corporation and AECOM.
WWF France and Bouygues Construction are now renewing their partnership for the period 2017-2020 to pursue the development of sustainable urban projects in France at neighborhood level and committing to more responsible timber supply in order to reduce the footprint on forests.
Moreover, other key and niche players are working towards the expansion of product portfolio along with investing in research and development activities to provide innovative and advanced technologies to address the changing industry demands in order to gain competitive edge in the Europe steel bridge market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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