Highway and Road Construction Market to Witness Robust Expansion by 2031

The global highway and road construction market is anticipated to grow at a CAGR of 7.9% during the forecast period (2024-2031). National highways and roads facilitate the movement of many natural resources from one location to another, while improving the connectivity between different cities. The number of roads and motorways around the globe is growing exponentially. For instance, in August 2023, the National Highways Authority of India (NHAI) established the Guinness World Record by successfully building the 75 km continuous single bituminous concrete road between Amravati and Akola on NH-53 in a record duration of 105 hours and 33 minutes. The development and maintenance of service roads and national highways has to utilize plastic garbage, according to the central government. The roads will become more resilient, affordable, robust, and pothole-free as a consequence. 

For instance, in February 2023, NHAI has been building national highways with recyclable materials. Over the past three years, there has been an increase in the use of plastic trash and fly ash in construction. Recycled aggregates (RA) and recycled asphalt (RAP) have been promoted by NHAI for use in the construction of national highways. The development of novel technologies, materials, and methods for building highways, particularly in difficult climatic and geographic situations, may be the subject of several projects. For Instance, in May 2023, the signing of the Memorandum of Understanding (MoU) between National Highways & Infrastructure Development Corporation Ltd. (NHIDCL) and the Indian Institute of Technology (IIT) Guwahati is a significant step in advancing research and development (R&D) in the fields of civil engineering, road construction, planning, and design. In order to address the issues and advance advancements in technology in the construction of highways under difficult climatic and geographic conditions, this collaboration aims to make use of the knowledge of IIT Guwahati, a renowned institution in these fields.

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Market Coverage

•             The market number available for – 2023-2031

•             Base year- 2023

•             Forecast period- 2024-2031

Segment Covered- 

• By Type
• By Construction Type

Regions Covered-

• North America
• Europe
• Asia-Pacific
• Rest of the World

•Competitive Landscape- includes Huawei Technologies Co., Ltd., ABB Ltd., VINCI Construction, Colas Ltd., and others.

Highway and Road Construction Market Report Segment

By Type

• Highway
• Street
• Bridge
• Others (Tunnels)

By Construction Type

• New Construction 
• Reconstruction
• Pavement construction 
• Others (Repair/ Renovations) 

A full Report of Highway and Road Construction Market is Available @  https://www.omrglobal.com/industry-reports/highway-and-road-construction-market

Highway and Road Construction Market Report Segment by Region

North America                                                                                                           

·        United States

·        Canada                     

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan              

·                  South Korea

·                  Rest of APAC

Rest of the World

•Latin America

•Middle East and Africa 

Company Profiles

• Advance North Services Ltd.
• Afcons Infrastructure Ltd.
• Balfour Beatty Plc
• Blacklidge
• Caterpillar Inc.
• Dilip Buildcon Ltd.
• Dragados
• Ebenezer commercial work Ltd.
• Kiewit Corp.
• Ledcor Group
• STRABAG International GmBH
• TATA Projects
• The Lane Construction Corp.
• United Materials
• Xenomatix

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Article source: https://article-realm.com/article/Business/62452-Highway-and-Road-Construction-Market-to-Witness-Robust-Expansion-by-2031.html