Tunnel Boring Machine Market Size, Share

Tunnel Boring Machine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A5698

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Market Overview:

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 advanced equipment that helps excavate tunnels with a circular cross-section through various soil and rock strata. It is an alternative to the drilling and blasting (D&B) method and conventional hand mining of soil. It reduces the disturbance caused to the surrounding ground and produces a smooth tunnel wall. In addition, it minimizes the cost of lining the tunnel and makes the tunnel suitable for use in heavily urbanized areas. It also offers several advantages, including continuous operation, lesser rock damages, fewer support requirements, and higher efficiency and worker safety.

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Tunnel Boring Machine Market Trends:

The increasing utilization of TBMs in the mining industry, along with new innovations in rock cutting technology, represents one of the key factors driving the market. In addition, governments of several countries are extensively investing in infrastructural development like highways. This, along with the extensive application of TBMs in the water pipeline, hydropower, and oil and gas pipeline projects, is positively influencing the market. Besides this, the growing tunnel safety regulations and improving underground infrastructure around the world are contributing to the growth of the market. Additionally, rising awareness about the advantages of TBMs, such as high specific gravity and viscosity, and stability under high pressure, is propelling the overall sales of TBMs. Some of the other factors offering lucrative growth opportunities to market players are rapid urbanization, increasing development of smart cities, and the growing trend of tunnel automation. These players are also focusing on microtunnel activities to construct several kilometers of underground infrastructure worldwide to increase their overall sales and profitability, which is projected to strengthen the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global tunnel boring machine market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on machine type, product type, application and end user.

Breakup by Machine Type:

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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:

Traffic Tunneling
Utility Tunneling

Breakup by End User:

Road Transport
Railway Transport
Metro and Transit
Utilities
Mining
Oil and Gas
Others

Breakup by Region:

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North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Machine Type, Product Type, Application, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global tunnel boring machine market was valued at US$ 5.5 Billion in 2022.

We expect the global tunnel boring machine market to exhibit a CAGR of 3.9% during2023-2028.

The rising utilization of tunnel boring machines in the water pipeline, hydropower, and oil and gas pipeline projects, as they offer several advantages, such as continuous operation, lesser rock damages, higher efficiency and worker safety, etc., is primarily driving the global tunnel boring machine market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for tunnel boring machines.

Based on the machine type, the global tunnel boring machine market has been divided into slurry TBM, earth pressure balance shield TBM, shielded TBM, multi-mode TBM, and others. Among these, slurry TBM currently exhibits a clear dominance in the market.

Based on the product type, the global tunnel boring machine market can be categorized into soft ground TBM and hard ground TBM. Currently, hard ground TBM accounts for the majority of the global market share.

Based on the application, the global tunnel boring machine market has been segregated into traffic tunneling and utility tunneling, where traffic tunneling currently exhibits a clear dominance in the market.

Based on the end user, the global tunnel boring machine market can be bifurcated into road transport, railway transport, metro and transit, utilities, mining, oil and gas, and others. Currently, metro and transit holds the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global tunnel boring machine market include 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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