March 02, 2018
WELLESLEY, Mass., March 2, 2018 – Political support in the form of low interest rates, government subsidies and increasing infrastructure spending offered by national and state governments to improve connectivity are a few of the main factors helping to boost the demand for highway, street and bridge construction globally, according to a report by BCC Research.
The market for residential building construction reached $1.5 trillion in 2017 and is expected to grow at a compound annual growth rate (CAGR) of 8.4% through 2022, when it will be valued at $2.2 trillion, according to the report Highway, Street and Bridge Construction: Global Markets to 2022.
Major players in the market include AECOM, Balfour Beatty, China Communications Construction Company, China Railway Group Ltd, China Railway Construction Corporation Limited, Fluor, Groupo ACS, Kiewit, Samsung C&T, Strabag, Vinci and others.
“Globally, governments are increasing their spending on infrastructure projects to stimulate economic growth,” said Gordon Nameni, BCC Research senior editor. “Also, many countries are focusing on the renovation of old infrastructure to increase efficiency and to better accommodate more vehicles on their roads and expanding population.”
Market Challenges Include Uncertain Conditions, Lowered Productivity
Highway, street and bridge construction companies globally report that challenges to future productivity exist. Notably, political instability, government policies, natural calamities and changes to tax policy could challenge market viability. Shifting budget and central government priorities have led to the cancellation or postponement of major building projects in China and the United States, for example, prompting some companies to show less interest in expanding business operations and investing in new technologies and materials.
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Highway, Street and Bridge Construction: Global Markets to 2022( MFG046A )
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