MARKET OVERVIEW:
The global tunnel boring machine market size was valued at USD 6.0 billion in 2024 and is projected to reach USD 8.1 billion by 2033, growing at a CAGR of 3.48%. The market is driven by an increasing demand for urban infrastructure, heightened investments in transportation projects, and advancements in tunneling technology. With rising awareness about the benefits of TBMs and growing transportation projects, the market is poised for significant expansion.
STUDY ASSUMPTION YEARS:
- BASE YEAR: 2024
- HISTORICAL YEAR: 2019-2024
- FORECAST YEAR: 2025-2033
TUNNEL BORING MACHINE MARKET KEY TAKEAWAYS:
- The global TBM market is valued at USD 6.0 billion in 2024, with a forecast of reaching USD 8.1 billion by 2033, growing at a CAGR of 3.48%.
- Increased investments in transportation and urban infrastructure are key growth drivers.
- The mining, oil, and gas industries are expanding their use of TBMs for safer and more efficient tunneling.
- Technological advancements in TBMs, such as digital solutions and automation, are shaping the market.
- Asia-Pacific dominates, with major infrastructure projects in China, India, and Southeast Asia driving growth.
- TBM applications in water pipeline, hydropower, and metro transit projects are also on the rise.
- Key players include Akkerman Inc., Herrenknecht AG, and Hitachi Zosen Corporation.
MARKET GROWTH FACTORS:
Technological Advancements:
The development of more efficient and safer TBMs has given a great fillip for market growth. Innovations in rock-cutting technologies, digital solutions, and automated features have made tunneling operations more productive and safer. For example, the launch by Epiroc of Mobilaris Tunneling Intelligence in 2022 stands as evidence of the industry’s intention to serve operational efficiencies using technological advances.
Growing Demand in Mining and Oil & Gas Sectors:
The mining and oil & gas industries are utilizing TBMs with increasing frequency in gaining access tunnels and shafts to extract in greater safety and efficiency when faced with difficult geological conditions. Given the expansion of mining activities worldwide, especially in countries like China, TBMs have become a key player in resource extraction, thus delivering further impetus to the market.
Rising Government Investments in Infrastructure:
Governments all over the world are investing aggressively in infrastructure development, particularly concerning transportation networks. Projects such as the Hampton Roads Bridge-Tunnel Expansion and India’s National Infrastructure Pipeline are stoking TBM demand. This trend has previously been observed and will continue to do so as urbanization rises, while more complex tunneling projects would be generated, thus further promoting market growth.
MARKET SEGMENTATION:
- Machine Type:
- Slurry TBM: A type of TBM used for wet ground conditions, where slurry helps in controlling pressure and stabilizing the tunnel face.
- Earth Pressure Balance Shield TBM: Designed for soft ground conditions, it minimizes the risk of ground settlement during excavation.
- Shielded TBM: Typically used in softer soils, these machines protect workers from hazardous conditions during tunneling.
- Multi-Mode TBM: A versatile machine capable of operating in both soft and hard ground conditions, offering flexibility in varied geological settings.
- Others: Includes any other specialized TBM designs.
- Product Type:
- Soft Ground TBM: Used in tunneling through soft ground such as clay, sand, or silt, commonly applied in metro and utility tunneling.
- Hard Ground TBM: Designed for use in hard rock conditions, these TBMs are crucial in mining and major infrastructure projects.
- Application:
- Traffic Tunneling: Includes tunnels built for road and rail transport systems, typically for urban transportation development.
- Utility Tunneling: Involves tunnels built for utilities such as water pipelines, telecommunications, and power lines.
- End User:
- Road Transport: Utilization in road tunnel projects.
- Railway Transport: Used in building tunnels for railway systems.
- Metro and Transit: Involves tunneling for metro systems and public transport.
- Utilities: Includes water, power, and gas pipelines.
- Mining: Used for creating tunnels for underground mining operations.
- Oil and Gas: Used in tunneling for oil and gas pipelines.
- Others: Other applications not classified under the main sectors.
- 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
REGIONAL INSIGHTS:
Asia Pacific currently has a major hold on the global TBM market due to heavy infrastructure investment projects in countries like China, India, and Southeast Asia. The market in the region will thus maintain a strong growth trajectory, ensuring ample opportunities for TBM manufacturers with steady government spending on large metro and transportation expansion projects.
RECENT DEVELOPMENTS & NEWS:
Recent trends indicate the commissioning of new TBMs that target a variety of geological conditions. For example, Chennai Metro Rail Ltd launched a TBM named “Eagle,” while HS2 has introduced “Emily” for major infrastructure projects in hand. These innovations in TBM technology will improve tunneling efficiency and productivity, thereby promoting market growth.
KEY PLAYERS:
- 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.
- Sika AG
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