Bridge Inspection Services to Witness Fourfold Growth, Routine Inspections Underpin Demand, Says Fact.MR
Published : 14 Feb 2020 Industry: Industrial Goods
Aging of bridges owing to challenging environmental conditions and higher traffic volume makes bridges more prone to deterioration. With damages in bridges remaining undetected, the structural integrity and service capability of a bridge deteriorates. Owing to this, the demand for routine bridge inspection is soaring in order to help obtain a better prediction of the deterioration progress and identify defects at an early stage. The newest report by Fact.MR estimates that the bridge inspection services market will witness a fourfold growth to reach a valuation of US$ 6.3 Bn by the end of 2029.
Further, effective integration of drones, mobile inspection, and virtual reality are expected to unlock future growth prospects in the global market. Bridge inspection, maintenance, and repair, coupled with rapid technological developments are foreseen to propel market growth, reveals Fact.MR.
Key Takeaways of Global Bridge Inspection Services Market
- Routine bridge inspection services are projected to expand 1.4X as compared to 2019, and account for around 83% of the overall value opportunity in the global market by 2029 end. The growing awareness around damage caused by improper inspection will drive the segment of routine bridge inspection services.
- The inventory inspection purpose segment is expected to create an absolute dollar opportunity ~US$ 766 Mn during the forecast period
- Asia-Pacific will remain the prominent region across the forecast period, accounting for more than 35% share in the global market, as countries in this region are focusing on modernizing their infrastructure
- Transportation over bridges account for nearly three-fifth of the overall bridge inspection market value by the end of the forecast duration
- Demand for bridge construction with permanent bridges is projected to expand 1.3X as compared to 2019
“Adoption of mobile inspection robots, drones, and virtual reality will improve the performance and efficiency of bridge inspection and will also open new growth prospects for service providers” says the Fact.MR analyst
Acquisitions Remain Market Imperative
The report reveals some of the prominent market players, including Mistras Group, KCI Technologies, Stantec, TÜV Rheinland, Mabey Group, ATS Engineering, Burns & McDonnell, Collins Engineers, Volkert Inc., GHD Group Pty Ltd, WSP Global and others. Prominent service providers are continuously focusing on strategic acquisitions in order to expand their geographic presence and business operations. For instance,
- In August 2019 TÜV Rheinland acquired Certio ITV. This strategic acquisition strengthens the mobility business area with 12 new periodical technical inspection centers
- In December 2018, Mistras Group acquired on-stream pipeline inspection services. The acquisition provides company diversification in their business operations. It will also enable company to leverage strength in the midstream segment
Find More Valuable Insights on Bridge Inspection Services Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global bridge inspection services market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study divulges compelling insights on the bridge inspection services market based on inspection (superficial/initial, routine, principal, special, and damage), inspection purpose (inventory, condition, maintenance, and rehabilitation), bridge category (transportation over bridge, (pedestrian foot over bridge, railway over bridge, and pipeline bridge), testing (concrete structure testing, steel structure testing, and special non-destructive testing), and bridge construction (permanent bridge and temporary bridge) across four major regions.
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial research team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed industrial sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. For more industrial goods domain expertise, visit us.