Steel is a highly preferred construction material for bridges over other conventionally used construction material as they are light in weight, require less costly equipment to lift the material along with their less time consuming construction time. Steel bridges are designed to complement many other materials, notably HPC and other advanced composite materials and to provide structures with superior durability and extended life span. Along with that, increasing construction solutions provided by steel makers for bridges is believed to supplement the growth of the Europe steel bridge market with a CAGR of 3.4% over the period 2018-2025. Moreover, high investment in various construction related research and development activities is predicted to expand the Europe steel bridge market by reaching USD 131.1 Billion by the end of 2025 from USD 101.5 Billion in 2017.
The Europe steel bridge market is segmented by type into through truss bridge, half through truss bridge, deck truss, bow string trusses and others. Among these segments, the through truss bridge segment dominated the market by holding around 44% of the market share during 2017 and is further predicted to behold its dominant stance over the forecast period.
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The second largest market share of 33.0% was held by the half through truss bridge segment in 2017 and is estimated to behold its positive growth during the forecast period. Further, half through truss bridge segment is expected to reach USD 43.1 Billion by the end of 2025.
Overall Cost Effectiveness to Escalate the Demand for Steel in Future
The Europe steel bridge market is thriving on the back of its mechanical properties that affect the overall strength and stability of steel bridge in the long run.
Durability and Adaptability – Steel is highly resistant to extreme environmental conditions due to which steel bridges can withstand natural disasters such as hurricanes and earthquakes.
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Mechanical Strength– Steel does not warp, split, crack or creep and is an isotropic material, which makes it highly preferred construction material for bridges over conventionally used material such as concrete.
Less Construction Time – The less construction time of steel bridges in comparison to concrete bridges minimizes the disruption of public mobility.
Cost Effectiveness – Steel bridges offer cost effectiveness over the long span of time as they need low maintenance, has longer life as compared to other types of bridges and do not need to be replaced as frequently.
Industry Players’ are Progressing towards Minimizing the Challenges faced by the Europe Steel Bridge Market
According to Research Nester, the high initial cost of construction of steel bridges is envisioned to dampen the growth of the market.
Availability of other materials – There is availability of other materials for the construction of bridges such as concrete.
Skilled Workforce – Highly skilled welders and workers are required for the construction of steel bridges as comparison to the concrete bridges.
The report titled “Europe Steel Bridge Market Outlook: Industry Insights & Opportunity Evaluation, 2017-2025” delivers detailed overview of the Europe steel bridge market in terms of market segmentation by type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Europe steel bridge market which includes company profiling of VINCI, Bechtel Corporation, Hochtief AG, Skanska, Balfour Beatty, Bouygues Construction, Ferrovial, Fluor Corporation and AECOM.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Europe steel bridge market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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