Highway, Street, And Bridge Construction Market Size (2024 - 2029)

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.