Global bridge bearings market is projected to expand ~1.5 times to cross US$ 930 Mn mark by the end of the forecast duration (2018-2028).
Rockville, United States – January 20, 2020 /MarketersMedia/ —
Rapid urbanization across the globe is likely to play a vital role in the development of the global bridge bearings market in the years to come. Bridge bearings refer to structural devices or equipment that are installed in between bridge superstructure and substructure to transfer the applied load comprising self-weight of the superstructure, traffic loads, wind loads, and earthquake loads. Bridge bearings also facilitate relative movements between substructure and superstructure.
The bridges need to bear shrinkage, changes in temperature, traffic, seismic activities, and movements. The design of bridges should be made with precision. Bridge construction needs anti-seismic devices, bridge bearings, and expansion joints to have a long life.
The global bridge bearings market is projected to grow at a double-digit growth rate of 4.8% CAGR over the period of projection, from 2018 to 2028. The global bridge bearings market is likely to touch the market value of US$ 930 through 2028.
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Increased Demand for Venues of Leisure Activities to Bolster Demand
Rapid urbanization is one of the prominent growth factors for the global bridge bearings market in the years to come. Expansion of the construction sector across the globe driven by urbanization is expected to push for the construction of bridges, which is likely to bolster demand for bridge bearings. Governments of several countries are initiating various projects to strengthen the development of transportation and commercial infrastructure. These factors are likely to offer copious growth opportunities for the global bridge bearings market over the tenure of assessment, from 2018 to 2028.
Increased demand for luxury sports venues, amusement parks, and other establishments for leisure activities in the US, China, the Middle East, and China is likely to generate demand for bridge bearings. In addition, manufacturers of bridge bearings are likely to observe sustained growth in the years to come, provided they make optimum use of the opportunities available in the market.
Rising use of elastomeric bridge bearings has gained traction in the last few years and the same is expected to shape the future course of the global bridge bearings market in the years to come. Elastomeric bridge bearings offer better elasticity and can be installed without much hassle. This type of bearings also need minimal maintenance in comparison with others and hence is likely to be increasingly adopted in the years to come.
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Neoprene elastomeric bridge bearings are another type that is in high demand at present. This type of bearings comes with high resistance to temperature and assists in the smooth transfer of load right from the beam to the structure of the bridge. Highly resistant to longitudinal and lateral beam movement, neoprene elastomeric bridge bearings are likely to emerge as another prominent growth factor for the global bridge bearings market in the years to come.
India and China to Pave Way for Rapid Growth in Asia Pacific
In the global bridge bearings market, Asia Pacific region is likely to observe substantial growth over the tenure of projection. In countries like China, there is an augmented investment in the construction sector, which boosts the bridge bearings market in China. Construction activities have been on the rise in India as well due to rapid urbanization, which is likely to facilitate the expansion of the market in the Asia Pacific.
Latin America is likely to emerge as another prominent region in the global bridge bearings market over the period of projection, from 2018 to 2028. Latin America has observed economic advancement in the last few years, which is fuelling the construction industry. As a consequence, the demand for bridge bearings is likely to rise in the years to come.
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