Bridge bearings, as considered under the scope of the bridge bearing report, are mechanical parts of a bridge structure that act as a supporting surface between a deck and bridge pier or beam. Its prime motive is to allow controlled movement in case of seismic or similar forces by eliminating the stress involved. Bridge bearings are available in various designs, such as elastomeric, pot, spherical, sliding plate, disc, roller, spherical and others. Further, bridge bearings are either made from steel or rubber or a combination of materials.
Their ability to safeguard transport infrastructure from seismic effects and thermal contraction & expansion and the availability of economically priced bridge bearings in the market are the primary drivers for the bridge bearings in the global market. The bridge bearings market is expected to create incremental $ opportunity of worth US$ 348.7 Mn during the forecast period while expanding at a CAGR of 4.8%.
Factors Influencing the Bridge Bearing market Growth
Bridge bearings are pre-requisite components in construction of transport infrastructures, especially highways. Accessible and reliable transport infrastructure is the cornerstone of progress in every economy as it enhances productivity, saves time and connects the society. Thus, the need for improving the existing road infrastructure to deliver better accessibility is increasing and thus, creating opportunities for bridge bearings in the global market over the forecast period.
The construction industry has witnessed significant investments in recent times. For instance, in FY2017, it is estimated that the spending on infrastructural construction was around US$ 3 Tn. Hence, expanding construction investments by PPP (Public Private Partnerships) and regional governments are stipulated to register healthy growth in case of transport infrastructure and thus, subsequently augment the trade of bridge bearings. Further, the transport infrastructure industry has witnessed sustained incremental growth over the years, which can be attributed to favorable economic conditions in numerous developing and developed countries.
The bridge bearing market is anticipated to witness accelerated and lateral growth due to the ongoing large public infrastructural projects, which, in turn, are anticipated to create public-private partnership (PPP) opportunities over the forecast period. Furthermore, travel and tourism is another factor reinforcing the demand for bridge bearings. It is expected that the travel and tourism sector will hold significant share in total global investments and it is further estimated that this share will increase over the forecast period.
Growing tourism will attract significant foreign direct investments in tourism-driven countries, such as the Middle East Asia, which will subsequently lead to launching of several hospitality-related infrastructural projects in these countries. Moreover, regional government spending is expected to increase in support of general tourism activity in these countries. This will further drive the growth of the transport industry globally, subsequently increasing the demand for bridge bearings over the forecast period.
However, there are certain aspects in the global bridge bearing market which may prove to be a challenge and deter the adoption of bridge bearings. For instance, corrosion of bridge bearings due to exposure to environment can degrade the integrity of bridge bearings and reduce their life span.
Bridge Bearing market segmentations and forecast
The global bridge bearing market has been segmented on the basis of material, design and region. On the basis of material type, the global bridge bearing market has been segmented into steel and rubber & combined. On the basis of design, the bridge bearing market has been further segmented into elastomeric, pot, sliding plate, roller, spherical, disc and other types of bridge bearings. On the basis of region, the global bridge bearing market has been segmented into North America, Latin America, Western Europe, Eastern Europe, SEA&P (South East Asia & Pacific) & Pacific, China, Japan and Middle East& Africa (MEA).
On the basis of material, the bridge bearing market is expected to be dominated by steel segment, which will be followed by rubber and combined material segments. On the basis of design type, the elastomeric bridge bearing segment is projected to witness robust growth in the global bridge bearing market. The segment is expected to remain dominant in terms of value share and is expected to be responsible for 37.1% of the total global incremental $ opportunity.
Low cost associated with the installation of elastomeric bridge bearings and better performance against seismic forces are the prime reasons responsible for the growth of the elastomeric bridge bearing segment. Further, on the basis of region, China, Western Europe and North America are expected to hold notable shares throughput the projected period as these regions have prominent number of manufacturers of bridge bearings. Collectively, by the end of the forecast period, Latin America, the Middle East Asia and Japan are anticipated to account for over 20% of the bridge bearing market share.
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Market Participants in the Global Bridge bearing Market
Some of the market participants reported in this study of global bridge bearing market include Canam Group Inc., Trelleborg AB, Ekspan Limited, Epic Polymer Systems Corp., Freyssinet Limited, Granor Rubber & Engineering Pty. Limited, Gumba GmbH & Co. KG, KantaFlex (India) Private Limited, Mageba SA, Metal Engineering & Treatment Co. Pvt. Ltd., RJ Watson, Inc., Structural Rubber Products, Cosmec Inc., Voss Engineering, Inc., and Zaoqiang Dacheng Rubber Co., Ltd.
On the basis of material type, the global bridge bearings market is segmented into:
- Rubber and Combined
On the basis of design type, the global bridge bearings market is segmented into:
- Elastomeric Bearings
- Pot Bearings
- Sliding Plate Bearings
- Roller Bearings
- Spherical Bearings
- Disc Bearings
on the basis of regions, the global bridge bearings market is segmented into:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia and Pacific
- Japan and the Middle East and Africa.