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 Purpose
- Bridge Category
- Bridge Construction
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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