A surety bond is a legally binding contract, which is entered into by three parties, that includes the principal, surety and the obligee. The obligee, which in most cases is a government entity, requires the principal, like a business owner or a contractor, to procure a surety bond as a guarantee against the future work performance. The factors such as need for large restoration investment, along with aging infrastructure, and also the acceptance of the P3 models, are contributing to the growth of the United States surety bond market. As the United States has started recovering from the novel corona virus pandemic, several types of industries across the United States have started witnessing significant growth in their business. The substantial growth in the pharmaceutical industry owing to the enhancing impact of the pandemic is expected to further inflate the growth of United States surety bond market over the period of next eight years.
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The United States surety bond market accounted for US$ 3641.3 Mn in 2020, and is expected to grow at a CAGR of above 5.8% during the forecast years (2021-2029).
The detailed research study provides qualitative and quantitative analysis of United States surety bond market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across all the major regions. The supply side analysis covers the major market players and their regional presence and strategies. The geographical analysis done emphasizes on United States.
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Key Findings of the Report:
- Initiatives being undertaken by the U.S. government to minimize carbon-emitting power generation and to stimulate investment in renewables is influencing the growth in the United States surety bond market.
- The continuous growth in both the private sectors and public sectors companies across the United States showcases sizeable opportunity for the growth of the surety bond market over the forecasted period.
- The commercial surety bonds will be the fastest growing surety type in the United States surety bond market over the forecast period. The slowing growth within the construction industry owing to labour shortages in the region is among the primary factors contributing towards the segment growth.
- The companies in technology sector will observe fastest rate of growth in the United States surety bond market over the forecast period owing to the significant investments being redirected into the sector.
- The major players operating in the United States surety bond market are Allianz (EULER HERMES), American International Group, Inc., Chubb, Gallagher, HUB International limited, MARSH LLC, Surety Bond Professionals, Willis Towers Watson, and several other market participants.
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United States Surety Bond Market:
- By Surety Type
- Construction, Bid and Performance Bonds
- Advance Payment Bonds
- Maintenance Bonds
- Commercial Surety Bonds
- Contract Surety Bonds
- License and Permit Bonds
- Customs Bonds
- Court Bonds
- Litigation Bonds, including Appeal Bonds
- Specialized Contract Bonds
- Others
- By Organization Size
- Small and Medium Sized Organizations
- Large Organizations
- By End Users
- Domestic Corporations and Multinational Companies
- Marketed through Global, National, Regional or Local Brokers
- Global Multinational Companies with U.S. Bond Needsoil
- Contractors and Managers
- Paving, Sewer and Water and Highway and Bridge
- Manufacturers
- Technology Companies
- Oil Field Service Firms
- Performance Bonds (Non-Construction or Supply)
- Court Bonds (Judicial and Fiduciary)
- Mining and Material Companies
- Dredgers
- Pharmaceuticals
- Agricultural Processors
- Others
- By Region
- Northeast
- Midwest
- West
- South
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