Transportation Infrastructure Market
Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "Global Transportation Infrastructure Market by Type, Application, Construction Type: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The transportation infrastructure market size was valued at $1,770 billion in 2021 and is projected to reach $3,606.8 billion by 2031, registering a CAGR of 7.2% from 2022 to 2031. The transportation infrastructure includes construction and renovation activities carried out for roads, bridges, ports, and railways for effective logistics and tourism.
The key driver that supports the transportation infrastructure market raises the demand for transportation due to globalization. Transportation is one of the crucial sectors of any country's economy. It is involved in supporting the extensive movement of passengers and cargo within and outside its borders. Cargo transportation, such as raw materials, parts, and finished items, due to national & international trade has facilitated considerable diversity, affordability, and availability of goods in various countries.
In addition, the rapidly aging transport infrastructure also drives the market globally. For instance, bridges and roads collapse due to a sharp increase in heavy vehicular traffic. The old, urban transport systems can no longer cope with the present requirements and natural catastrophes such as earthquakes and landslides that are also aiding in infrastructure destruction. To address the problems & requirements, governments and investors are investing large amounts of money in infrastructure projects.
Increase in public investment in transportation infrastructure to ensure safe and efficient economic activities is expected to drive the growth of the global transportation infrastructure market. Moreover, surge in demand for transportation of liquefied natural gas export by sea is expected to contribute to the market growth. In addition, many industries depend on ocean shipping to import or export goods globally which further grows the use of port for the market.
However, trade barriers are hindering the growth of the transportation infrastructure market. Trade barriers are the tariffs on imported goods. Tariffs make imported goods more expensive as tariff imports reduce. For instance, the U.S. imports from China were high compared to exports to China. The U.S. Government had introduced a tariff system to control imports and bail out domestic businesses. However, construction and maintenance of port infrastructure require a large amount of capital investment and construction completion time. Hence, this is expected to serve as a potential barrier for the growth of the market.
In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, disrupted the supply chain, thereby hindering growth of the transportation infrastructure market. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.
The use of automation in port infrastructure has grown over the years. The use of IoT & AI for cargo and transport management can shorten the time necessary for waterway transport delivery. Hence, this is likely to offer new opportunity for the market growth. A country's economic progress is aided by efficient trade activities. As a result, sea ports play an important role in economic activities, particularly in coastal locations. Every year, the number of passengers traveling by sea and the number of commodities transported by water increase at a substantial rate. As a result, this aids in the development of port infrastructure.
The transportation infrastructure market is segmented on the basis of type, application, construction type, and region. By type, the transportation infrastructure market is fragmented into railway, airport, roads & bridges, and ports. By application, the market is categorized into urban and rural. By construction type, the market is divided into new construction and renovation. By region, the transportation infrastructure market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The major players profiled in the transportation infrastructure market include ACS Group, Balfour Beatty plc, Bechtel Corporation, Bouygues Construction SA., CK Hutchison Holdings, Globalvia Inversiones SA, kiewit Corporation, laing o'rourke, Larsen & Toubro Ltd and Vinci SA.