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

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

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.

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:

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:

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.

Key Questions Answered in This Report:

What was the size of the global tunnel boring machine market in 2022?

What is the expected growth rate of the global tunnel boring machine market during 2023-2028?

What are the key factors driving the global tunnel boring machine market?

What has been the impact of COVID-19 on the global tunnel boring machine market?

What is the breakup of the global tunnel boring machine market based on the machine type?

What is the breakup of the global tunnel boring machine market based on the product type?

What is the breakup of the global tunnel boring machine market based on the application?

What is the breakup of the global tunnel boring machine market based on the end user?

What are the key regions in the global tunnel boring machine market?

Who are the key players/companies in the global tunnel boring machine market?