Bridge Cable Sockets Market Share, Size, Trends, Industry Analysis Report, By Type (Open Standard Sockets, Closed Standard Sockets, Open Wire Rope Spelter Sockets, Closed Wire Rope Shelter Sockets, Closed Bridge Sockets, Open Bridge Sockets, Anchor Sockets, Bridge Clamps, and Prolite Sockets); By Material; By Application; By Region; Segment Forecast, 2023 – 2032
- Published Date:Sep-2023
- Pages: 114
- Format: PDF
- Report ID: PM3767
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global bridge cable sockets market was valued at USD 66.05 million in 2022 and is expected to grow at a CAGR of 5.8% during the forecast period.
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The rapid urbanization and population growth particularly in the developing nations results in increased transportation needs and leads to the construction of new bridges and the expansion or renovation of existing ones along with the growing need for retrofitting or replacement of aging infrastructure in countries like US and Germany, are among the major factors fueling the global bridge cable sockets market growth. Moreover, with the significant economic growth and rapidly surging government investments in infrastructure and continuous expansion of developing economies transportation and roadways systems, the demand for bridge cable sockets increases to meet the requirements of these projects.
For instance, in June 2022, Chinese Government, announced the completion of the of road-rail cable bridge over its Yangtz river in the Yibin City. The China’s first cable-stayed bridge with flat layout that embedding both railway tracks and highway lines was under construction since 2019.
The rising proliferation regarding the incorporation of technological advancements that have enabled the integration of smart monitoring systems into bridge cable sockets which utilize sensors and real-time data analysis to monitor the structural health of bridge cables and can also detect anomalies or deterioration early, allowing companies for timely maintenance and preventing catastrophic failures, are among one of other trends pushing the market growth.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the bridge cable sockets market. The emergence of the deadly virus across the globe had hampered large number of construction and development activities that includes the new bridge construction and re-development of existing ones. Additionally, the spread of the pandemic affected the global supply chains that resulted in lack of required workforce and shortage of raw materials used in the construction industry, thereby negatively influenced the market.
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Industry Dynamics
Growth Drivers
Rapid Innovation and Growing Infrastructure Development Drives the Product Demand
The rapid innovations in the bridge design and cable construction globally to improve and enhance the quality and safety and reduce the construction time coupled with the growing penetration for having cable sockets as a major component for bridge suspension systems are primary factors driving the market growth. Additionally, the rapid increase in vehicular traffic and surging usage of cable-stayed and suspension bridges worldwide, is also likely to influence the demand for cable bridge sockets.
Furthermore, the growing need for infrastructure development across both developed and developing countries including the construction and maintenance of bridges and rapid rate of urbanization influencing the need for upgrading aging infrastructure along with the increasing number of manufacturers exploring the use of composite materials, advanced alloys, and additive manufacturing techniques to develop sustainable and lightweight socket systems that offer comparable or superior performance to traditional options are creating lucrative growth opportunities for the market.
Report Segmentation
The market is primarily segmented based on type, material, application, and region.
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By Type |
By Material |
By Application |
By Region |
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By Type Segment Analysis
Open Bridge Sockets Segment Accounted for the Largest Market Share in 2022
The growth of the segment market can be mainly attributable to its growing popularity and prevalence due to higher rigidity, superior strength, and endurance compared to other types of sockets available in the market. Beside this, with the increase in constriction activities related to pipelines, suspension bridges, pedestrian bridges, and railroad bridges, which subsequently requires open bridge sockets, has been propelling the segment market growth.
The open standard sockets segment is expected to gain substantial growth rate over the anticipated period, mainly attributable to its ability to offer greater compatibility and interoperability with various cable types and sizes and are designed to accommodate different cable specifications, allowing for flexibility in bridge construction and maintenance. In addition, open standard sockets compliance with regulations and standards set by the organizations like American Society of Testing and International Organization for Standardization, which ensures reliability quality of the sockets and pushing the growth of the market forward.
By Material Segment Analysis
Steel Segment is Expected to Hold Substantial Market Revenue Share
The steel segment is projected to hold the significant market share in terms of revenue in 2022, mainly accelerated to its continuous growing use in several large and complex construction and infrastructure development projects because of its high strength and durability, making them highly suitable for applications in critical bridge construction. Apart from this, steel bridge cable sockets offer cost-effectiveness and long-term durability compared to various alternative materials, as they require less maintenance and have a longer lifespan, leading to higher adoption among major bridge builders.
The wrought iron segment led the industry market with considerable share in 2022, which is largely attributable to its widespread use and popularity among several bridge applications as they provide exception strength and durability along with its ability to withstand heavy loads and resist corrosion, that has fueled its demand and adoption as a reliable choice for constructing bridge infrastructure worldwide.
By Application Segment Analysis
Suspension Bridges Segment is Expected to Witness Highest Growth
The suspension bridges segment is projected to witness highest growth during the projected period, that is largely attributed to their numerous beneficial properties and characteristics including longevity and durability and they can withstand extreme weather conditions and have a long lifespan compared to other types of bridges.
Moreover, many existing suspension bridges are now aging and require rehabilitation or replacement, thereby, governments and transportation authorities across the globe significantly invest in upgrading or building new suspension bridges to ensure public safety and meet modern transportation needs, which creates huge demand for cable bridge sockets for the construction and maintenance of these bridges.
Regional Insights
Asia Pacific Region Dominated the Global Market in 2022
The Asia Pacific region dominated the global market with healthy market share in 2022, and is anticipated to maintain its dominance throughout the forecast period. The regional market growth can be mainly accelerated to extensive region’s infrastructure development and emergence of bridge cable sockets as major components in the construction of bridges and other transportation infrastructure. The regional governments have also implemented favorable policies and regulations like tax incentives, streamlined approval process, public-private partnerships, and stimulate investment in bridge projects, that has been driving the region’s market growth.
The North America region is likely to emerge as fastest growing region with healthy growth rate over the study period, owing to growing technological advancements in bridge construction materials and techniques that have led to the development of innovative bridge cable sockets offering improved performance, ease of installation, and enhanced durability. With the increasing emphasis on sustainable infrastructure development including bridges across the region, the cable sockets that offer eco-friendly and energy-efficient solutions align with sustainability goals, have been emerging ang gaining huge traction.
Key Market Players & Competitive Insights
Key players in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share
Some of the major players operating in the global market include
- Amsteele Systems
- Auzac Co. Ltd.
- CBSI
- DYWIDAG Systems International
- Esco Corporation
- GN Rope Fittings
- Lexco Cable Manufacturing
- Muncy Industries
- PWB Anchor
- Redaelli Tecna S.p.A.
- Ropes Group
- SWR Ltd
- Van Beest B.V.
- VSL International.
- WireCo WorldGroup
Recent Developments
- In December 2021, Phoenix Contact announced the launch of its new PCB-to-Cable connectors for various applications related to the signal, data, and power connection. The new range of connectors varies from the 2.5 mm to 20 mm pitch along with the ratings up to 232A and 1000V.
- In October 2022, Molex, introduced its latest PCIe Cable Connection System and Cable Assemblies, which uses the new direct-attached cable technology, mainly to enhance the signal integrity, reduce signal latency, and lower insertion. The new systems are developed in collaboration with the members of Open Compute Project and is now available on display at Open Project Summit 2022.
Bridge Cable Sockets Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 69.80 million |
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Revenue forecast in 2032 |
USD 116.23 million |
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CAGR |
5.8% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Type, By Material, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation |
FAQ's
The global bridge cable sockets market size is expected to reach USD 116.23 million by 2032.
Key players in the bridge cable sockets market are SWR Ltd., GN Rope Fittings, Amsteele Systems, VSL International.
Asia Pacific contribute notably towards the global bridge cable sockets market.
The global bridge cable sockets market is expected to grow at a CAGR of 5.8% during the forecast period.
The bridge cable sockets market report covering key segments are type, material, application, and region.
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