Pedestrian Bridges Market to Reach USD 148.02 Billion by 2032; High Capital Investment on Tourism Infrastructure to Propel Growth
The global pedestrian bridges market size is anticipated to grow from USD 100 billion to USD 148.02 billion in 10 years. The market will experience rapid growth due to rapid urbanization, leading to the increasing demand for pedestrian bridges. The key market players are listed in the report with their sales, revenues and strategies are Backwoods Bridges LLC, Contech Engineered Solutions LLC, Denton Corker Marshall, IJP Corporation Ltd, Landmark Products Pty Ltd, Mace Group, Nature Bridges, Owings & Merrill (SOM), Skidmore, The Walsh Group and others.
Newark, Sept. 25, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 100 billion in 2022 global pedestrian bridges market will reach USD 148.02 billion by 2032. Hundreds of pedestrians die every year in road accidents. Several causes drive these numbers, namely, the failure to judge the number of cars or their speeds. Negligence in carefully scanning the left and right roads before crossing or using undesignated places (other than zebra crossing) to cross the roads. These risky acts of pedestrians can risk the driver misjudging and causing accidents. Furthermore, even designated pedestrian lanes are unsafe, given the lack of proper indications, rash driving, over-speeding and negligence on the path of drivers. Pedestrians also cause traffic congestion by not waiting for signals. Signals tend to impede traffic, causing jams and increasing air pollution. Pedestrian bridges are an ideal solution to all these problems. They are a safe, secure, and faster way of crossing roads. The pedestrians are safe and don’t have to wait for signals or the cars to stop. The cars don’t have to stop or slow down. The increasing population has increased the number of cars and pedestrians on the roads, increasing accidents. Therefore, the demand for pedestrian bridges will increase globally to mitigate this perennial infrastructural issue.
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Key Insight of the global pedestrian bridges Market
Asia Pacific is expected to dominate the market during the forecast period.
The demand for constructing and constructing roads, homes, offices, parks, and other services has expanded due to the region’s growing population, which China and India are driving. Rapid urbanization is driven by a growing population, which needs seamless connectivity for quicker transit. Therefore, the growth of the regional pedestrian bridges market was aided by the expansion of railways, increased road construction, and other building activities. The increasing fiscal infrastructure spending has also accelerated the expansion of the regional market.
In 2022, the beam bridges segment dominated the market with the largest market share of 42% and market revenue of 42 billion.
The type segment is divided into truss bridges, suspension bridges, arch bridges, beam bridges and others. In 2022, the beam bridges segment dominated the market with the largest market share of 42% and market revenue of 42 billion.
In 2022, the new construction segment accounted for the largest market share, with 64% and a market revenue of 64 billion.
The construction type is divided into new construction and reconstruction and repair. In 2022, the new construction segment accounted for the largest market share, with 64% and a market revenue of 64 billion.
In 2022, the steel segment accounted for the largest market share, with 59% and a market revenue of 59 billion.
The material type is divided into concrete, steel and others. In 2022, the steel segment accounted for the largest market share, with 59% and a market revenue of 59 billion.
Advancement in market
March 2023 –a new bridge in Brisbane that will increase connection and accessibility in time for the 2032 Olympic and Paralympic Games in the Australian city has made substantial progress with the installation of the final steelworks. After two years of building, the 320-meter pedestrian bridge’s last deck was erected on February 27, 2023. It will soon become a new landmark in Queensland city. After installing lights, pavers, and blinds, The Bridge is anticipated to fully open around July or August 2023.
Report Coverage Details
|Market Size in 2022||USD 100 Billion|
|Market Size in 2032||USD 148.02 Billion|
|No. of Pages in Report||238|
|Segments Covered||The research segment is based on type, construction type and material type.|
|Drivers||The growing urbanization over the world.|
|Opportunities||The creation of cutting-edge building materials and technology.|
|Restraints||The high costs of investments.|
Driver: The growing urbanization over the world.
Global urbanization is accelerating due to rising disposable income, population growth, corporate investment, and supportive government development programmes. The construction of roads, bridges, buildings, public utilities, and other facilities is related to increasing urbanization. Globally, building roadways to speed up the movement of goods, services, and people has expanded, necessitating the use of pedestrian bridges to decrease traffic congestion, prevent accidents, and assure public safety. Government measures to provide connectivity to isolated places, notably mountainous regions, will help promote the market’s expansion because bridges are frequently preferable to roadways, given the mountains’ unstable and tectonic landforms. The need to protect the environment, ecology, and wildlife has made it possible to build pedestrian bridges since they won’t interfere with the landscape’s natural features or the movement of species. Given the installation of glass bridges and other bridges over tourist favourites like waterfalls, rivers, and mountains, the tourism industry will also contribute to the market. As a result, additional road, rail, and tourism infrastructure construction will be made possible by increasing urbanization, fuelling the expansion of the global market for pedestrian bridges.
Restraint: The high costs of investments.
A sizable amount of capital is needed to build a pedestrian bridge. Beginning with obtaining the appropriate approvals from relevant authorities and obtaining environmental and social clearance for the building. Additionally, much money is spent on the raw materials, labour, machinery, equipment, and time needed to finish the job. The supply chain shocks or bottlenecks, low consumer demand, and variable raw material prices contribute to rising capital construction costs. Additionally, the upkeep of the bridge necessitates several resources, including a sizeable time investment and financial commitment, because it must be performed regularly to guarantee its optimal functionality and safety. The high initial investment cost would hamper the global market expansion for pedestrian bridges.
Opportunities: The creation of cutting-edge building materials and technology.
Rapid urbanization has led to a rise in the development and construction of roads, highways, and expressways, which has increased the need for pedestrian bridges. However, building bridges in the same old way takes a long time, which forces the closure of crucial buildings, obstructs vehicular traffic for several days, and costs the government money. Industry players have actively invested in the research and development of new raw materials and technologies to build robust, resilient, and long-lasting bridges in a shorter time and at a lower cost. The newest innovations include 3D printing, concrete of the highest quality, and fast-drying technology. As a result, the leading players in the global market for pedestrian bridges would benefit greatly from the development of cutting-edge technologies and superior materials.
Challenge: Inadequate maintenance measures.
Bridges are built to resist rough weather, continuous use, and normal wear and tear. But with routine upkeep, repair, and care, they can live longer and maintain their quality for longer, costing the government less money overall. Additionally, it’s crucial to maintain them regularly to guarantee the security of their users and the neighbourhood. The lack of routine maintenance reduces the bridge’s life, resulting in capital losses and lowering the brand capital of the bridge’s builders. It also raises the possibility of the bridge collapsing and suffering irreparable damage. The market will face difficulties as bridge collapses caused by inadequate maintenance and upkeep procedures are on the rise, which would restrain the market’s expansion.
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Some of the major players operating in the global pedestrian bridges market are:
• Backwoods Bridges LLC
• Contech Engineered Solutions LLC
• Denton Corker Marshall
• IJP Corporation Ltd
• Landmark Products Pty Ltd
• Mace Group
• Nature Bridges
• Owings & Merrill (SOM)
• The Walsh Group
Key Segments cover in the market:
By Product Type
• Truss Bridges
• Suspension Bridges
• Arch Bridges
• Beam Bridges
By Construction Type
• New Construction
• Reconstruction and Repair
By Material Type
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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