Road & highway infrastructure Market Size Worth USD 1333.67 Billion, Globally, by 2030 at a CAGR of 2.06%
The Road & Highway Infrastructure Market to be Worth USD 1333.67 Billion by 2030; Growing Need for Improved Transportation Network to Aid Market Growth
Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global road & highway infrastructure market size was valued at USD 1134.28 billion in 2022. The market is projected to grow from USD 1156.33 billion in 2023 to USD 1333.67 billion by 2030, exhibiting a CAGR of 2.06% during the forecast period.Roads and highways infrastructure is a network of interconnected bridges, roads, highways, and others that provide transportation facilities for people, goods, and services between various locations. The rising focus on environmentally friendly construction practices, sustainable materials adoption, and energy-efficient designs is boosting the market during the forecast period. Fortune Business Insights™ mentioned this in a report titled “Road & Highway Infrastructure Market, 2023-2030.”
The global road & highway infrastructure market research reports offer a comprehensive and insightful analysis of road & highway infrastructure industry. This report helps to understand the market landscape, trends, opportunities, challenges, and key players. The research employs a combination of qualitative and quantitative methodologies to present a well-rounded view, including data-driven statistics, expert opinions, and market dynamics. By examining factors such as road & highway infrastructure market size, growth potential, competitive analysis, consumer behavior, and emerging technologies, this reports aims to help the businesses and stakeholders with valuable insights for strategic decision-making and successful market engagement.
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*Report Scope & Segmentation*
*Report Coverage* *Details*
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 2.06% \
2030 Value Projection USD 1333.67 billion
Base Year 2022
Automotive Sunroof Market Share in 2022 USD 1134.28 billion
Historical Data for 2019 to 2021
No. of Pages 200
*Drivers and Restraints:*
*Growing Need for Improved Transportation Network to Aid Market Growth*
Roads and highways are crucial for the development of the economy as they ease the transportation of goods and services, markets, connecting production centers, and several distribution networks. Businesses and governments prioritize the importance of well-connected transportation infrastructure to attract investments for surging economic growth, thus driving the growth of the market during the forecast period.
Limited budget and public funds are hampering the development and maintenance of roads and highway infrastructure, affecting the market growth during the forecast period. Improper maintenance planning is also affecting the road & highway infrastructure market growth.
*COVID-19 Impacts:*
*Rising Digital Technologies and Automation Propelled the Market Growth During the Pandemic*
Adopting digital technologies and automation in the road & highway infrastructure increased during the COVID-19 pandemic. Data analytics, Remote monitoring and management systems, and contactless technologies have gained importance to increase operational efficiency and decrease human interaction.
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*Report Coverage:*
The report offers:
· Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
· Comprehensive insights into regional developments.
· List of major industry players.
· Key strategies adopted by the market players.
· The latest industry developments include product launches, partnerships, mergers, and acquisitions.
*Market Segmentation:*
*Growing Expansion of Highways to Boost Segment Growth*
By road type, the market is segmented into national/interstate highways, state highways, and other roads. National highways have fast growth during the forecast period due to the fast expansion of highways to increase connectivity between various regions. The increasing government focus on national highway construction is boosting the market during the forecast period.
*Rising Need for Efficient Road Operations to Drive the Segment Growth*
By components, the market is divided into roads, bridges /tunnels/culverts, marking and signage, safety equipment, traffic management system, and others. The increasing traffic congestion in urban areas and efficient road operations propel the traffic management segment during the forecast period. The leading number of road vehicles led the segment during the forecast period.
*Rising Urbanization to Propel Growth for Expansion Segment*
By process, the market is segmented into maintenance and expansion. The increasing road expansions globally, led by rapid urbanization and increased transportation, is propelling the growth of the segment in the road & highway infrastructure market during the forecast period.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.
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*Regional Analysis:*
*Rising Urbanization to Propel Market in Asia Pacific*
Asia Pacific is expected to dominate the market and grow at a high CAGR during the forecast period. The increasing urbanization in the region is driving market growth during the forecast period. According to a World Bank report, urbanization is rapidly increasing, with 3% average urbanization rate in East Asia and the Pacific.
North America will hold a significant road & highway infrastructure market share during the forecast period owing to rising technology advancements worldwide
*Competitive Landscape:*
*Growing Key Players’ Focus on Advanced Innovative Technologies to Drive Market Growth*
Globally, the market offers a highly competitive landscape, including major global and regional players. Engineering companies, equipment producers, and construction firms are some of the key market players. The companies highly engage in developing, developing, and operating highways and roads with projects worldwide.
*List of the Companies Operating in the Market:*
· Vinci SA (France)
· ACS Group (Spain)
· China Communications Construction Company (CCCC) (China)
· Bechtel Corporation (U.S.)
· Bouygues SA (France)
· Ferrovial (Spain)
· Skanska AB (Sweden)
· Strabag SE (Austria)
· L&T Infrastructure Development Projects Limited (India)
· Siemens AG (Germany)
· Hitachi, Ltd. (Japan)
· Hyundai Engineering & Construction Co., Ltd. (South Korea)
*Segmentation:*
*By Road Type*
· National/Interstate Highways
· State Highways
· Other Roads
*By Components*
· Road
· Bridges/Tunnels/Culverts
· Marking and Signage
· Safety Equipment
· Traffic Management System
· Others
*By Process*
· Maintenance
· Expansion
*Major Table of Contents:*
· Road & Highway Infrastructure Market
· Introduction
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· Executive Summary
· Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Market Trends
· Key Insights
· Key Industry Developments - Mergers, Acquisitions & Partnerships
· Latest Technological Advancements
· Porters Five Forces Analysis
· Impact of COVID-19 Pandemic on Global Road & Highway Infrastructure Market
· Global Road & Highway Infrastructure Market Analysis, Insights and Forecast, 2019-2030
· Key Findings / Definition
· Market Analysis, Insights and Forecast - By Road Type
· National/Interstate Highways
· State Highways
· Other Roads
· Market Analysis, Insights and Forecast - By Components
· Road
· Bridges/Tunnels/Culverts
· Marking and Signage
· Safety Equipment
· Traffic Management System
· Others
· Market Analysis, Insights and Forecast - By Process
· Maintenance
· Expansion
· Market Analysis, Insights and Forecast - By Region
· North America
· Europe
· Asia Pacific
· Rest of the World
*Toc Cont**i**nued……*
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*KEY INDUSTRY DEVELOPMENTS:*
*May 2023 – *The Texas Department of Transportation selected Webber, a construction subsidiary of Ferrovial in the U.S., with three roadways contracts worth USD 265 million to expand SL 335 in Amarillo District, worth USD 134 Million, broadening SL 378 in San Angelo District worth USD 40 Million, and the widening of SH 99 in Houston District worth USD 90 Million.
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