The market for bridge bearings grew at a 4.1% CAGR between 2013 and 2021, according to Future Market Insights. The Bridge Bearings Market is expected to reach US$ 935 million by 2028, growing at a 4.8% CAGR during the forecast period. Because of the presence of numerous global and regional players, the global Bridge Bearings Market has been significantly fragmented.
With the increasing use of bridge bearings in the global construction sector, market participants are concentrating their efforts in the early stages of product development. A new report from leading research firm Future Market Insights examines the global bridge bearings market’s growth trajectory from 2022 to 2028 and sheds light on the current market structure and key strategies employed by the leading market players.
According to the research, revenue from bridge bearing sales is expected to reach US$ 935.0 Million by the end of 2028, up from an estimated US$ 586.2 Million by the end of 2022, registering a CAGR of 4.8% over the forecasted 8-year period 2022-2028.
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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.
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.
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.
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.
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Key Segments Covered in the Bridge Bearings Industry Study
Bridge Bearings by Material Type:
- Steel Bridge Bearings
- Rubber and Combined Bridge Bearings
Bridge Bearings by Design Type:
- Elastomeric Bridge Bearings
- Pot Bridge Bearings
- Sliding Plate Bridge Bearings
- Roller Bridge Bearings
- Spherical Bridge Bearings
- Disc Bridge Bearings
- Other Bridge Bearings
Bridge Bearings by Region:
- North America Bridge Bearings Market
- Latin America Bridge Bearings Market
- Europe Bridge Bearings Market
- South Asia and Pacific Bridge Bearings Market
- East Asia Bridge Bearings Market
- Middle East and Africa Bridge Bearings Market
