Evolve Business Intelligence has published a research report on the Global Tunnel Boring Machine Market, 2023–2033. The global Tunnel Boring Machine market is projected to exhibit a CAGR of around 7.54%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Tunnel Boring Machine Market: China Railway Construction Heavy Industry Co. Ltd., Herrenknecht AG, China Railway Engineering Equipment Group Co., Ltd., Dalian Huarui Heavy Industry Group Co., Ltd., Hitachi Zosen Corporation, IHI Corporation, Kawasaki Heavy Industries Ltd, Komatsu Ltd., Northern Heavy Industries Group Co., Ltd. (The Robbins Company, Inc.), QINHUANGDAO TIANYE TOLIAN HEAVY INDUSTRY CO., LTD.
Market Highlights
The Global Tunnel Boring Machine market is projected to be valued at USD 10.54 Billion by 2033, recording a CAGR of around 7.54% during the forecast period. The Tunnel Boring Machine (TBM) market encompasses the production, sale, and use of machines designed to excavate tunnels through various geological conditions. TBMs are essential in infrastructure projects, including subways, highways, and utility tunnels. The market is driven by urbanization, infrastructure development, and advancements in tunneling technology. Key factors influencing the market include project size, geological challenges, and regional construction activities. Innovations in TBM technology focus on increasing efficiency, reducing costs, and improving safety. The market is segmented by machine type, application, and region, with significant growth in emerging economies and urban areas.
Segmental Analysis
The global Tunnel Boring Machine market has been segmented based on Machine Type, Application
Based on Machine Type, the market is segmented based on Slurry TBM, Earth Pressure Balance Shield TBM, Shielded TBM, Multi-Mode TBM, Others. the Earth Pressure Balance (EPB) Shield TBM segment generally dominates due to its versatility and effectiveness in handling a wide range of soil conditions, making it ideal for urban and challenging tunneling projects.
Based on Applications, the market has been divided into the Road Transport, Railway Transport, Metro & Transit, Utilities, Mining, Others. the Metro & Transit segment typically dominates due to the high demand for efficient and extensive underground transit systems in urban areas. This segment benefits from ongoing urbanization and infrastructure development, driving significant adoption of TBMs.
More Information: https://evolvebi.com/report/tunnel-boring-machine-market-analysis/
Regional Analysis
The Tunnel Boring Machine market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. Asia Pacific holds a dominant position in the Tunnel Boring Machine Market. In 2021, the market for tunnel boring machines in Asia Pacific was valued at USD 2.66 billion. This is explained by the increasing population, quick urbanization, and strong economic growth. The tunnel boring machine market grew as a result of these factors. Additionally, a lot of metro projects are now being built in India, which is expected to enhance the requirement for tunnel boring machines in the near future. The North America region has indeed emerged as the fastest-growing market for the Tunnel Boring Machine industry. The market for tunnel boring machines is supported by a rise in road building operations, which has led to an increase in tunneling projects throughout North America, accounting for the third-largest market share. Additionally, the tunnel boring machine market in the United States had the most market share and was expanding at the fastest rate in the North American region.