Global Tunnel Boring Machine Market Size To Worth USD 10.34 Billion by 2033
Category: Machinery & EquipmentAccording to a research report published by Spherical Insights & Consulting, the Global Tunnel Boring Machine Market Size is Expected to Grow from USD 6.72 Billion in 2023 to USD 10.34 Billion by 2033, Growing at a CAGR of 4.40% during the forecast period 2023-2033
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A tunnel boring machine (TBM) is a large, specialized piece of machinery used for excavating tunnels through various types of soil and rock. Tunnel boring machines are designed to construct tunnels having a circular cross-section, usually for applications such as underground transit (metro systems, trains), utility installations (water, sewer, electrical), and mining. Several significant drivers are driving the tunnel boring machine market, including rising infrastructure development and rapid urbanization, particularly in developing nations. Government attempts to strengthen transportation networks, together with technological improvements that improve efficiency and safety, further raise demand. However, maintenance demands and unplanned downtime provide additional hurdles, while a shortage of experienced staff might impede project progress.
The hard rock TBM segment is predicted to hold the largest market share through the forecast period.
Based on the product type, the tunnel boring machine market is classified into hard rock TBM, soft ground TBM, and heterogeneous ground TBM. Among these, the hard rock TBM segment is predicted to hold the largest market share through the forecast period. The segment's popularity is attributable to the growing demand for infrastructure development in metropolitan areas and the requirement for effective tunneling equipment in difficult geological settings.
The traffic tunneling segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the tunnel boring machine market is divided into traffic tunneling and utility tunneling. Among these, the traffic tunneling segment is anticipated to hold the highest market share during the projected timeframe. The traffic tunneling sector retains the greatest market share due to the increasing demand for efficient transportation infrastructure, particularly in cities.
The transport segment is estimated to grow at the fastest CAGR growth through the projected period.
Based on the end-user, the tunnel boring machine market is categorized into mining, oil & gas, transport, utility, and others. Among these, the transport segment is estimated to grow at the fastest CAGR growth through the projected period. The rapid growth is attributable to their effectiveness in difficult geological conditions, pushed by urban infrastructure demands.
Asia Pacific is estimated to hold the largest share of the tunnel boring machine market over the forecast period.
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Asia Pacific is estimated to hold the largest share of the tunnel boring machine market over the forecast period. The region's demand is being driven by rapid urbanization, large infrastructure development projects, and government investments in transportation networks like metro systems and highways.
North America is predicted to have the highest CAGR growth in the tunnel boring machine market over the forecast period. The region's rapid growth is attributed to increased investment in infrastructure projects, particularly in urban transit networks and water management.
Major key players in the tunnel boring machine market include Kawasaki Heavy Industries, Ltd., Herrenknecht AG, The Robbins Company, TERRATEC Ltd., Japan Tunnel Systems Corporation, Mitsubishi Heavy Industries, Ltd., Komatsu Ltd., SN Mercantile India Pvt. Ltd., High-Speed Two Ltd., Amberg Engineering, Mammoet, Hitachi Zosen Sakai Works, China Railway Tunnel Group, Sika AG, Liaoning Conscience Co. Ltd., and Others.
Recent Developments
- In August 2024, the world’s first low-carbon tunnel boring machine (TBM) was successfully launched at the Taormina section of the high-speed railway project in Sicily, Italy.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the tunnel boring machine market based on the below-mentioned segments:
Global Tunnel Boring Machine Market, By Product Type
- Hard Rock TBM
- Soft Ground TBM
- Heterogeneous Ground TBM
Global Tunnel Boring Machine Market, By Application
- Traffic Tunneling
- Utility Tunneling
Global Tunnel Boring Machine Market, By End-User
- Mining
- Oil & Gas
- Transport
- Utility
- Others
Global Tunnel Boring Machine Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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