Owing to increase in traffic infrastructure projects, and rise in focus towards micro-tunneling hits demands.
WILMINGTON, DELAWARE, UNITED STATES, March 22, 2024 /EINPresswire.com/ — The expansion of infrastructure in railway and road highways, government investments in railway pipeline projects, and the rapid urbanization and industrialization observed in developing countries are propelling the growth of the global tunnel boring machine market. Anticipated technological advancements in tunnel boring machines, incorporating automation and rock cutting technologies, are poised to create numerous opportunities for the market in the near future.
The tunnel boring machines market size was valued for $5.47 billion in 2019, and is expected to reach $7.55 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027. In 2019, Asia-Pacifc region dominated the global market, in terms of revenue, accounting for about 48.99% share of the global market, followed by Europe.
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The global tunnel boring machine market is segmented based on machine type, geology type, end user, and region. In terms of geology type, the heterogeneous ground segment commanded the market, representing nearly two-fifths of the total market share in 2019, and is projected to maintain its dominance until 2027. Conversely, the soft ground segment is expected to exhibit the fastest compound annual growth rate (CAGR) of 7.7% during the forecast period.
Regarding end-users, the metro & transit segment held the largest market share in 2019, accounting for nearly one-third of the total market share. Furthermore, this segment is forecasted to maintain its lead throughout the forecast period, also demonstrating the fastest CAGR of 6.9% during this time.
Geographically, the market is assessed across various regions including North America, Asia-Pacific, Europe, Latin America, and LAMEA. Asia-Pacific led the market in 2019, contributing to approximately half of the market share, and is expected to continue its dominance throughout the forecast period. Additionally, the region is forecasted to exhibit a CAGR of 6.5% during this period.
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Top Players:
Key companies profiled in the report include China Railway Construction Heavy Industry Co. Ltd., China Railway Engineering Equipment Group Co., Ltd., 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. (The Robbins Company, Inc.), Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd.
Key Findings Of The Study
The report provides an extensive analysis of the current and emerging tunnel boring machine market trends and dynamics.
By machine type, the slurry TBM segment registered the highest revenue in the tunnel boring machine market in 2019.
By geology type, the heterogeneous ground segment registered the highest revenue in the tunnel boring machine market in 2019.
Depending on end-users, the metro & transit segment dominated the tunnel boring machine market, in terms of revenue in 2019 and is projected to grow at a CAGR 6.9% during the forecast period
The key players within the tunnel boring machine market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global tunnel boring machine industry.
The report provides an extensive analysis of the tunnel boring machine market trends and emerging opportunities of the market.
The global tunnel boring machine market forecast analysis from 2020 to 2027 is included in the report.
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