Tunnel Boring Machine Market reach a value of approximately USD 8,388 million by the year 2025
Published | June 2019
According to BlueWeave Consulting, The Global Tunnel Boring Machine Market expected to grow at a CAGR of more than 6.6% from 2018, to reach a value of approximately USD 8,388 million by the year 2025, due to incremental spending on road and railway infrastructure by the government and private firms. Moreover, the major factor driving the market growth is the increasing construction of a road tunnel and railway tunnel coupled with the utilization of tunnel boring machine for hydropower, pipeline, and water and sewage.
Furthermore, rising need for micro-tunneling for the water management system for urban areas will accelerate the growth of the Tunnel Boring Machine market with lucrative growth rate. Additionally, the augmentation in demand for technologically advanced tunnel boring machines and adoption of tunnel boring machine in coal mining industries will contribute to Tunnel Boring Machine market growth during the forecast period.
Increasing the adoption rate of tunnel boring machines driving transport sectors coupled with the need to link cities to enhance the country's commercial sector, are expected to boost the demand for tunnel boring machines in the coming year. In addition, the upsurge in urbanization and increasing expenditure on roads and railway infrastructure will influence the global Tunnel Boring Machine market over the forecast period.
Hard Ground TBM product sector projected to be the leading segment of Tunnel Boring Machine market during the forecast period.
On the basis of product type, the Tunnel Boring Machine market has been segmented into Soft Ground TBM and Hard Ground TBM. Hard Ground Tunnel Boring Machine dominates the global Tunnel Boring Machine owing to its applications in design and constructs a high-scale tunnel project like road and railway infrastructure. Soft Ground TBM market will influence by its properties like balancing the pressure conditions at the tunnel face, avoids uncontrolled inflow of soil into the machine, and creates the conditions for rapid tunneling with the minimum settlement.
Traffic tunneling is projected to witness lucrative growth in Tunnel Boring Machine industry for utilizing applications
On the basis of application, the global Tunnel Boring Machine market has been segmented into traffic tunneling and utility tunneling. Due to their tremendous demand for road tunneling and rail / metro tunneling, the traffic tunneling segment would lead the market by application. The market for utility tunneling will expand as Tunnel Boring Machine demand in municipal water and sewage, hydropower, and pipelines increases.
Asia- Pacific accounts for the largest share of the global Tunnel Boring Machine market during the anticipated period.
Based on region, the Tunnel Boring Machine market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Regional segment Asia Pacific dominates the global Tunnel Boring Machine market over the forecast period due to rising government infrastructure expenditure coupled with the increasing number of road and railway tunnel infrastructures. The huge demand by Tunnel Boring Machine for rising and developing tunneling projects will trigger the European market.
Global Tunnel Boring Machine Market Competitive Landscape
Companies such as Herrenknecht Ag, The Robbins Company, Mitsubishi Heavy Industries, Ltd., Kawasaki Heavy Industries, Ltd., Hitachi Zosen Corporation, Jim Technology Corporation, Komatsu, Northern Heavy Industries Group Co., Ltd., SELI, Shanghai Tunnel Engineering Co., Ltd., Tianye Tolian Heavy Industry Co., Ltd, CRCHI, and Terratec Ltd. are the key players in the global Tunnel Boring Machine market.
Browse Detailed Analysis with TOC, “Global Tunnel Boring Machine Market Size, By Product Type (Soft Ground TBM and Hard Ground TBM), By Application (traffic tunneling and utility tunneling), by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Growth Potential, Trends Analysis, Competitive Market Size and Forecast, 2015-2025”