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I AgreeAnalysis of Bridge Inspection Services market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global bridge inspection service market is expected to reach a valuation of US$ 5,109 million in 2022 and is expected to grow at a CAGR of 3% to reach US$ 6,836.8 million by the end of 2032.
Adoption of bridge inspection service accounted for nearly 1% share of the global bridge construction market at the end of 2021.
Report Attributes |
Details |
---|---|
Bridge Inspection Service Market Size (2021A) |
US$ 4,953 million |
Estimated Market Value (2022E) |
US$ 5,109 million |
Forecasted Market Value (2032F) |
US$ 6,836.8 million |
Global Market Growth Rate (2022-2032) |
3% CAGR |
North America Market Share (2021) |
~22.8% |
North America Market Value (US$ Mn), 2022 |
US$ 1,168.5 million |
Europe Market Share (%), 2022 |
~27.2% |
Europe Market Value (US$ Mn), 2022 |
US$ 1,391.4 million |
China Market Share (%), 2022 |
~ 9.9% |
China Market Value (US$ Mn) |
US $ 504 million |
Market Share of Top 3 Countries |
~34.9% |
Key Companies Profiled |
|
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The structural and operational state of the bridge is determined by routine inspections, which also show the degree of degradation since the last inspection. Due to significant expenditures, the frequency of bridge inspections, maintenance, and repairs is rising, which will further boost the market for bridge inspection services.
Due to the varying traffic settings, the impacts of traffic loads on existing bridges are very different from those of designing live load. However, the in-service bridge safety evaluation and inspection retain the design load capacity without taking into account the present traffic situation.
Principal inspection services are predicted to grow about 1.2X more quickly than superficial/initial inspection during the forecast period.
From 2017 to 2021, the global market for bridge inspection service registered a CAGR of 2.6%. Fact.MR, a market research and competitive intelligence provider, reveals that the market will exhibit growth at 3% CAGR between 2022 and 2032.
Market share analysis of bridge inspection service based on inspection purpose and region is provided in the above image. Under the inspection purpose segment, inventory inspection sub-segment dominates with 35.2% market share in 2022.
“Outsourcing of Maintenance Services by Transportation Agencies to Increase Revenu”
U.S.-based transportation agencies dispute over the importance of maintenance activities to preserve the condition of bridges. These transportation agencies have now realized the importance of the need for specialized equipment and technology. Moreover, stringent government regulations and the increasing complexity of non-destructive testing has boosted the demand for skilled inspectors.
As a result, many companies that performed inspection in-house in the past have started outsourcing these services to providers with the necessary technical workforce and expertise to perform bridge inspection and maintenance activities.
“Deterioration of Aging Bridges in the Developed Countries to Positively Impact Market Growth”
Direct exposure to traffic and environmental conditions led to deterioration of bridges, and these require regular maintenance & repair. Aging makes bridges more prone to deterioration. If damage remains undetected in a bridge, the structural integrity and service capability of a bridge deteriorates.
Periodic bridge inspection can help to obtain a better prediction of the deterioration progress and identification of defects at an early stage. For instance, according to the US Department of Transportation (DOT), more than 56,000 bridges (about 9.1% of the total bridges in the country) are classified as structurally deficient.
Over the past decade, there has been increasing awareness regarding the same and concentrated efforts are taken by the government to reduce the number of structurally deficient bridges through regular bridge inspection.
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“Deficient Funding for Inspection of Bridges to Hamper Demand for Inspection Services”
In different regions, local governing bodies are facing a shortage of funds for assessing and moving ahead with inspection, repairs, or rehabilitation of bridges. Every two years or so, the condition and performance of a bridge needs to be inspected. In the U.S., the Federal Highway Administration (FHWA) has estimated that the nation would need to spend about $20.5 billion per year to eliminate the backlog of structurally deficient bridges by 2028, while the country currently spends $12.8 billion annually.
The government in the U.S has failed to approve long term funding, leaving many projects in doubt. Lack of certainty regarding funding is anticipated to hamper the growth of the bridge inspection services market in the foreseeable future.
Funding for oil & gas transportation infrastructure projects is increasing. The rise in the oil & gas pipeline is expected to improve the demand for inspection services to prevent pipeline bridges from corrosion and other metal damage. In North America, oil & gas infrastructure is aging, and requires regular maintenance and inspection. Approximately, 50% of pipelines in the U.S. are more than 40 years old, and an estimated 30% of existing pipelines have outgrown their usefulness.
The market for bridge inspection services in U.S. is anticipated to reach US$ 1,186.3 million in 2032 while North American market is expected to gain 77.2 BPS over the forecast period.
How GCC Countries Bridge Inspection Service Market Expected to Be Highly Lucrative?
Fast-growing economies such as GCC countries have witnessed a rise in the demand for new infrastructure as well as an increased spending on the inspection and maintenance of the existing infrastructure. Substantial growth is expected in the Middle East Asia Inspection Services market over the forecast period, as the countries in these regions are focusing on modernizing their infrastructure.
Growing awareness about the cost of damage caused by improper inspection and increasing demand for preventing bridge accidents is expected to support the growth of the global bridge inspection services market. Increasing infrastructure and urbanization activities in BRIC and GCC countries are expected to fuel the demand for inspection services in these regions. Thus, in MEA region, GCC countries is expected to have a market share of 35.1% in 2022.
The transportation over bridge segment will contribute 48.2% of the market share in terms of revenue in 2022. The transportation over bridge segment accounted for US$ 2,376.7 million in 2021, registering a CAGR of 3.4% over the forecast period.
The railway over bridge segment is projected to have market share of 31.7% in 2022. Thus, increasing investment in construction activities in developing regions, such as Asia Pacific, Latin America and Africa, are estimated to fuel the construction of railways, pedestrian, and over roadway bridges. Aforementioned factors anticipated to propel the growth of the global bridge testing services market over the forecast period.
Under the inspection purpose, the inventory segment appears to be the most prominent. It is expected to represent US$ 1,798.1 million in 2022 and is projected to reach US$ 2,633.2 million by 2032. On the other hand, the condition inspection purpose segment will offer an incremental opportunity of US$ 1,957.5 million over the assessment period.
The demand for inventory inspection services will increase as government collects bridge data to examine the conditions of bridges in their respective countries. The inventory services were developed with an aim of having a unified database of bridges to ensure safety during transportation. The market for inventory inspection is expected to be most lucrative in the East Asia region.
Prominent bridge inspection service providers are Mistras Group, KCI, Technologies, Stantec, TUV Rheinland, Mabey Group, ATS Engineering, Burns & McDonnell, Johnson, Mirmiran & Thompson, Collins Engineers, Volkert Inc., Ayres Associates Inc., Kedmor Engineers Ltd, Short Elliot Hendrickson Inc., Infrastructure Preservation Corporation, Patriot Rail Company, CEC Corporation, GHD Pty Ltd, Modjeski and Masters Inc., WSP Global, American Rail Engineers Group.
Bridge inspection service providers are collaborating with leading construction companies, to enable end-to-end offerings and recurrent revenue generation opportunity. Also, players are developing robust solution with technologically advancement inspection software enabled with data analytics.
Some of the key developments are:
Fact.MR has provided detailed information about the price points of key manufacturers of Bridge Inspection Service positioned across regions, service growth, production capacity, and speculative technological expansion, in the recently published report.
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The global bridge inspection service market is expected to reach at US$ 5,109 million in 2022.
Worldwide demand for bridge inspection service is anticipated to reach US$ 6,836.8 million by 2032-end.
During 2017-2021, providers of bridge inspection service increased at 2.6% CAGR
Europe will lead the global bridge inspection service market by accounting for 27.2% market share in 2022.
Routine inspection will account for 75.2% share of the global market in 2022.