Hard Rock Tunnel Boring Machine Market Size Predicted to Reach USD 3,342.0 Million by 2026
According to the report, The global hard rock tunnel boring machine market in 2019 was above USD 2,805.3million. The market is expected to grow above a CAGR of 2.9% and is anticipated to reach over USD 3,342.0 million by 2026.
Tunnel boring machines are special purpose machines, especially used in the construction of tunnels for pipelines, roads, and railroads. These devices are long with circular cross-sections and help with boring round holes in any rock. These machines may cut through rocks, often with the construction of concrete shields around the boring tunnels. Tunnel boring machines are complex structures with many devices operating in conjunction with each other. The diameter of tunnel boring machines varies from 1 meter to 20 meters.
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An increase in spending on road and railway infrastructure may foster the growth of the hard rock tunnel boring machine market. Increasing infrastructural activities in the emerging economy such as Japan, China, Italy, South Korea, Germany, and Norway have vast tunnel networks. Tunnel Boring Machine (TBM) can be used in the process of subway, tunnel, water conservancy project, mine, etc. Additionally, rising urbanization and technological innovations in shield tunnel boring machines are expected to boost the market in the future years. Moreover, governments of developing and developed countries are spending huge capital to enhance transportation infrastructure. Increasing the construction of new tunnels or underground passageways is envisioned to increase the use of shield tunnel boring machines in the future. However, the manufacturing of tunnel boring machines requires high cost as well as it is difficult to transport. Additionally, it requires a highly skilled and experienced team to operate these machines, these factors may restraint market growth. Nonetheless, innovations in advanced technology such as diamond wire as rock cutting technology, and high performance of the machine is expected to create lucrative opportunities in the market.
Key Segment Analysis: Hard Rock Tunnel Boring Machine Market
By type segment, the market is divided into a negative slope and a positive slope. Among these, the negative slope segment-headed the market with more than USD 1,500 million, in 2019 and it is expected to grow over the forecast period.
By the application segment, the market is classified into the city rail system, railway, and highway, municipal engineering, and others. In these, municipal engineering led the market with USD 1,189 million in 2019 and it is expected to increase during the forthcoming years. Additionally, the railway and highway segment is expected to boost the market in the future years owing to increased urbanization.
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Major Market Players
Top key players operating in the market are Jim Technology Corporation, S.E.L.I. SPA, Qinhuangdao TianyeTolian Heavy Industry Co., Ltd., Hitachi Zosen Corporation, Shanghai Tunnel Engineering Co., Ltd., Kawasaki Heavy Industries, Ltd., Herrenknecht AG, China Railway Engineering Equipment Group Co., Ltd., Tianhe Mechanical Equipment Manufacturing Co., Ltd., Lovsuns Tunneling Canada Ltd., Komatsu Ltd., Northern Heavy Industries Group Co., Ltd., and others.
Facts & Factors
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