by Tunnel boring machines are large precision engineered machines used to excavate tunnels below the ground. They are used for railway and road tunnels, underground utility lines and underground freight lines. Key advantages of tunnel boring machines include cost effectiveness for long tunnels, reduced labor needs, and smooth surface finish on excavated tunnel walls which require less secondary lining. The growing need for urban metro and rail connectivity along with highway infrastructure projects is driving demand for tunnel construction worldwide.
The Global Tunnel Boring Machine Market is estimated to be valued at US$ 6,705.8 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Global Tunnel Boring Machine Market Demand are Komatsu Ltd., SN Mercantile India Pvt. Ltd., High Speed Two Ltd., Amberg Engineering, Mammoet, Hitachi Zosen Sakai Works, China Railway Tunnel Group, Sika AG, Liaoning Censcience End-Use Co. Ltd., Kawasaki Heavy Industries, Ltd., Herrenknecht AG, The Robbins Company, TERRATEC Ltd., Japan Tunnel Systems Corp., Mitsubishi Heavy Industries, Ltd. Key opportunities in the market include increasing investments in metro projects across emerging economies like India, Mexico and Southeast Asia. Additionally, ongoing expansion of existing metro networks in Europe and China will also drive demand. Technological advancements such as the development of novel tunnel boring machines for hard rock conditions and complex ground situations are expanding tunneling applications.
Market Drivers
The key driver for the global tunnel boring machine market is the growing infrastructure development worldwide. There is significant government focus and spending on expansion of road and rail networks to reduce congestion and improve connectivity. Rapid urbanization is also increasing the need for underground infrastructure to house utility lines and freight transportation. Transport authorities are increasingly adopting tunneling to overcome geographical barriers like rivers and avoid populated areas on surface. This is expected to boost demand for tunnel boring machines over the forecast period.
Current Challenges in Global Tunnel Boring Machine Market
The Global Tunnel Boring Machine Market Demand face various challenges during construction of tunnels due their complex design and requirement of sophisticated technology to function efficiently. Changeable geological conditions in different locations adds to the complexity. Machines often have to be customized as per ground conditions which increases time and cost of projects. Lack of skilled labor who can handle such complex heavy machinery is another issue faced globally. High maintenance cost of TBMs further adds to project expenses.
SWOT Analysis
Strength: TBM provides efficient mechanized method for tunnel construction with less ground disturbance. It saves both time and cost compared to drill-and-blast method.
Weakness: Tunnelling projects require huge capital investment in acquisition of TBM. Geological uncertainties can damage cutting head requiring costly repairs.
Opportunity: Growing demand for urban infrastructure like metro networks and highway tunnels worldwide creates scope. Development of greener TBMs powered by hybrid/electric drives can foster future growth.: Delay in projects may increase financing cost. Competition from alternative tunnelling methods in different ground types is a concern.
Geographical Regions with High Market Value
Currently, Europe accounts for the largest share in global tunnel boring machine market value due to vast network of transportation tunnels. Countries like Germany, UK, Italy, France and Austria are major consumers. Asia Pacific region is also expanding rapidly led by China, India and Japan where metro projects are driving demand.
Fastest Growing Region
Asia Pacific region is projected to witness fastest growth during forecast period owing to large infrastructure development initiatives underway in emerging economies. Chinese government’s ongoing push for high-speed rail network and metro corridors across cities will majorly support regional market growth upto 2031.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
