The latest research study by IMARC Group, “Tunnel Boring Machine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global tunnel boring machine market growth. The global tunnel boring machine market reached a value of US$ 5.28 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 6.79 Billion by 2027, exhibiting a CAGR of 4.05% during 2022-2027.
Tunnel Boring Machine Industry Outlook:
A tunnel boring machine (TBM) represents an advanced equipment utilized to excavate tunnels with a circular cross-section through various rock strata and soil. It can be categorized into earth pressure balance shield TBM, shielded TBM, multi-mode TBM, etc. Tunnel boring machine variants are used as an alternative to the conventional hand mining of soil and the drilling and blasting (DB) methods. They produce a smooth tunnel wall while minimizing the disturbance caused to the surrounding ground. Tunnel boring machine models also ensure lesser rock damages, continuous operation, fewer support requirements, higher efficiency, worker safety, etc. Consequently, they find widespread application across numerous sectors, such as mining, oil and gas, road transport, railway, etc.
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The growing innovations in rock cutting technologies and the increasing underground construction activities across countries are primarily driving the tunnel boring machine market. Besides this, the rising product adoption in water pipeline, oil and gas pipeline, and hydropower projects is also positively influencing the market growth.
Furthermore, the implementation of several stringent tunnel safety regulations by the government bodies and the expanding usage of mechanical tunnel boring systems are acting as significant growth-inducing factors. Additionally, the development of smart cities, the inflating urbanization levels, and the emerging trend of tunnel automation are expected to catalyze the tunnel boring machine market over the forecasted period.
Tunnel Boring Machine Market Report Scope
Market size value in 2021
US$ 5.28 Billion
Market forecast in 2027
US$ 6.79 Billion
CAGR of 4.05% from 2022 to 2027
Base year for estimation
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
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Key Market Segmentation:
The report has segmented the global tunnel boring machine market on the basis of machine type, product type, application, end user and region.
Breakup by Machine Type:
- Slurry TBM
- Earth Pressure Balance Shield TBM
- Shielded TBM
- Multi-Mode TBM
Breakup by Product Type:
- Soft Ground TBM
- Hard Ground TBM
Breakup by Application:
- Utility Tunneling
- Traffic Tunneling
Breakup by End User:
- Road Transport
- Railway Transport
- Metro and Transit
- Oil and Gas
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are Akkerman Inc., China Railway Construction Heavy Industry Corporation Limited, China Railway Engineering Equipment Group Co. Ltd. (China Railway Hi-Tech Industry Corporation Limited), Dalian Huarui Heavy Industry Group Co. Ltd., Herrenknecht AG, Hitachi Zosen Corporation, IHI Corporation, Kawasaki Heavy Industries Ltd., Komatsu Ltd., Northern Heavy Industries Group Co. Ltd. and Sika AG.
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