Tunnel Boring Machine Market Growth Trends Analysis 2027 | To Reach $7.55 billion
Tunnel Boring Machine Market Expected to Reach $7.55 Billion by 2027
WILMINGTON, DELAWARE, UNITED STATES, May 9, 2024 /EINPresswire.com/ -- A tunnel boring machine, also referred to as a mole machine, is utilized for excavating tunnels through hard rock and soil. It comes in various diameter sizes ranging from 40 inches to 60 feet and comprises components such as a cutter head, hydraulic braking system, and conveyor. The cutter head operates by rotating 360°, applying immense pressure against the tunnel surface to remove mud and rocks.
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.
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Key Influencing Factors:
Government investment in infrastructural development is expected to drive market growth. However, the market may face obstacles due to high installation costs and limited flexibility.
Advancements in rock cutting technology offer promising prospects for the future. Additionally, increased adoption of tunnel boring machines in the mining sector is forecasted to bolster market expansion.
Rising expenditure on railway and road infrastructure in countries like India, China, and others is poised to stimulate global market growth. Notably, Shanghai's $38 billion investment in a new infrastructure project spanning from 2020 to 2022 exemplifies this trend.
Furthermore, the growing utilization of tunnel boring machines in mining operations presents lucrative opportunities for the global market's advancement.
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Segmentation Based On:
The global tunnel boring machine market is segmented based on machine type, geology type, end-users, and region.
Based on machine type, the market is divided into slurry TBM, earth pressure balance shield TBM, shielded TBM, Multi-Mode TBM, and others. Slurry TBM segment generated the highest revenue in 2019.
Based on geology type, the market is bifurcated into soft ground, hard rock ground, heterogeneous ground, and variable ground. The heterogeneous ground segment having the highest revenue in 2019.
Based on end-user, the market is categorized into road transport, railway transport, metro & transit, utilities, mining, oil & gas, and others. Metro & transit segment generated the highest revenue in 2019.
Regional Analysis:
Region wise, the global tunnel boring machine market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, Netherland, Russia, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, Indonesia, Australia, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2019, Asia-Pacific was the highest contributor to the tunnel boring machine market share, and is anticipated to secure a leading position during the forecast period.
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Key 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.
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