PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462934
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462934
Tunnel Boring Machine Market size was valued at USD 5,789.5 Million in 2023, expanding at a CAGR of 6.5% from 2024 to 2032.
A Tunnel Boring Machine (TBM) is a massive piece of equipment used to excavate tunnels in various types of ground conditions, ranging from soft soil to hard rock. TBMs are equipped with a rotating cutterhead at the front, which is surrounded by disc cutters or cutting tools that break apart the ground as the machine advances. The excavated material is then transported away from the tunnel face via a conveyor belt or other means. TBMs can bore tunnels of different diameters and lengths, and they are commonly used in construction projects such as subway systems, transportation tunnels, water and sewage tunnels, and underground utility passages. Their use helps minimize surface disruption and environmental impact compared to traditional excavation methods, making them a preferred choice for large-scale tunneling projects.
Tunnel Boring Machine Market- Market Dynamics
Rapid expansion of transportation infrastructure development to propel market demand
The increasing need for tunnel boring machines (TBMs) has been primarily driven by the rapid expansion of transportation infrastructure development, which is fueled by robust economic growth, swift urbanization, and the implementation of smart city initiatives worldwide. Governments are investing significantly in various construction projects, including subways, light rail transit, underground freight transport, and utility tunnels, to meet the growing demand for connectivity. Additionally, the rise in mining activities globally is anticipated to propel the Tunnel Boring Machine (TBM) market in the forecast period.
Tunnel Boring Machine Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2024-2032)
Based on Rock Type segmentation, hard rock TBM was predicted to show maximum market share in the year 2023
Based on End Use segmentation, transportation was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Tunnel Boring Machine Market is segmented on the basis of Machine Type, Rock Type, End Use, and Region.
The market is divided into three categories based on Rock Type: Hard Rock, Soft Ground TBM and Heterogeneous Ground TBM. In 2023, the hard rock TBM segment held the highest market share, designed specifically for excavating tunnels in geological conditions characterized by exceptionally hard and abrasive rock. These machines boast attributes such as high torque and thrust, advanced cooling and lubrication systems, robust cutting heads, and customizable features tailored to different geological conditions. They find extensive application in construction and infrastructure projects involving tunnel excavation in hard and abrasive rock, as well as in mining operations to create access tunnels and galleries for resource extraction. The use of hard rock TBMs significantly enhances safety and efficiency in underground mining processes.
The market is divided into five categories based on End Use: Mining, Oil & Gas, Transport, Utility and Others. The transportation sector accounted for the highest revenue share in 2023, with TBMs being extensively utilized for constructing tunnels and underground passages such as road tunnels, rail tunnels, and subway systems. These machines facilitate tunnel excavation in densely populated areas and challenging geological conditions, minimizing surface disruptions, traffic congestion, and noise pollution. Equipped with tunnel lining systems, TBMs ensure structural support to tunnels, enhancing their long-term safety and reliability. By enabling the construction of additional transportation infrastructure in densely populated regions, TBMs increase capacity and accommodate the rising volumes of passengers and cargo.
Tunnel Boring Machine Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the tunnel boring machine market, companies employ various strategies to gain a competitive edge and meet the demands of infrastructure development projects. One prevalent strategy is forming strategic partnerships with engineering firms, construction companies, and government agencies. These partnerships enable companies to pool resources, expertise, and experience to tackle complex tunneling projects effectively. By collaborating with key stakeholders, companies can leverage complementary strengths, share risks, and optimize project outcomes.
In April 2023, TERRATEC introduced a reconditioned 6.61-meter diameter Earth Pressure Balance Tunnel Boring Machine (EPBM) for deployment in the Surat Metro Rail Project's Phase I in India, tailored to the specific geological conditions of sand, clay, gravel, and silt along the tunnel routes. Key players continuously undertake technological upgrades and launch new materials to manufacture superior-quality TBMs and ensure sustainability in the sector.
GLOBAL TUNNEL BORING MACHINE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Kawasaki Heavy Industries, Ltd.
Herrenknecht AG
The Robbins Company
TERRATEC Ltd.
Japan Tunnel Systems Corporation
Mitsubishi Heavy Industries, Ltd.
Komatsu Ltd.
SN Mercantile India Pvt. Ltd.
High Speed Two Ltd.
Amberg Engineering
Mammoet
Hitachi Zosen Sakai Works
China Railway Tunnel Group
Sika AG
Others