Bridge Cable Sockets Market Current Trends & Opportunities by 2028

Posted by Preet on July 29th, 2019

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%.

Report Summary: https://www.factmr.com/report/3268/bridge-cable-sockets-market

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.

The bridge cable sockets market is likely to be driven by the burgeoning demand for sophisticated infrastructure in developed and developing economies. Growing urbanization around the world is prompting administrations around the world to invest heavily in the construction of railroad bridges, pedestrian bridges, and highway bridges. According to the UN Department of Economic and Social Affairs, approximately 68% of the world population is expected to live in urban areas.

Cable-stayed and suspension bridges are increasingly gaining traction as popular bridge construction designs owing to the assortment of ways they can be built in along with other benefits such as affordability, durability, and high strength. The pervasive trend is estimated to bolster bridge cable sockets market growth in the foreseeable future.

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Innovations in bridge design and cable construction to enhance safety, quality, and reduce the time of construction is a key factor expected to influence bridge cable sockets market performance. The factor is likely to bolster innovations in the bridge cable sockets market as bridge manufacturers are continuously seeking affordable and effective sockets to contribute to the strength and safety of their structure.

To strengthen the sourcing of materials and extend its network in Asia Pacific, Bridon Bekaert Ropes Group entered a strategic alliance with Bharat Wire Ropes in India. According to the contract signed between the two companies, Bharat Wire Ropes will be manufacturing a range of cables and other fittings for Birdon Bekaert while working as a distributor for their products in the Indian market.

The burgeoning adoption of cable-stayed and suspension bridge designs around the world was evident after the Chinese government announced the construction of the commencement of the construction of a cable-stayed bridge in the Jiangsu Province. Post-construction the bridge will become the cable-stayed bridge with the longest span measuring over one kilometer.