Aging of bridges owing to challenging environmental conditions and higher traffic volume makes bridges more prone to deterioration. With damages in bridges remaining undetected, the structural integrity and service capability of a bridge deteriorates. Owing to this, the demand for routine bridge inspection is soaring in order to help obtain a better prediction of the deterioration progress and identify defects at an early stage. The newest report by Fact.MR estimates that the bridge inspection services market will witness a fourfold growth to reach a valuation of US$ 6.3 Bn by the end of 2029.
The global keyword market study presents an all in all compilation of the historical, current and future outlook of the market as well as the factors responsible for such a growth. With SWOT analysis, the business study highlights the strengths, weaknesses, opportunities and threats of each keyword market player in a comprehensive way. Further, the keyword market report emphasizes the adoption pattern of the keyword across various industries.
Important regions covered in the keyword market report include:
- North America (Canada, US)
- Latin America (Argentina, Mexico)
- Europe (NORDIC, UK)
- Japan and MEA
- APEJ (China, India)
Further, effective integration of drones, mobile inspection, and virtual reality are expected to unlock future growth prospects in the global market. Bridge inspection, maintenance, and repair, coupled with rapid technological developments are foreseen to propel market growth, reveals Fact.MR.
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Key Takeaways of Global Bridge Inspection Services Market
Routine bridge inspection services are projected to expand 1.4X as compared to 2019, and account for around 83% of the overall value opportunity in the global market by 2029 end. The growing awareness around damage caused by improper inspection will drive the segment of routine bridge inspection services. The inventory inspection purpose segment is expected to create an absolute dollar opportunity ~US$ 766 Mn during the forecast period. Asia-Pacific will remain the prominent region across the forecast period, accounting for more than 35% share in the global market, as countries in this region are focusing on modernizing their infrastructure. Transportation over bridges account for nearly three-fifth of the overall bridge inspection market value by the end of the forecast duration.
Acquisitions Remain Market Imperative
The report reveals some of the prominent market players, including Mistras Group, KCI Technologies, Stantec, TÜV Rheinland, Mabey Group, ATS Engineering, Burns & McDonnell, Collins Engineers, Volkert Inc., GHD Group Pty Ltd, WSP Global and others. Prominent service providers are continuously focusing on strategic acquisitions in order to expand their geographic presence and business operations. For instance,
- In August 2019 TÜV Rheinland acquired Certio ITV. This strategic acquisition strengthens the mobility business area with 12 new periodical technical inspection centers
- In December 2018, Mistras Group acquired on-stream pipeline inspection services. The acquisition provides company diversification in their business operations. It will also enable company to leverage strength in the midstream segment
