According to the latest report by IMARC Group, "Global Tunnel Boring Machine Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028", the global tunnel boring machine market size reached US$ 5.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.1 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
A tunnel boring machine (TBM) is an instrument used to excavate tunnels through hard, dense rock and soft soil. It has a rotating cutter head powered by electric or hydraulic motors. It minimizes the disturbance caused to the surrounding ground and produces a smooth directional tunnel wall, reduces the cost of lining the tunnel, and makes the tunnel suitable for use in urbanized areas. It is also highly efficient, safe, reliable, cost-effective, and time saving. In addition, it provides worker safety, continuous operation, and less rock damage. As a result, tunnel boring machines are widely adopted in mining, oil and gas, utilities, railway, and road transportation across the globe.
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Tunnel Boring Machine Market Trends and Drivers:
The market is primarily driven by the rising demand for tunnel boring machines (TBM) in construction activities. In addition, rapid urbanization, the increasing development of smart cities, and the emergence of tunnel automation are contributing to market growth.
Moreover, governments of various countries are investing in infrastructural development programs such as highways, water pipelines, railways, hydropower, and oil and gas pipeline projects, representing another major growth-inducing factor. Besides this, the growing awareness regarding the benefits of TBMs, such as stability under pressure, high specific gravity, and viscosity, is providing a positive thrust to the market growth.
Furthermore, the improving underground infrastructure, the increasing tunnel safety regulations, and extensive research and development (R&D) activities conducted by key market players are also creating a favorable market outlook.
Global Tunnel Boring Machine Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Tunnel Boring Machine Companies:
China Railway Engineering Equipment Group Co. Ltd. (China Railway Hi-Tech Industry Corporation Limited), Akkerman Inc., China Railway Construction Heavy 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.
The report has segmented the 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
- Others
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
- Utilities
- Mining
- Oil and Gas
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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