NEW
YORK, July 4, 2024 /PRNewswire/ -- The
global road construction and maintenance market size is
estimated to grow by USD 214 billion
from 2024-2028, according to Technavio. The market is estimated to
grow at a CAGR of 4.36% during the forecast period.
Investments in road and highway infrastructure projects is
driving market growth, with a trend towards adoption of
new technologies and materials. However, rise in cost of
construction poses a challenge. Key market players include
ACS Actividades de Construccion Y Servicios SA, Advantage North
Services Ltd., Afcons Infrastructure Ltd., Balfour Beatty Plc,
Blacklidge, Cat Works LLC, Dilip Buildcon Ltd., Ebenezer Commercial
Works Ltd., Granite Construction Inc., Hunan Communication and
Water Conservancy Group Ltd, Kiewit Corp., Ledcor IP Holdings Ltd.,
National Highways and Infrastructure Development Corp. Ltd.,
Strabag International GmbH, TATA projects, Tenmile, The Lane
Construction Corp., United Materials , and Xenomatix.
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segments, customer landscape, and companies- View the
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Road Construction
And Maintenance Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.36%
|
Market growth
2024-2028
|
USD 214
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.12
|
Regional
analysis
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 51%
|
Key
countries
|
US, China, Russia, UK,
and India
|
Key companies
profiled
|
ACS Actividades de
Construccion Y Servicios SA, Advantage North Services Ltd., Afcons
Infrastructure Ltd., Balfour Beatty Plc, Blacklidge, Cat Works LLC,
Dilip Buildcon Ltd., Ebenezer Commercial Works Ltd., Granite
Construction Inc., Hunan Communication and Water Conservancy Group
Ltd, Kiewit Corp., Ledcor IP Holdings Ltd., National Highways and
Infrastructure Development Corp. Ltd., Strabag International GmbH,
TATA projects, Tenmile, The Lane Construction Corp., United
Materials , and Xenomatix
|
Market Driver
The construction industry is undergoing significant changes,
with a shift towards new materials and prefabricated building
blocks. Technologies like cloud-based software, integrated
collaboration, mobile project management, Building Information
Management (BIM), and laser scanning are becoming essential. While
these advancements offer operational cost savings and process
streamlining, initial investments can be challenging for
construction firms due to thin profit margins. Despite this, the
road construction and maintenance market is expected to grow as
companies adopt these technologies and materials.
The Road Construction and Maintenance market is experiencing
significant growth due to the increasing need for infrastructure
development and upkeep. Key trends include the use of advanced
technologies such as vehicle routing systems and real-time traffic
management. The adoption of sustainable practices, like the use of
eco-friendly materials and recycling, is also on the rise.
Additionally, the implementation of smart city projects and the
focus on improving road safety are driving market expansion. The
market is further boosted by government investments and private
sector participation. Overall, the Road Construction and
Maintenance industry is thriving, with a strong emphasis on
innovation and efficiency.
Research report provides comprehensive data on
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Report
Market Challenges
• The
construction industry faces rising costs due to increasing raw
material prices and specialized service fees. Raw materials like
metals, glass, and cement have seen steady increases. Vendors are
passing these costs onto buyers, but unsustainable prices may
decrease demand and hinder market growth. In Europe, Germany's high purchase costs are a concern
due to supply-demand imbalance. These factors may negatively impact
the global road construction and maintenance market.
• The Road
Construction and Maintenance market faces several challenges. The
primary challenge is the high cost of construction and maintenance
due to the use of expensive materials and technologies. Another
challenge is the long construction time, which causes traffic
disruptions and inconvenience to commuters. The need for
sustainable and eco-friendly solutions is also a significant
challenge. Additionally, the lack of consistent funding and
regulatory frameworks can hinder the progress of road projects.
Furthermore, the increasing demand for smart and connected roads
adds to the complexity and cost of construction and maintenance.
Lastly, ensuring the safety and security of construction sites and
workers is a constant concern.
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challenges - Request a sample report!
Segment Overview
This road construction and maintenance market report extensively
covers market segmentation by
- Application
- 1.1 New construction
- 1.2 Reconstruction
- 1.3 Repair
- Type
- 2.1 Highway
- 2.2 Street
- 2.3 Bridge
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 New construction- The road construction and
maintenance market is a significant business sector, focusing on
building and preserving infrastructure for transportation.
Companies provide services such as designing, engineering, and
constructing new roads, as well as repairing and upgrading existing
ones. This market is essential for economic growth and daily life,
ensuring safe and efficient travel for individuals and
businesses.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Road Construction and Maintenance Market encompasses the
development and upkeep of infrastructure to ensure safety and
sustainability in vehicle operation. Preventative work, such as
major repairs and reconstruction, is crucial to mitigate road
collisions and address ageing infrastructure. Proactive strategies,
including funding gaps, extreme weather, and climate change, are
addressed through economic stimulus and environmental regulations.
Sensor systems, drones, data analytics, and recycled materials
contribute to sustainable construction techniques and lifecycle
costing. Building materials, rainwater capture, and high-quality
materials are essential for resilient infrastructure. Greenhouse
gas reduction is a priority, with a focus on sustainable materials
and sensor technology.
Market Research Overview
The Road Construction and Maintenance market encompasses the
production of materials and equipment used in the building and
upkeep of road infrastructure. This industry is essential for
ensuring safe and efficient transportation systems. Environmental
considerations, such as the use of eco-friendly materials and
practices, are increasingly important in road construction.
Technological advancements, like the implementation of smart
technology and automation, are revolutionizing the industry. The
market is driven by factors such as population growth,
urbanization, and government investments in infrastructure. The use
of advanced technologies and sustainable practices is expected to
continue shaping the future of road construction and
maintenance.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- New Construction
- Reconstruction
- Repair
- Type
-
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio