Steel Bridge Market Overview
Steel is a highly preferred construction material for bridges over other conventionally used construction materials such as concrete as it is light in weight, requires less costly equipment to lift the material and less construction time required. Steel bridges are designed to complement many other construction materials such as HPC and other advanced composite materials to provide structures with superior durability and extended life span. In addition to this, the solutions provided by the steel makers for construction of bridges is expected to drive the growth of the steel bridge market.
The steel industry is worth USD 900 billion a year. World steel represents more than 160 steel makers accounting for 85% of the global output. Construction company is the largest consumer accounting for approximately 50% of the total world steel consumption. There are major steel bridges in the world such as Golden Gate Bridge, San Francisco; Poute Vecchio, Florence; Magdeburg Water Bridge, Germany; Sydney Harbour Bridge, Australia; Brooklyn Bridge, New York etc. which are living examples of the durability and mechanical strength of steel bridges.
Market Size and Forecast
Steel is highly resistant to extreme environmental conditions and can withstand natural disasters such as hurricanes and earthquakes. It does not warp, split, crack or creep and it is an isotropic material which makes it highly preferred construction material for bridges over conventionally used materials such as concrete which is expected to boost the growth of the steel bridge market.
The steel bridge market is anticipated to record a CAGR of around 4% during the forecast period i.e. 2019-2027. The market is segmented by kind of traffic carried into road bridges, railway bridges and road cum rail bridges, out of which, the road bridges segment is anticipated to have substantial growth on account of increasing demand for vehicles and increasing global connectivity between small islands and cities.
Get more information on this report: Download Sample PDF
Growth Drivers
Durability and adaptability
Steel is highly resistant to extreme environmental conditions and can withstand natural disasters such as hurricanes and earthquakes. Durability and adaptability of steel is expected to boost the growth of the steel bridge market.
Mechanical strength
Steel does not warp, split, crack or creep and it is an isotropic material which makes it highly preferred construction material for bridges over conventionally used materials such as concrete. Mechanical strength of steel is expected to boost the growth of the steel bridge market.
Less construction time
The less construction time of steel bridges in comparison to construction of other material bridges such as concrete bridges minimizes the disruption of public mobility which is expected to boost the growth of the steel bridge market.
Cost effectiveness
Steel bridges offer cost effectiveness as compared to other types of bridges and have longer life span. The maintenance cost of steel bridges is also low in the long run and need not be replaced frequently. Cost effectiveness of steel bridges is expected to boost the growth of the market.
Increasing construction solutions
Increasing construction solutions provided by the steel makers for bridges is expected to boost the growth of the steel bridge market.
Restraints
High initial cost of construction
Though the maintenance cost of steel bridges is low, the initial cost of construction is high which is expected to impede the growth of the market.
Availability of other materials
Availability of other materials for construction of bridge such as concrete is expected to dampen the growth of the market.
Requirement of highly skilled labor
To construct steel bridges, highly skilled welders and workers are required as comparison to the construction of concrete bridges which is expected to hamper the growth of the steel bridge market.
Market Segmentation
Our in-depth analysis of the steel bridge market includes the following segments:
By Kind of Traffic Carried
- Road Bridges
- Rail Bridges
- Road cum rail Bridges
By Main Structural System
- Suspension bridge
- Cable- stayed bridge
- Arch bridge
- Rigid frame bridge
- Plate and Box bridge
- Truss girder bridge
By Position of Carriageway
- Deck type bridge
- Through type bridge
- Semi- Through type bridge
By Region
On the basis of regional analysis, the steel bridge market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Europe is expected to grow at a faster rate on the back of the mechanical properties of steel that affect the overall strength and stability in the long run. Europe steel bridge market is expected to grow at a CAGR of 3.4% and is expected to reach USD31.1billion by the end of 2025. Europe steel bridge market is segmented by type into- through truss bridge, half- through truss bridge, deck truss bridge and bow string Trusses Bridge. Among these, through truss bridge is expected to grow at a CAGR of 3.7% and half- through bridge is expected to grow at 3.3%. North America is expected to grow on the back of increasing construction solution by steel makers for bridges.
On the basis of regional analysis, the steel bridge market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The steel bridge market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating the Market
- VINCI
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Bechtel Corporation
- Hochtief AG
- Balfour Beatty
- Skansa AB
- Bouygues Construction
- Ferrovial
- Fluor Corporation
- AECOM
- Tata Steel
