The new report by Expert Market Research titled, ‘Global Tunnel Boring Machine Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global tunnel boring machine market, assessing the market based on its segments like machine type, geology type, end-use, and major regions Asia Pacific, Europe, North America, Middle East and Africa and Latin America. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 5,585 Million
- Forecast CAGR (2021-2026): 6%
- Forecast Market Size (2026): USD 7,471 Million
The global tunnel boring machine industry is driven by the rapid development of road and railway tunnels across the globe. The increasing development of infrastructure in emerging economies, to enhance the processes of urbanisation and industrialisation, is one of the significant factors that are likely to boost the product demand. Moreover, the rising demand in the tourism sector, triggered by a sound income, is expected to be a significant factor driving the global market growth. Over the forecast period, the underground mining operations and technological advancements, witnessing robust growth, are expected to provide further momentum to the market.
Industry Definition and Major Segments
A tunnel boring machine (TBM), or a mole, is designed and used to excavate tunnels. The machine is utilised to carry out heavy tasks like deep underground excavations, and excavation with a highly specific circular cross-section through layers of rocks and soil. They are also used in micro tunnelling and boring with sharp curves.
Based on machine type, the market is divided into:
- Slurry TBM
- Earth Pressure Balance Shield TBM
- Shielded TBM
- Multi-mode TBM
- Other Machines
Based on geology type, the industry is segmented into:
- Soft Ground
- Hard Rock Ground
- Heterogenous Ground
- Variable Ground
The significant end-use of the product include:
- Road Transport
- Railway Transport
- Metro and Transit
- Utilities
- Mining
- Oil and Gas
- Others
The regional markets for tunnel boring machines include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Market Trends
By geography, Asia Pacific is anticipated to be a leading contributor to the growth of the market owing to the increasing infrastructural projects in countries like China, India, and ASEAN countries among others. The rise in government investments in tunnel projects for faster commutation between cities is projected to bolster the regional market. By the type of machine, the slurry TBM segment books a significant share in the market, owing to its various advantages including high specific gravity and high viscosity, which supports stability under high pressure. Meanwhile, for a broad range of ground conditions, the shielded TBM segment is anticipated to grow in the forecast period.
Key Market Players
The major players in the market are Komatsu Ltd., China Railway Engineering Equipment Group Co., Ltd., Herrenknecht AG, Hitachi Zosen Corporation, and Kawasaki Heavy Industries, Ltd. among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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