Value Chain Definition

Industry Research Report on the Infrastructure in Brazil.

Value Chain outline

The infrastructure industry value chain in Brazil is complex and involves several interconnected stages, from initial planning and development to operation and maintenance. While a single universally defined value chain for the entire sector isn't explicitly detailed across all sources, the activities and segments described point to a general flow. A simplified, yet comprehensive, outline can be constructed by considering the lifecycle of infrastructure projects and the various sectors involved.

Identification and description of each step in the value chain:

1. Planning and Development: This initial stage involves identifying infrastructure needs, feasibility studies, project structuring, and obtaining necessary licenses and permits. It includes defining the scope, technical specifications, financial modeling, and legal frameworks for projects. Given the increasing role of the private sector, this stage heavily involves the structuring of concessions and Public-Private Partnerships (PPPs).
2. Financing and Investment: Securing the necessary capital for infrastructure projects is a critical step. This involves attracting investment from public and private sources, including government budgets, development banks (like BNDES), private equity funds, infrastructure funds, and the issuance of debentures (such as incentivized debentures).
3. Engineering and Construction: This stage involves the detailed design, procurement of materials and equipment, and the physical execution of the infrastructure project. It includes heavy construction activities, civil engineering, and specialized installations depending on the type of infrastructure (e.g., track laying for railways, terminal construction for ports/airports, pipe-laying for sanitation).
4. Operation and Maintenance (O&M): Once constructed, the infrastructure asset needs to be operated and maintained to ensure its functionality, safety, and longevity. This involves managing the day-to-day activities of the infrastructure (e.g., traffic management on highways, cargo handling in ports, energy transmission), performing routine maintenance, repairs, and upgrades. This stage is often carried out by concessionaires or specialized service providers.
5. Decommissioning (for certain assets): While not applicable to all infrastructure, some assets, particularly in sectors like oil and gas extraction, have a decommissioning stage at the end of their operational life. This involves the safe dismantling and removal of infrastructure and the restoration of the site.

Identification and description of segments for each step of the value chain:

The infrastructure industry in Brazil can be segmented by type, which influences the specific activities and players within each value chain step. Based on the provided information, key segments include:

• Transportation Infrastructure:
  • Segments: Railways, Highways, Airports, Ports, Waterways.
  • Main Activities: Planning of routes and terminals, construction of tracks, roads, runways, docks, and terminals; financing through concessions and public funds; operation of transport networks, traffic control, cargo and passenger handling, maintenance of infrastructure and equipment.
• Public Utilities Infrastructure:
  • Segments: Energy (Generation, Transmission, Distribution), Water and Sewage, Telecommunications.
  • Main Activities: Planning of power plants, grids, water/sewage networks, and communication networks; construction of power generation facilities, transmission lines, pipelines, treatment plants, and telecommunication towers/networks; financing through public/private investment and tariffs; operation and maintenance of these networks and facilities; provision of services to end-users.
• Social Infrastructure:
  • Segments: Schools, Hospitals, Defense, Housing.
  • Main Activities: Planning and financing of public buildings and facilities; construction of schools, hospitals, and housing; operation and maintenance of these facilities.
• Extraction Infrastructure:
  • Segments: Oil and Gas, Mining.
  • Main Activities: Planning and development of extraction sites and related infrastructure (pipelines, terminals); construction of platforms, processing facilities, and transport links; financing large-scale projects; operation of extraction and transport infrastructure; decommissioning of facilities.
• Manufacturing Infrastructure:
  • Segments: Metal and Ore Production, Petroleum Refining, Chemical Manufacturing, Industrial Parks and Clusters.
  • Main Activities: Development of infrastructure within industrial areas to support manufacturing activities, including power supply, water, and logistics connections.

List of types of players in each segment:

Across these segments and value chain steps, various types of players are involved:

• Government Entities: Federal, state, and municipal governments are crucial in planning, financing (partially), regulating, and tendering projects, especially through concessions and PPPs. Regulatory agencies (like ANTAQ, ANTT, ANEEL) play a key role in overseeing the operation of infrastructure.
• Private Developers and Investors: Companies and funds that identify opportunities, structure projects, and provide capital. These include large investment firms, private equity, and infrastructure funds.
• Construction Companies: Engineering and construction firms responsible for the physical execution of projects. These range from large multinational corporations to smaller specialized contractors.
• Operators and Concessionaires: Companies that win bids for concessions and are responsible for the operation, maintenance, and sometimes expansion of existing infrastructure over a long period.
• Equipment and Technology Providers: Companies that supply the machinery, technology, and materials required for construction and operation.
• Consulting and Engineering Services: Firms providing technical, financial, legal, and environmental expertise throughout the project lifecycle.
• Financial Institutions: Banks, development banks (BNDES), and capital markets play a vital role in providing debt and equity financing.

Detailed description of the main activities within each segment:

• Transportation Infrastructure: Activities span from initial route planning, environmental impact assessments, land acquisition, detailed engineering design, and construction (earthworks, paving, bridge building, track laying, terminal construction). Operations involve traffic management, toll collection (highways), passenger services (airports, urban mobility), cargo handling (ports, railways), and extensive maintenance programs (resurfacing roads, track repair, dredging ports, terminal upkeep).
• Public Utilities Infrastructure: Activities include planning network expansion based on demand forecasts, constructing power plants (hydro, thermal, renewables), transmission and distribution networks (lines, substations), water/sewage treatment plants, pipelines, and telecommunication networks (fiber optics, towers). Operations involve managing supply and demand, maintaining network stability, treating and distributing water, collecting and treating sewage, and ensuring reliable communication services.
• Social Infrastructure: Activities focus on planning public facilities based on social needs, designing functional and accessible buildings, constructing schools, hospitals, and public housing, and managing the ongoing operation and maintenance of these facilities to ensure they meet service standards.
• Extraction Infrastructure: Activities unique to this sector include geological surveys, developing extraction plans, constructing specialized infrastructure like offshore platforms, pipelines, and processing facilities, and managing the complex logistics of transporting raw materials. Decommissioning involves safely dismantling infrastructure and environmental remediation.
• Manufacturing Infrastructure: Activities involve designing and building industrial parks with necessary utilities and transport links, installing and maintaining specialized infrastructure within manufacturing plants (e.g., heavy-duty power supply, industrial water treatment), and managing logistics within these areas.

List examples of key players with detailed profiles:

(Note: Detailed profiles are provided in the "Examples of Main Players" section as requested in the report structure). Examples of key players mentioned across sources include:

• OEC (Odebrecht Engenharia e Construção)
• Andrade Gutierrez
• Construtora Queiroz Galvão
• Camargo Corrêa Infra Construções
• U&M Mineração e Construção
• Grupo CCR
• Ecorodovias
• Rumo
• Santos Brasil
• Ultracargo
• Aena Brasil
• Marquise Infraestrutura
• Cosan (through Rumo) [Based on provided context]
• Randoncorp [Based on provided context]
• Hidrovias do Brasil [Based on provided context]
• Acciona [Based on provided context]

Show estimates of volumes and sizes of each step in the value chain.

Quantifying the "volumes and sizes" for each step of the value chain across the entire infrastructure industry is challenging with the available data, as metrics vary significantly by segment (e.g., km of roads, tons of cargo, passengers, cubic meters of water treated). However, investment figures provide a proxy for the overall size and activity level in the planning, financing, and construction stages, while operational data reflects the output of the operation stage.

• Investment (Proxy for Planning, Financing, Construction):

  • Investments in infrastructure in Brazil reached R$ 213.4 billion in 2023, a 19.6% increase from the previous year.
  • Private investment accounted for about 78% of the total in 2023.
  • Expected investment in 2024 is projected to reach R$ 259.3 billion, the highest since 2014. This represents a 15.30% real increase compared to 2023.
  • Private investment in 2024 is expected to be R$ 197.1 billion, with public investment at R$ 62.2 billion.
  • For 2025, the private sector is projecting investments up to R$ 250 billion, driven by over 110 auctions for concessions, privatizations, and PPPs.
  • Projected investments from auctions scheduled until 2027 could bring in an additional R$ 300 billion.
  • The ideal investment level is estimated at 4.31% of GDP, significantly higher than the current 2%.

• Operation (Examples of Volumes):

  • Ports: Brazilian ports moved a record 1.32 billion tons of cargo in 2024, a 1.18% increase from 2023. Containerized cargo was a main driver, growing 20% in 2024 to 153 million tons. Portonave is a key private terminal, handling 2.4 million TEUs in H1 2024 with a 7.2% growth in private terminals.
  • Railways: Railway cargo movement reached over 540 million tons in 2024, including general cargo and iron ore, a 1.83% growth. General cargo alone reached a record 150 million tons in 2024. In 2023, the total volume was 530 million tons.
  • Airports: Brazilian airports handled 56.2 million passengers in the first half of 2024, a 4.4% increase compared to H1 2023. In the first quarter of 2025, over 23.7 million passengers boarded domestic flights. Aena Brasil moved over 43.3 million passengers across its 17 Brazilian airports in 2024. Congonhas (São Paulo) was the busiest Aena airport in Brazil with over 23.1 million travelers in 2024.
  • Highways: The highway sector has 29,000 kilometers under concession, with expectations to double this coverage in the next five years. Grupo CCR manages 3,600 km of highways with a daily circulation of 2.5 million vehicles. [Based on provided context]

Value Chain Summary Table

Value Chain Step	Key Segments Included	Main Activities	Types of Players	Examples of Key Players (See detailed profiles)	Estimated Volumes/Sizes (Examples)
Planning & Development	All (Transport, Utilities, Social, Extraction, Manuf.)	Needs identification, Feasibility studies, Project structuring (concessions/PPPs), Licensing, Environmental studies, Financial modeling.	Government bodies, Consulting firms, Developers, Financial institutions, Law firms.	N/A	Part of overall investment figures.
Financing & Investment	All (Transport, Utilities, Social, Extraction, Manuf.)	Capital raising (debt, equity), Fund management, Investment analysis, Securitization (debentures), Public budget allocation.	Private investors (Funds, individuals), Development banks (BNDES), Commercial banks, Government bodies.	N/A	R$ 259.3 billion (projected 2024 investment), R$ 250 billion (projected 2025 private investment).
Engineering & Construction	All (Transport, Utilities, Social, Extraction, Manuf.)	Detailed design, Procurement, Site preparation, Civil works, Structural erection, Installation of equipment, Testing and commissioning.	Construction companies, Engineering firms, Equipment suppliers, Labor force.	OEC, Andrade Gutierrez, Construtora Queiroz Galvão, Camargo Corrêa Infra Construções, U&M Mineração e Construção, Marquise Infraestrutura, Acciona.	Part of overall investment figures.
Operation & Maintenance	All (Transport, Utilities, Social, Extraction, Manuf.)	Day-to-day management, Traffic control, Cargo/passenger handling, Service delivery, Routine maintenance, Repairs, Upgrades, Safety management.	Operators, Concessionaires, Specialized service providers, Government bodies (oversight).	Grupo CCR, Ecorodovias, Rumo, Santos Brasil, Hidrovias do Brasil, Aena Brasil, Ultracargo. [Based on provided context, 16, 33]	1.32 billion tons (port cargo 2024), 540 million tons (rail cargo 2024), 56.2 million (airport passengers H1 2024).
Decommissioning	Extraction (Oil & Gas)	Deactivation, Dismantling, Site remediation, Waste management.	Specialized service providers, Extraction companies, Environmental consultants.	N/A	USD 3 billion (estimated disbursements per project).

Examples of Main Players:

• Grupo CCR: One of Brazil's largest infrastructure and urban mobility companies, with a presence in thirteen states. Its portfolio includes concessions for highways, urban mobility systems (metro, trains, VLT, ferries), and airports. [Based on provided context] The company is focused on expanding its operations, with plans to invest significantly in highway concessions. Their diversified business model also includes retail and services within their transport hubs. [Based on provided context]
• OEC (Odebrecht Engenharia e Construção): Recognized as a leading heavy infrastructure construction company in Brazil. Part of the Novonor group, OEC focuses on large-scale construction projects across various infrastructure segments. The company has undergone restructuring in recent years. [Based on provided context, 12] OEC topped the ranking of Brazilian heavy infrastructure constructors in 2023 with a gross operating revenue of R$ 4.8 billion.
• Rumo: A major player in the Brazilian railway sector, focused on logistics and cargo transportation by rail. [Based on provided context, 33] Rumo operates a vast network of railway lines critical for transporting commodities across the country. [Based on provided context]
• Aena Brasil: A significant airport operator in Brazil, managing 17 airports under concession. Aena has achieved record passenger numbers in its Brazilian network, demonstrating growth in the aviation segment. Their operations involve managing airport facilities, air traffic, and passenger services.
• Santos Brasil: A key player in the Brazilian port sector, specializing in operating port terminals. [Based on provided context, 33] The company's activities are centered around the movement and handling of containerized and other types of cargo in ports. [Based on provided context]

Volumes and Sizes:

• Overall Investment: The Brazilian infrastructure sector saw investments of R$ 213.4 billion in 2023, with a notable increase driven by private participation (approximately 78%). Projections for 2024 indicate a further rise to R$ 259.3 billion, reaching the highest level in a decade. The private sector is expected to invest around R$ 197.1 billion in 2024. Significant investment is anticipated in 2025, potentially reaching R$ 250 billion from private sources through numerous concession and PPP auctions.
• Transportation Sector Volumes:
  • Ports: Total cargo moved in Brazilian ports reached a record 1.32 billion tons in 2024. Container handling specifically saw substantial growth.
  • Railways: Brazilian railways transported over 540 million tons of cargo in 2024, including a record volume of general cargo (150 million tons). This represents an increase compared to previous years.
  • Airports: Passenger traffic in Brazilian airports reached 56.2 million in the first half of 2024. Aena Brasil's network alone handled over 43.3 million passengers in 2024.
  • Highways: While total traffic volume across all highways isn't explicitly stated, the significant length of concessional highways (29,000 km) and the daily circulation reported by major players like CCR (2.5 million vehicles on 3,600 km) indicate substantial road usage. [Based on provided context, 10]

References:

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20. TRANSPORTE FERROVIÁRIO AUMENTA 5% EM 2023 E ATINGE MAIOR PATAMAR DESDE 2018 - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK10WvRw0ifVwkPvT3piTiA2-l9kRKHoCqzZzqPikr66Xpie4EkonKSO6qBIjgNg7Rbw5UqebPAcGY0Ze0mImkQZK7zxipEeMzmnkXmCETBc20f5dENCrfjtKKitnP1PkUxSx5E6JY-kH4zOEtVbW3OYJER9Mr_k-NvN9QQGXiOOQtmomNC5J7jN0qbScsxv6z7Vhg89iiCdWSuxQ6A9qBkJs-h2Q==
21. Infraestrutura 2025: R$ 250 Bilhões em Investimentos Privados - Investor Avaliações - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALFZXkCscl5B9O9J8-UEXvtks46dK_6bm2T8Ishd6qhszxTBmK_1JxZ5h5Gjh5rrltATSne_uwvOKmvtAeRquZHbt4VbCZZTjcCIXXM35QUyroq-oB-J6zJnVqRo3qHTzVkhQpu0IHodKlYMZBytywNni1A5yTwng0O
22. Bilhões à mesa no novo ciclo de investimentos em infraestrutura no Brasil - InfraNews - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJhhsy28nGhXhJ_jxDJBRPvRiq7GvySfj5_6IE8Oxr7WjxYHpJW2cf3fOdhb8_wspiPFGCgyqgKkmF_wRk3SHcskbYHRlR_qfO4tliB9CgT1jb6EkP4By7Zu-Vs5wPdyDQmhS-DW6jENasDJUuri0CggvMgV_1mDXP5WBoXpFgkiSgVHs9MU3e7vkxcDk189J1KiNGAHcGWqWk=
23. Movimentação de carga por ferrovias bate recorde em 2024 - Transporte Moderno - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALEinukUK6ve5g0tAc3Pl7MjtxWiOQKEZJfBxBHwXQmjyPpiAlFuCADXRuoRbPEOPaWYwUchkenMGkeXI2fG5HQkiRjmNIBqGkYGo0blZGAHduJ9m70wn-J5KNXfa5mRhFFq-1HVnJ5O0_aSc4p6KGvlMwF5F-OFRBERAbtRivACARPGUNPFNX1sUfhZWDWQD5hGbGc_wCNfVDfbg==
24. Movimentação de contêineres nos terminais portuários privados cresce 7,2% no primeiro semestre - Guia Marítimo - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIAJat25Pabc5NkuxNo1ysYdZzf-tJgv2ARpc41lmTuwDinpmOfXakhrC9Zt2LAJBkZSah-0odxY4YXyZ8DIhU_JVuT7qqwo9kbCuIIz4EtOaX_xiOt5xV2BkXZ0tB8QOAVSQ27DIKC13fL6eOSGX53Mz0cAgQwrMBwBTZ2e9fGEoiBm9thgpAKnARS_lQMnHLW5pnpTbplmcKAx8krJ8JpopjKFaDcaNYQBGsU9VCeslS-ios6Ojm65Q==
25. SUMMIT CONCESSÕES DE RODOVIAS | Rodovias | Praça Antônio Prado, 48 - B³ - Centro Histórico de São Paulo, São Paulo - SP, 18970-020, Brasil - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKlFFLBDGXAEYrI_lvew88bC6Ze7JSqgt0WxwYnLSR3WGVG6uk7C-E8C2BxIgl7m1wLIiAgcGIdKFNFEqvtXxQeE14tTk0nKLKBwhTTyHrtOXyr5J4=
26. As cadeias globais de valor e a inserção da indústria brasileira - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKQXcIGCj2JyPWZEGAV8NaM1PV4N-A046dDBfLXUYTn7wsZBlYIJxTL4l0Lz426YXcD48Vy8iI6qyJ4ZW2Y_lNx_uxIiR0AOKopAT9EuBFYjsz04TrP8pitESLj512uu6ExAzL2EzCF1ncpvXoSl7Vw989lIA==
27. Transporte aéreo: Número de passageiros nos aeroportos aumentou no primeiro semestre de 2024 | Mobilidade Estadão | - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIxHLlJf3CON59AyQyiMbhYHawjMTXCNvUUjSeOZXmrdieX3QyMZaTo2KMfLtAPnEJZLJU_7h6FT-HfsjmScET5wjGOrqiT7ODHmp-Vk9ztQwfWcbYh8ys1SlGFHzWcJE0y3-UTS2bTnc24ucLvSY2W7L4a6C6vL2zw4JJudy84-ZJCp3ZG0MRt07uL63odRnTwYSAfhcy-SlnTItS31OaUIHu0857lzDpBZDs5FLTXdEs7B_o5lX_dQ-709VaERJpeTepU6mLzUEH0gi724A==
28. Movimentação de carga geral atinge maior patamar dos últimos 18 anos - Portal Gov.br - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIpMhQVa9HFCTHmIRvFoOHAkQOqMIWpNr2jUR-tv8YiCQiCpns7G3Xrz3YEjEXHYZsmSGbqWqnhXg1Hs_dZjdNiNSUe14rD5bzmH1FohF_d2S0HESYXbMBQXipRwslIOzCtFv1xtBtbImhn8w0QZ-KCGw2bxzu7V2xiXxw-e0IyDaCcvgYPIWvF6-uS1ahno13wd67aw7uZrowXamQMRoOEr0L4M2UZ2oOLArKCZh19UiimvGDVWwSavexcwA==
29. Concessões de infraestruturas de transportes no Brasil: Identificação de empreendimentos, marcos legais e programas federais nos segmentos aeroportuário, ferroviário, portuário e rodoviário de 1990 a agosto de 2018 - Publications - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI6fBc7KMlf24iM3Ne2xj5kx45kwn-4k4cMzK4wSRyb7zKBboIfVfkGfiL9dB6GE7ZDGoP4cWLDoFERmrMbEzRRlI28YHTzg9ve4w3rQcYCIE2gVj8g1clOjJ9mC9ZFRMxQgfrpGrFNnX8pLqCKafFYXR430fgwKMM9eLOTNNyw4z9WipAwln19zFrQam-NCD35sIaofSoo1HmedVLMT9klMtHGr6kHz3yyfrFah3ERavYrbuvW
30. Concessões rodoviárias e a infraestrutura no Brasil - Portal BE News - https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAKS_WPXAhy4EqsvHH9cvJeTczQAqG8elcAwnmKFCH_uF3h74k8LMo9sb8Os1kAFQpEeqXePx3CfUrwbPvLRAYg0_wWgOlG8QQGRdTLyiq88-lSyCSwvgc4Ugd5u1y8gl49qKNO7QVD_K61Jq4d0KJaL08ATJSbYVW8GunSczPq5kWRjyzUjITVC6Cr5RgV-
31. Atração de investimentos privados para a infraestrutura no Brasil: motivações e barreiras - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALTXRx9bXL0pbOXWZ0aypN17rCERMe2WdtynlK2ZXs0ytzM8SSqFIMPJDpbhyT3WvlEfFRGVls5EduX17pUSaME_0A2jRbIZWoYR0bhIDZiQbI9KsHoQqHi8YvPsGjUP2tnCnMVPgYS1YbvTSyUQfPl_7O6qSHESEBlFZylAlF26PPvs09MdguKs6-BwWBI1tdcbJ2LKR2IjL2jdkEWUug=
32. Panorama do Setor e Tendênciasem Infraestrutura no Brasil - KPMG International - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKea5KnxzTjm5IRzC2u8PTU29wMlXyNqNAUvjfFUXktidY0uEe8ILyKO0z7fvffKY-UjaLIb6mj--tUDbD7zfUswQz4ZKa03ZuBpqEcnQswNkVa1iKCF2igQ0vRYu0QE6OdkoVzTymDXZVz1HpMNg-AIDCVCFa0Z8QFM3qZIPMsIqn4ZE2z67EJa9krMlQ7gAoHNf8t6QQZWO5au6yIZE-D71UJM5uHPVqs3Z6i7B8AkPZSiEFUjOds
33. Grandes empresas de infraestrutura unem-se em movimento para programas de longo prazo no setor - Agência iNFRA - https://vertexaisearch.google.com/grounding-api-redirect/AWQVqAJ0LM2vFg-ufDH59U72K1Lxwpq7KKylP6KNXOooB2N9I0zF6L3wCDcmbvRy7eKGClIDCwGXgVGZUeZwfHBqLOztmCQD_yNjJPTIrf0P9vGe6kBf-i5WAdYKuVXVHeYjl31lYf5GBrTnlh8WaatlYnADXKX0w8-1Fpsf_KaNPwgI3taUcntN8Q4lg1-Xm4rc3TTxvi2WOYnfswg8hxYyniNWEdLELA87q0Y0gMZi75kipFBmaw==
34. O que é Cadeia de Valor e como gerenciá-la na indústria? - Someh - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALNtxWO48lq3TbB3FXraPIINkLVOgMUtAFdsPET8q7aJarI_dU4uN1kwhNKmI_vs4QZYznOWd3Rkzb4Y4MnA7NWLP4MHASp9-atAZFa5tUD1ojE2hue5s8a8lee41i0sAyYjZvtnetn68JSCLC9qZXfws-3d5x5kemjNuMhZcizHDhOhQ==
35. Brasil no novo modelo das cadeias globais de valor - Agência de Notícias da Indústria - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKUkC6P0_AXxJM-idr29Oa8Zyq_r_ECCNn-Rr73Pfite-TpHuqyCQ0cNljKerW7-kLYcajP52U21bkBgALYfAbcUs0UpLJT9jRzakff9W73Jh_g1_N7gL8_OhkLMPewF6FSPcTs6pzbzEKQnu0oUbGxurEXAAmhSyNiI2RME-7gSOSb5gPMG7nV9yTIdgi7nDI5Lmxzq4NYiBMyTPQFTzFgvJEF1BNJA34WcwCR1QdCpRkrig==
36. Cadeia de valor: potencialize suas vantagens - Sebrae - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALY29e_ipgb_ZNznUl_nhNlQgDjbJi1U563vZI-yiYYLCy8NT5Df2RJuKbAXuT4yNud4LaCIsBFNn08_u5PHPRjLTnOfYHOB7Izs3fdixkcs0BQDFptEMhqzVvzHj-yMpc5QGLUS8r2vpfTeGWDe24BbToemXpEyG98wUTR6Me-piS19HuJPTv7ysQUWip4e2GqJUUPeVBJ3mSEX5AC-kyYDZuBEocxLFmJjmb5Z8omUGoClXbI4hWd9U2Xqg==
37. Marquise Infraestrutura - Infraestruturando o Brasil - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALlU3kgSNIkbb_tbwJJDBdPFACrGPaeSA_29vKvp_WSInjqF4RFl1JqVApjwheGzfFpVQmqvop9nNkaCG_fjAcvk_4yf3EeBWFdwg9mzFW6Dz08-u2TJ5Wi8HPbZtrJN_Y=
38. Trajetórias da infraestrutura no Brasil. Concepções, operacionalizações e marcos conceituais em perspectiva - SciELO - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKBvEypWKt3uNk5uB26nS4-AR-UaxOwSGPI6QeGhuKmFdJhym4b6-EYmFwvqlscgJBpU6Gkz1XI2WKCyoOAt9FUpwJWtvcRwHXmdIaTGZCthFzuDi2sdQspKf8lNhPHbUvJMW3w_yH9xzjayA==
39. Infraestrutura :: Brasil 4.0 - Firjan - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK1fxnOFA-MnGPx7yxtXY0vlJ7HrANZo9_0bjl8Wt68PbjDspqhY3safoz0SZjmWxv8elOwpIP0lOTgQz4s9UUKf7LHPe0cz4nWoj7hGgOnoQYgaWpaacn9n70osblaY4ftC5UI0ikwxOJ6XRUFZthy1RTU62dbDU3LHTIOQX5oT-QNtz_BkLKkKoeyiCXRF7tetTU8TaE=
40. Infraestrutura e Planejamento no Brasil - BNDES - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIcinZ9u05v00YeXBD0qMYaKW_M3BQXpvpenAEy9VB5Isq30-6JJxuDNr-_RI1AsXcGoshjaVU5hyqh0TF1RZMNmDhP-8OFNmjPANxc_DgF3qOx6rlfoplVDUslZKyB-JJ5IRbtbJkvQVAda7k93hfJ4BoCEkJBZwNxdO73Kw-lMJs_W9B53m3kR9wwAm1-cPA6Pizhtrerf_X_FSfe5KByMqqxIz5Tmlso7nQLJ1DFvsZsnWutqEiY
41. Brasil Tamanho do mercado de infraestrutura, preço, previsões para 2033 - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIvxBzRu23JJhvYqhEn0vfraiMUm6IqZd8cBi0L73IGEPuTY_BsBkZBU4ZSIYhpZ680aVIl7hbCJijUiCw9yN749paISnxdiHoBoyXZrtIwCls6ZI3NOUwnQcKV_3Cm5Mp6portIcnPa79AnqwEv8EVdDA2iUn8MvML8nl_9s52
42. Inicial - INFRA S.A. - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALP3f4jzpwa8kBBcxygrwrucFWFApFsu6uMQH_TTRgNbI9Fb4br-J5uiI61P09DyP_yMWSvk_Gae878MSQplu_emADsT3dN8ilnEhrsSeu-MK4=
43. Ranking aponta OEC como a maior construtora de infraestrutura do país - Notícias - OEC - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKxzgY0TaF2vEo1tKPTT6sw3X6kf_gVaTXI2_JJZ9WobghRGoqMOJ4LqCz4PYOIxX-IJHa_1qHxuFwGrdqhc6TWvaFSK56LXB5xJvueSGkhIIZKpVh9nzerlnUILFs-6bEVbgfKBzbZawBKYgTGAUwdwwk6hY_HwXVvxGVQqxjLrVqHHd5diqNC2jQsQAvUC9zfEdQLwGcZmixHIZZDohAW
44. Infraestrutura: o que é, tipos, problemas - Brasil Escola - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALjKONe1-dTH0GzU2UWEtjzVvhpS_cubve58RSO5liJVLR9Kn78OUZgrHJBhHID0ZVfaiy_peYDtCb0i7U0VLtZZLdnpG0zpHqNtuKjoFzq7C5NhlrRSB7t138yty1tQfq3tex01DF732X3yQ_ud7731Ks=
45. Infraestrutura: oportunidades no Brasil - Pinheiro Neto Advogados - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKwBOXeRLqYwHwHHzj-rgCUOpPJueCmSTdCh3_nWS1eSPYQB1lrofb16S4H8VTwhjMTnPslLiA6qlORGFqsJfaqPDP0EVofFh2uljMMFT1Vp_8tm2ccbGUBeA9n2ygtupLNVy19TMVViBeQKLlmsCPLhtkV_X_7kq8eJPinRNzIeAKv4lPMhc9TUBjix8KSmTUDFaMQZu5uG2ymp9oXPnZnXMCQ0t1H8PqRFCRob1C8FojGhb6sfXX10NAuRBDJ3zg=
46. capítulo 1 – infraestrutura no brasil: contexto histórico e principais desafios - repositorio ipea - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJjP8lYyz2yZF2rBaJAI-B_hplgp8aKMU_GZ5MnpzQW3xfvB_4-6dc6SAXMWfvwPkaqu52cMOdAm4QITWU0Uqkdkh384st0P58P3lhNEtmmNAcAJWvA1EewCXctneQT-9PVK9JoCaa74VOO2_ZQcEB-TQCF2grl4ujMVBilnVW2KP6KDUToKmh0vPaIZZ3SNix6IrI=
47. Plano Brasil de Infraestrutura Logística - PBLog - CFA - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALPL2sTC9UxXOvU62WkuNx6CR-LkN26AkmlQIJdepVEqfpjZy3H-j8xw_9jgbcTAZqG_C2CMixE6bJudHZPdhPRgBgVKCuT3IsrINDZ-oXyhXh5FV5QdZfU0uAqo0TmnNHNnMZqu1kp_WluOLGmTMGYaXzcDgGvhwSK
48. Infraestrutura - Mapa Estratégico da Indústria 2023-2032 - https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAISnW9YrO4JlOA-P3xculOJfS-_u7wTiiLA_H4IK32-nu8BARnteWBZs1AIPao-pE3tHgaaloA-uecGx6or0sb5TNTUO0vPHSmi-w2Nl3U4lvLoIbHpFTVFAM9ZiXr27JXJL6dlwbLVc1cKYQ==