2024 Global Highway Maintenance Market Insights and 2033 Forecast Analysis

The highway maintenance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Highway Maintenance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The highway maintenance market size has grown strongly in recent years. It will grow from $7.32 billion in 2023 to $7.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.9% The growth in the historic period can be attributed to aging infrastructure, increasing vehicle traffic, government regulations and safety standards, road wear and tear, funding from infrastructure investment programs, and technological advancements in road construction and maintenance.

The highway maintenance market size is expected to see strong growth in the next few years. It will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.  The growth in the forecast period can be attributed to rising road accident casualties, expansion of road networks and urbanization, increased focus on sustainability and eco-friendly materials, advances in predictive maintenance technologies, growing demand for smart infrastructure, enhanced government funding, and public-private partnerships. Major trends in the forecast period include adoption of AI and machine learning for predictive maintenance, integration of smart sensors and Internet of Things for real-time monitoring, emphasis on sustainability and use of recycled materials, automated and drone-based inspection methods, and development of advanced road surface materials.

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Scope Of Highway Maintenance Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Highway Maintenance Market Overview
Market Drivers –
The rising road accident casualties is expected to propel the growth of the highway maintenance market. The rising road accident casualties are often attributed to factors such as increased traffic volume, distracted driving, speeding, and inadequate road safety measures. Highway maintenance helps reduce rising road accident casualties by ensuring better road conditions, addressing hazards like potholes and cracks, and improving overall road safety infrastructure. For instance, in October 2022, according to the Govt. Wales, the executive branch of the Welsh government administrated within the United Kingdom, in 2022, there were 4,447(r) road casualties reported by police forces in Wales, an increase of 2% compared to 2021. Therefore, rising road accident casualties are driving the growth of the highway maintenance market.

Market Trends –
Major companies operating in the highway maintenance market are focusing on artificial intelligence (AI) and machine learning for predictive maintenance, such as AI for road surface anomaly detection, to enhance real-time identification of potholes and improve road safety. AI for road surface anomaly detection uses artificial intelligence algorithms to identify and analyze irregularities in road surfaces, such as potholes and cracks, from camera images. For instance, in September 2023, Toshiba Corporation, a Japan-based electronics company, and Toshiba Digital Solutions, a Japan-based commercial services company, introduced a groundbreaking AI technology for road surface anomaly detection, specifically targeting expressway potholes. This AI utilizes weakly supervised learning to significantly streamline the training process, enabling real-time detection with high accuracy and reduced false positives. This technology allows for real-time detection and precise localization of anomalies, facilitating timely maintenance and improving road safety. These are validated through joint experiments with Nexco Central, which promises to enhance road safety and maintenance efficiency by automating and improving critical road surface issue detection.

The highway maintenance market covered in this report is segmented –
1) By Service Type: Road Surface Repair and Resurfacing, Signage And Markings, Drainage Maintenance, Other Services
2) By Contract Type: Outsourced Maintenance Contracts, In-House Maintenance Teams
3) By Highway Type: National Highway, State Highway, County Highway

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Regional Insights –
Asia-Pacific was the largest region in the highway maintenance market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the highway maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –
Major companies operating in the highway maintenance market are  Vinci SA, Colas Group, Skanska AB, Jacobs Engineering Group Inc., AECOM, WSP Global Inc., Ferrovial SA, Balfour Beatty plc, Stantec Inc., Kier Group plc, Amey plc, Tarmac Limited, Costain Group plc, John Sisk & Son Limited, VolkerHighways Ltd., The Miller Group, Ringway Infrastructure Services Ltd., FM Conway Limited, BAM Nuttall, AE Yates, Dawson Road Maintenance, Markolines

Table of Contents
1. Executive Summary
2. Highway Maintenance Market Report Structure
3. Highway Maintenance Market Trends And Strategies
4. Highway Maintenance Market – Macro Economic Scenario
5. Highway Maintenance Market Size And Growth
…..
27. Highway Maintenance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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