Global Bridge Cable Sockets Market Expansion to Be Persistent Through 2017-2028, Says Fact.MR
This report provides prediction and investigation of the bridge cable sockets market. It offers antique statistics along with global forecast data by the end of 2028.
Rockville, MD -- (SBWire) -- 04/30/2019 --FactMR has actively published a new research study titled "Bridge Cable Sockets Market Expansion to be Persistent During 2017 to 2028 | Key Players are Esco Corporation, Auzac Co. Ltd., CBSI, etc." to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the bridge cable sockets market during 2017-2028. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global bridge cable sockets market is expected to showcase impressive growth at 4.5% CAGR during the period until 2028.
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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 fueling bridge cable sockets market growth with the UN predicting 90% of the urbanization in the world taking place in Asia Pacific. 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.
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.
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Key players operating in the bridge cable sockets market WireCo World Group, Esco Corporation, Auzac Co. Ltd., CBSI, PWB Anchor, Ben-Mor, Muncy Industries, and Lexco Cable.
Cable-stayed bridge design is gaining increasing traction around the world owing to the substantially less time required to construct the bridge relative to other bridges. Additionally, the cables used for the construction of the bridge are estimated to exhibit better pressure-handling capabilities making it an effective design for maintaining the shape and structure of the bridge under heavy loads. These factors coupled with the requirement of significantly fewer materials for bridge construction are estimated to cause a widespread adoption of the design around the world. The proliferation in cable-stayed bridge construction is likely to create a surge in the demand for open bridge sockets owing to the high strength, stiffness, and durability they impart to the bridge structure relative to other types of sockets such as the open wire rope spelter sockets, closed strand sockets, open strand sockets, anchor sockets, bridge clamps, and closed bridge sockets.
The report on bridge cable sockets market is a result of the elaborate and robust research methodology employed. A two-step research process involving primary and secondary researches was used to obtain detailed and actionable insights into the bridge cable sockets market. Interviewing seasoned experts from the bridge cable sockets market formed the basis of primary research for the report compilation. Secondary research for the report was conducted by thoroughly studying trade journals, paid sources, company press releases, and other publications related to the bridge cable sockets market. The outcomes from both the steps of research were triangulated with each other to create an accurate and authentic forecast of the bridge cable sockets market.
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