Routine Bridge Inspections to Witness Resilient Growth
Routine inspections determine the physical and functional condition of the bridge and identifies extent of deterioration from the previous inspection. Large scale investments are surging the rate of inspections, maintenance, and repairing of bridges will further bolster the growth of the bridge inspection services market.
Routine bridge inspections are estimated to create an absolute dollar opportunity worth US$ 1,343 Mn and are foreseen to cross the US$ 5 Bn mark by the end of the forecast period (2019-2029). However, principal inspection services are foreseen to grow around 2X faster than the superficial/initial inspection during the forecast period.
Increased Infrastructure Spending in Developing Economies will Unlock Lucrative Opportunities for Transportation over Bridge Segment
Developing economies such as China, India, South Africa, and Brazil have witnessed a spike in spending on the inspection & maintenance of existing infrastructure. The necessity to prevent bridge accidents is foreseen to support the growth of transportation over bridge inspection services. China has doubled the volume of infrastructure projects to stave off economic slowdown amid the trade war. India on the other hand has invested about US$ 1.1 trillion on infrastructure for building new roads and rail links.
Owing to an increase in inspection services, the transportation over bridge segment is expected to cross US$ 3 Bn mark by the end of the decade by contributing over 50% in the overall value opportunity. On the other hand, the railway over the bridge is estimated to create an absolute dollar opportunity worth US$ 400 Mn and is expected to capture a market share of 30% by the end of the forecast period.
Infrastructure Safety to Ramp up Demand for Concrete Structure Testing
Earlier, bridges were constructed with concrete material. As a result, these bridges started to deteriorate owing to decay and distress caused by corrosion in reinforcing bars. To obviate damages caused by corrosion in concrete bridges, demand for bridge inspection services is anticipated to soar in the foreseeable future. The concrete structure testing segment is foreseen to grow 2.5X faster than the steel structure testing by the end of 2029. On the other hand, steel structure testing is estimated to account for around 26% revenue share of the market by 2019 end and is anticipated to grow at a CAGR of 2.8% during the forecast period.
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Asia-Pacific is Projected to Grow 1.5X Faster Than Europe
Rising demand for infrastructure in BRICS and GCC countries are expected to surge the demand for inspection services in these regions. In Japan, 48% of bridges are more than 50 years old. Further, some bridges are built in a short duration which are expected to deteriorate at a faster rate. In Europe, critical transport infrastructure is aging. Thus, inspection, maintenance, and monitoring of bridges are extremely important in this region.
Asia-Pacific is estimated to create an absolute dollar opportunity worth US$ 526 Mn, through the forecast duration. Furthermore, owing to the optimistic outlook of bridge maintenance, inspection, and monitoring in Europe, the region is forecasted to account for over 26% in the overall value opportunity created in the global bridge inspection services market.
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Strategic Acquisition: Key Growth Influencer within Bridge Inspection Services Market
Industry leaders are continuously focusing on strategic acquisitions to expand their geographic presence, increase business operations and increase their share within the market
- In September 2018, ATS has acquired International Inspection Inc. International Inspection specializes in the inspection and non-destructive examination of equipment, properties, and assets within the marine, construction, fabrication and communications industries. The acquisition will expand the company’s capabilities and improve customer experience
- In 2019, KCI Technologies acquired Keith & Schnarr’s (K&S). K&S is a consulting firm which specializes in engineering, construction inspection, surveying, landscape, architecture, planning, and environmental science. The acquisition will further strengthen KCI’s geographic capabilities
Global Bridge Inspection Services Market - Scope of the Report
The bridge inspection services market is anticipated to observe a significant growth in the forecast period of 2019 to 2029, according to the Fact.MR study. The study propounds key trends that are currently shaping the growth of the bridge inspection services market. This newly published and insightful report sheds light on key dynamics, which are expected to transform the future of the bridge inspection services market. This, in turn, is creating flourishing avenues for prominent companies as well as emerging players associated with bridge inspection services.
The bridge inspection services market study is a sinuous market intelligence on key drivers, challenges, industry trends and opportunities, which is likely to influence the growth trajectory of the bridge inspection services market. The report initially imparts an overview of the bridge inspection services market, considering current and future prospects in growth, to unveil attractive facets pertaining to the adoption of bridge inspection services across key regional markets.
An in-depth assessment of a few of the bridge inspection service providers in the report enables the report readers to gain detailed insights that are derived from bridge inspection service providers across regional markets. A list of key companies operating in the bridge inspection services market provided in the report adds to the credibility of this exhaustive research study.
Global Bridge Inspection Services Market: Opportunity Analysis
The report offers a detailed study of different factors influencing demand, sales, and revenue generation in the bridge inspection services market around the world. The opportunity analysis included in the report is beneficial for readers to better understand opportunities in the bridge inspection services industry, which in turn, is likely to trigger the adoption of bridge inspection services. An elaborated cost structure analysis provides the report with innate completeness, and analysis offered on the cost structure involves all the regional markets incorporated.
A detailed forecast on the global bridge inspection services market has also been offered by experts, who have categorized market forecasts into a likely scenario, a conservative scenario, and an optimistic scenario regarding adoption and involvement of the global market during the forecast period. Analysis and assessment of price point by region has also been included in this study. The study also exerts details on aspects impacting strategies of service providers within the global bridge inspection services market.
Global Bridge Inspection Services Market: Segmentation
Segmentation table of the global bridge inspection services market has been provided below on the basis of inspection, inspection purpose, bridge category, testing, bridge construction and region.
Global Bridge Inspection Services Market: Analysis on Market Size Evaluation
Market valuation at the global and regional scale for the global bridge inspection services market is offered in terms of “US$ Bn.” A Y-o-Y growth comparison on the key bridge inspection services market segments, along with the market attractiveness assessment quantifies insights delivered in the report.
Global Bridge Inspection Services Market: Scrutinized Assessment on Regional Segments
Weighted chapters have been included in the report on the global bridge inspection services market, which imparts a forecast on the regional markets recognizing the regional macros (business, economic and political environment outlook), which are expected to have an impact on the growth of the global bridge inspection services market in the near future.
Country-specific assessment on the demand for bridge inspection services has also been provided for each regional market, along with the market size valuation, price point assessment, price index, and impact analysis of key regional and country-wise dynamics. Y-o-Y growth projections have also been offered on all regional markets that are incorporated in the report.
Global Bridge Inspection Services Market: In-depth Analysis on Competitive Landscape
The report concludes with a weighted chapter on the competition landscape considering up-to-date and essential developments related to market players, who are predominantly engaged in the services of bridge inspection, along with company’s strategies, identification, and analysis. Market share comparison and analysis of these market players offered in the report enables readers to devise strategies for their businesses.
The intensity mapping of the market players operating in the global bridge inspection services market provides readers with actionable intelligence, which helps in understanding the current market status and prospects determining the competition levels in the global bridge inspection services market.
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