Press release
Infrastructural Development Will Drive The Global Tunnel Boring Machine Market By A CAGR Of 6% In The Forecast Period Of 2021-2026
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 urbanization and industrialisation, is one of the significant factors that are likely to boost product demand.
Moreover, the rising demand in the tourism sector, triggered by a sound income, is expected to be a significant factor driving global market growth. Over the forecast period, 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.
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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
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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