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Increased Infrastructure Spending in Developing Economies will Unlock Lucrative Opportunities for Bridge Inspection Services

Bridge Inspection Services Market
Bridges are increasingly prone to damage as they age due to harsh environmental conditions and increased traffic congestion. The structural integrity and serviceability of a bridge deteriorate as defects in bridges go unnoticed. As a result, the demand for Bridge Inspection Services is increasing in order to aid in the forecast of degradation progress and the early detection of faults. According to Fact.MR’s analysis, the bridge inspection services market will rise fourfold by 2029, reaching a valuation of US$ 6.3 billion.
Additionally, effective integration of drones, mobile inspection, and virtual reality is likely to open up future growth opportunities in the global market. Fact predicts that bridge inspection, maintenance, and repair, as well as significant technical advancements, will drive market expansion.

Routine bridge inspections are expected to generate an absolute dollar opportunity of US$ 1,343 million by the end of the forecast period, and are expected to exceed US$ 5 billion (2019-2029). During the forecast period, however, principal inspection services are expected to develop at a rate of about 2X that of superficial/initial inspection.

Segmentation of the Global Bridge Inspection Services Market

Below is a market segmentation table for worldwide bridge inspection services based on inspection, inspection purpose, bridge category, testing, bridge construction, and geography.

  • Inspection
  • Inspection Purpose
  • Bridge Category
  • Testing
  • Bridge Construction
  • Region

Strategic Acquisition: A Key Growth Influencer in the Bridge Inspection Services Market

Industry leaders are constantly working on strategic acquisitions to enhance their regional footprint, business operations, and market share.

  • International Inspection Inc. was acquired by ATS in September 2018. In the marine, construction, fabrication, and communications industries, International Inspection specialises in the inspection and non-destructive evaluation of equipment, buildings, and assets.
  • The acquisition will broaden the company’s capabilities while also improving client satisfaction. Keith & Schnarr’s was acquired by KCI Technologies in 2019. (K&S). K&S is an engineering, construction inspection, surveying, landscaping, architecture, planning, and environmental science consulting organisation. KCI’s geographic capabilities will be bolstered as a result of the acquisition.

Important Takeaways from the Global Bridge Inspection Services Market

  • Routine bridge inspection services are expected to grow 1.4X from 2019 to 2029, accounting for roughly 83 percent of the global market’s entire value opportunity. The sector of routine bridge inspection services will be driven by a growing awareness of the damage caused by faulty inspection.
  • During the projected period, the inventory inspection purpose segment is expected to have an absolute monetary potential of US$ 766 Mn.
  • Throughout the projection period, Asia-Pacific will continue to be the most important region, accounting for more than 35% of the global market, as countries in the region focus on updating their infrastructure.
  • By the conclusion of the projected period, transportation over bridges will account for approximately a third of the overall bridge inspection market value.
  • In comparison to 2019, demand for bridge building with permanent bridges is expected to increase by 1.3X.

“The adoption of mobile inspection robots, drones, and virtual reality will increase the performance and efficiency of bridge inspection while also providing new growth opportunities for service providers,” according to the Fact.
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