Complete research report on Bridge Cable Sockets Market 2019 with top players analysis

From: Fact Market Research
Published: Tue Jul 23 2019


According to a recent report of Fact.MR, the bridge cable sockets market is expected to continue its bullish run, with the sales of bridge cable sockets poised to surpass 30000 units in 2019. The surge in sales of bridge cable sockets can be attributed to an assortment of factors such as the resurgence in construction and infrastructure developmental activities worldwide.

Numerous studies working towards developing techniques for the construction of durable and more stable suspension and cable-stayed bridges are expected to complement growth of the bridge cable sockets market. One of the significant shortcomings of the current cable-stayed and suspension designs are their limited lengths. Both suspension and cable-stayed bridges are optimal for short spans of length, however, innovations in the area are soon expected to aid in resolving these drawbacks.

A development complementing the widespread adoption of suspension and cable-stayed bridge designs around the world is the wind tunnel tests aimed at testing impact of aerodynamic forces. Additionally, the leverage of technologies such as machine learning and artificial intelligence in developing software development that can simulate and predict the impact of different environmental conditions on the structure continues to complement demand for bridge cable sockets. According to the report, nearly 45% of the bridge cable sockets manufactured in 2019 are expected to be used in the construction of cable-stayed and suspension bridges.

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Bridge Cable Sockets Market – Key Insights

Intensifying construction and infrastructure development projects during the 2013-2017 were key factors which contributed significantly to the proliferation of bridge cable sockets market during the period aiding the market in registering growth at the rate of more than 4.5%.

Increasing popularity of cable-stayed bridges and suspension bridges in addition to burgeoning demand for bridge cable sockets in rehabilitation and repair of old bridges are key vital factors expected to uphold bridge cable sockets market growth with the market registering sales of almost US$ 41 million in 2018 and poised to witness a Y-o-Y growth of more than 5% in 2019.

Asia Pacific is expected to hold the bulk of the bridge cable sockets market share with the emergence of new economies in Vietnam, Malaysia, Indonesia, Philippines, Thailand, and Singapore coupled with the exponential growth of population in the region. The region accounted for more than 70% of the bridge cable sockets market share in 2018.

Asia Pacific is also estimated to remain the fastest growing market for bridge cable sockets owing to variegated factors. Urbanization is expected to be one of the vital reasons fuelling bridge cable sockets market growth with the UN predicting 90% of the urbanization in the world taking place in Asia Pacific.

Potential decrease in steel and wrought iron production is estimated to dampen manufacturing of bridge cable sockets, which are primarily manufactured using the two materials. Imposition of stringent government regulations on carbon dioxide emissions and emergence of social movements for environmental betterment are key factors impeding steel and iron production, with these industries accounting for over one-third of carbon dioxide emissions.

A gradual shift towards sustainable practices can potentially create a surge in the prices of the materials, which, in turn, could have an adverse impact on the bridge cable sockets market. However, the development of materials such as carbon fiber and alumina-polymer composites offers a lucrative alternative to steel and iron owing to their high tensile strength, lightweight, durability, and relatively environmentally-friendly nature. Additionally, intensifying research for cost-effective production of these materials is expected to benefit bridge cable sockets manufacturers in the foreseeable future.

The Fact.MR report tracks the bridge cable sockets market for the period 2018-2028. According to the report, the bridge cable sockets market is projected to grow at 5.3% CAGR through 2028.

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