The U.S. heavy movable bridges market size is projected to reach USD 4,665.6 million by 2025 and register a CAGR of 13.0% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to witness growth owing to the increasing infrastructural development across the country.
Heavy movable bridges generally have movable parts that can change position to allow the passage of water and road traffic. Technologies such as automation, remote monitoring, motor controls, and telemetry ensure that the bridges function smoothly, thereby resulting in economic benefits in the long run. The adoption of such technologies to modernize infrastructure to cater to the growing need for connectivity and mobility has become a crucial aspect of urbanization in the country. These factors are expected to contribute to market growth over the forecast period.
Several initiatives have been carried out by the U.S. government in the past few years for building and investing in multi-pronged infrastructure. These initiatives involve the upgrade, improvement, and development of bridges. Moreover, the market is anticipated to mobilize and incentivize private capital as part of its core strategy to complement these initiatives. States such as New York, North Carolina, Illinois, and Florida are expected to be instrumental in improving infrastructure. These factors are expected to cater to the increasing synergy of exports and boost the economic development of the country.
Click the link below:
Further key findings from the report suggest:
- The U.S. market is expected to witness growth owing to the rising importance of improved transportation services for both public and commercial purposes
- The increased popularity of heavy movable bridges in the U.S. can be attributed to the mechanical and commercial features benefitting the public and private sector organizations, respectively
- Notable trends such as government initiatives carried out for improving road and water traffic management in various commercially important states are expected to drive market growth over the forecast period
- The public/government segment predominantly owns the bridge infrastructure in the U.S. The government is currently focusing on granting build awards and sanctioning private investments
- The public/government segment is expected to register the highest CAGR over the forecast period owing to increased government funding and related subsidies focused on managing the operations and maintenance of critical infrastructure assets
- Illinois is estimated to emerge as the fastest-growing state in terms of infrastructure growth, registering a CAGR of over 15% over the forecast period. Chicago is considered to have the largest number of movable bridges both in the U.S. as well as globally
- The growing number of movable bridges in Chicago can be attributed to the increasing accessibility of freight movement & public traveling and mobility, which is of key importance for the economic growth of the U.S.
- Key industry participants include in U.S. heavy movable bridges market are National Railroad Passenger Corporation and Subsidiaries (Amtrak), Burlington Northern Santa Fe, LLC (BNSF Railway Company), Canadian National Railway Company, Canadian Pacific, and CSX Corporation
- The abovementioned companies primarily own, operate, or maintain infrastructure across different states in the country.