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Highway, Street, and Bridge Construction Market Size
- Report ID: GMI6436
- Published Date: Aug 2023
- Report Format: PDF
Highway, Street, and Bridge Construction Market Size
Highway, Street, and Bridge Construction Market size was valued at USD 2,111.8 billion in 2022 and will grow at a CAGR of over 6% from 2023 to 2032. Existing road networks require ongoing maintenance, repair, and rehabilitation, creating a constant demand for construction services to ensure road safety and functionality.
As per the American Society of Civil Engineers, 1 in 5 miles of roads in the U.S. are in poor condition. Phys.org estimates suggest that road repairs in the U.S. due to temperature increases could reach a cumulative USD 200 billion to USD 300 billion by 2100. Alarming scenarios associated with poor road infrastructure and the subsequent demand for repair, maintenance, and reconstruction will favor industry growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Highway, Street, and Bridge Construction Market Size in 2022: | USD 2,111.8 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6% |
| 2032 Value Projection: | USD 3,893.1 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 207 |
| Segments covered: | Type, Construction Type |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Government investments in infrastructure development, through initiatives such as public-private partnerships (PPPs) and stimulus packages, play a significant role in boosting road construction activities, thus, supporting the expansion of the road construction industry. The UK Roads Investment Strategy published in 2020 sets out plans to invest approximately USD 29.7 billion in roads through 2025. The strategy aims to improve road safety, reduce congestion, and support economic growth.
However, road construction projects often require adherence to complex regulatory frameworks and obtaining various permits at different levels of government. Delays in obtaining necessary approvals and navigating regulatory hurdles can lead to project postponements, increased costs, and uncertainty for investors and contractors, thereby influencing highway, street, and bridge construction market dynamics.
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Highway, Street, and Bridge Construction Market Scope
