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Transportation Infrastructure market Growth Factors, Latest Rising Trend & Forecast 2031
WILMINGTON, DE, UNITED STATES, September 12, 2024 /EINPresswire / -- In 2021, Asia-Pacific dominated the market, in terms of revenue, accounting for around 48% transportation infrastructure market share of the global market.
The design of transportation infrastructure must be responsive to the needs of the maritime, logistics, and transportation industries. Transportation infrastructure is the type of infrastructure that includes the
construction and maintenance of roads, ports, bridges, railways, and airports.
The Global Transportation Infrastructure Market Size was $1.8 trillion in 2021, and is estimated to reach $3606.8 billion by 2031, growing at a CAGRof 7.2% from 2022 to 2031.
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An increase in public investment in transportation infrastructure to ensure safe and efficient economic activities is expected to drive the growth of the global transportation infrastructure market. Moreover, surge in demand for transportation of liquefied natural gas export by sea is expected to contribute to the transportation infrastructure market growth.
In addition, many industries depend on ocean shipping to import or export goods globally which further grows the use of port for the market. furthermore, Water travel is the most affordable mode of transportation. India has 116 rivers, which might connect to create a 35,000-kilometer network. Compared to 8-10% in China, logistics costs make up 18% of total production costs in India. In China, rivers make up 47% of all transportation, compared to 3.5% in India. With upgrades to the canal infrastructure, India's logistics costs might be significantly lowered.
The initiative attempts to utilize India's economic potential by utilizing its 7,500 km of coastline. The project also seeks to enhance the infrastructure for effective freight transit to and from ports. Therefore, a government project aimed at improving transportation could spur the demand for infrastructure transportation.
However, trade barriers are hindering the growth of the transportation infrastructure industry. Trade barriers are the tariffs on imported goods. Tariffs make imported goods more expensive as tariff imports reduce. For instance, the U.S. imports from China were high compared to exports to China. The U.S. Government had introduced a tariff system to control imports and bail out domestic businesses. However, construction and maintenance of port infrastructure require a large amount of capital investment and construction completion time. Hence, this is expected to serve as a potential barrier for the growth of the market.
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The use of automation in port infrastructure has grown over the years. The use of IoT & AI for cargo and transport management can shorten the time necessary for waterway transport delivery. Hence, this is likely to offer new opportunity for the market growth.
A country's economic progress is aided by efficient trade activities. As a result, sea ports play an important role in economic activities, particularly in coastal locations. Every year, the number of passengers traveling by sea and the number of commodities transported by water increase at a substantial rate. As a result, this aids in the development of port infrastructure.
The transportation industry plays a significant role in fostering regional and economic growth. It contributes significantly to the national integration of the global economy. Trade through the seas, bridges, and roads has a long history in various emerging nations, including India. In such a situation, these infrastructures are crucial for economic activity in the coastal regions. More infrastructure would be needed if the throughput of people and products increased.
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Top Players:
Key companies profiled in the transportation infrastructure market report include ACS Group, Balfour Beatty plc, Bechtel Corporation, Bouygues Construction SA., CK Hutchison Holdings, Globalvia Inversiones SA, kiewit Corporation, laing o'rourke, Larsen & Toubro Ltd and Vinci SA.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.