As per the World Health Organization (WHO), every year, around 90,000 people lose their lives, and close to around 160 million people are affected by natural disasters. Natural disasters, such as earthquakes, tsunamis, floods, and wildfires, result in widespread destruction of roads, bridges, railways, and flyovers, among others, and also hamper rescue efforts. As per the data provided by the Insurance Information Institute, the total global losses due to natural catastrophes were around USD 10 billion in the year 2019. Japan accounted for the largest loss in 2019 due to natural calamities, followed by China.
Table: Natural Calamities and Monetary Loss, 2019
Modular bridges offer an excellent solution during emergencies, such as natural disasters, and helps to quickly fix transportation lifelines and enables rapid post-disaster reconstruction. For instance, Acrow Bridge, in February 2020, used a steel modular bridge post heavy flood to restore critical road routes in Nebraska, the U.S. This bridge is expected to be under service for around 12 to 16 months till the permanent structures are fully restored. The key advantage of using modular bridges includes ease of setting up, can be loaded quickly, require low skilled laborers, uses standard tools and bolts and pins, among others. Source: Insurance Information Institute
Large Scale Construction and Infrastructure Projects Drives the Market Growth
Construction is expected to be one of the most dynamic sectors in the coming years, playing a crucial role in the prosperity of societies across the globe. As per the data available by Oxford Economics, the global construction sector is foreseen to grow by USD 8 trillion, and this growth is expected to be driven by the U.S, China, and India.
China's Belt and Road Initiative (BRI) development strategy intends to build connectivity and co-operation throughout six key economic corridors, consisting China, Mongolia, Russia, Eurasian countries, and Central and West Asia, among others. China’s Ministry of Commerce announced that Chinese non-financial investments in countries, along with the Belt and Road Initiative, reached around USD 12.78 billion during the first 11 months of the year 2019. China’s overall objective of Belt and Road initiative (BRI) is staggering, with over 60 countries have signed on the project. The Chinese companies, along the Belt & Road Initiative, have signed an average total contract value of USD 11.6 billion each month.
The government of India launched the Bharatmala Pariyojana program to construct 50 new national corridors, connecting about 550 districts. Phase 1 of the project consists constructing 34,800 km of roads and highways by the year 2021, followed by Phase 2 of the project, which includes port and coastal connectivity. Furthermore, there are many upcoming construction projects across the globe that will require a large number of modular bridges during their construction process for the transportation of equipment, vehicles, heavy machinery, and workers, among others.
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Some of the largest construction projects include AL Maktoum International Airport, Dubai, with an estimated cost of USD 32 billion, spread over 21 square miles. London’s Crossrail Project, with an estimated cost of USD 23 billion, is another large scale high-speed railway project, further driving the market growth.
Modular Bridges Market: Segmentation
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