The latest report by IMARC Group, titled " Tunnel Boring Machine Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global tunnel boring machine market size reached US$ 5.5 Billion in 2022. A tunnel boring machine (TBM) is used to excavate tunnels through various soil and rock strata. It reduces the disturbance and produces a smooth tunnel wall as compared to the drilling and blasting (D&B) and conventional hand mining method. It also minimizes the cost of lining and makes the tunnel suitable for use in urbanized areas. It also offers several advantages, such as less rock damage, continuous operation, fewer support requirements, and enhanced efficiency and worker safety. Owing to these benefits, TBM finds extensive applications across the mining and construction industries.
Global Tunnel Boring Machine Market Trends:
The market is primarily driven by the rising product adoption in the mining industry. In addition, the increasing government expenditure on infrastructural development, like the construction of highways and buildings, represents another major growth-inducing factor. Besides this, the market is also propelled by the growing tunnel safety regulations and the developing underground infrastructure across the globe. Additionally, the rising awareness about the advantages of TBMs, such as high gravity, viscosity, and stability under high pressure, is accelerating the product adoption rate. Moreover, key players are focusing on various micro tunnel activities to construct several kilometers of underground infrastructure and increase their overall sales and profitability, which is anticipated to augment the market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 7.1 Billion by 2028, exhibiting a CAGR of 3.9% during the forecast period (2023-2028).
- Based on the machine type, the market has been classified into slurry, earth pressure balance shield, shielded, multi-mode, and other TBMs.
- On the basis of the product type, the market has been bifurcated into soft-ground and hard-ground TBM.
- Based on the application, the market has been segmented into traffic and utility tunneling.
- On the basis of the end user, the market has been categorized into road transport, railway transport, metro and transit, utilities, mining, oil and gas, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being 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.
|Base Year of the Analysis
||Machine Type, Product Type, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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