Global Tunnel Boring Machine Market: Current Trends and Future Projections (2023-2030)

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A recent study analyzing various aspects of the global tunnel boring machine (TBM) market has revealed key findings that are expected to contribute to market growth over the forecast period. The insights provided in the report offer valuable information for examining the expansion prospects of the TBM industry.

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Key Findings:

  1. Greater investments in infrastructural developments are set to boost the growth prospects of the TBM market.
  2. Technological innovations, including automation and rock-cutting advancements, play a critical role in uplifting the TBM industry.
  3. The demand for tunnel boring machines is expected to increase due to rampant urbanization.
  4. The Asia Pacific region is projected to account for the maximum revenue share in the TBM market.

Market Analysis in Brief:

Tunnel boring machines are extensively used for underground construction applications, catering to various soil strata and rock types worldwide. The growing number of civil tunnel construction projects and increasing requirements from the hard rock mining sector indicate abundant opportunities for vendors in the global TBM market.

With significant investments in infrastructure, the consumption of tunnel boring machines is expected to rise in the near term. Asian markets, in particular, present ample opportunities for growth. Despite market volatility, trade unrest, and evolving regulatory landscapes, the global TBM market anticipates a promising outlook.

Growth Drivers:

  1. Increasing Investments in Infrastructural Developments: Governments worldwide are making steady investments in infrastructure projects, such as transportation, water, and energy, particularly in emerging economies. This factor is expected to positively influence the growth trajectory of the global TBM market. Furthermore, there is a growing emphasis on sustainable tunneling practices, including the use of renewable energy sources to power TBMs and reduce environmental impacts.
  2. Technological Advances in Automation and Rock-cutting Technology: Technological innovations, such as automation, offer improved safety, reduced labor costs, higher productivity, and more efficient resource utilization. Advancements in rock-cutting technologies, including high-power water jets and diamond wire cutting, are expected to drive adoption rates and expand prospects for TBM market players.

Growth Challenges:

  1. High Capital Costs and Availability of Alternative Tunneling Methods: TBMs are costly to manufacture and operate, making them less viable for smaller-scale projects. Additionally, alternative tunneling methods, such as cut and cover or drill and blast, may be more practical or cost-effective in certain geological conditions. These factors may hinder the progression of the global TBM market in the coming years.

COVID-19 Impact:

The COVID-19 pandemic initially posed challenges for the global TBM market, with restrictions on movement, disrupted supply chains, and declining revenues. However, as restrictions were gradually lifted post the 3rd and 4th waves, the TBM market returned to its pre-pandemic state of projected operations.

Growth Opportunities Across Regions:

  1. Asia Pacific to Remain the Frontrunner: The Asia Pacific region is expected to lead the global TBM market due to increasing projects, investments, rapid urbanization, and strong economic growth in emerging economies. Europe is projected to hold the second-highest market share, followed by North America.

Tunnel Boring Machine Market: Competitive Landscape:

Major players in the TBM market include China Railway Construction Heavy Industry Co. Ltd., China Railway Engineering Equipment Group Co. Ltd., 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. (The Robbins Company Inc.), and Qinhuangdao Tianye Tolian Heavy Industry Co. Ltd., among others. These industry leaders are focusing on new product launches, partnerships, collaborations, acquisitions, and alliances to gain a competitive edge.

Recent Notable Developments:

  1. In September 2022, China Railway Equipment Engineering Group and Sinohydro Bureau 14 jointly developed the “Hongyi,” the world’s largest diameter hard rock tunnel boring machine.
  2. In June 2022, Kawasaki Heavy Industries Ltd. delivered Crystal Oasis, an 84,000 m3 LPG carrier, to Kumiai Navigation Pte Ltd.
  3. In April 2021, The Boring Company, founded by Elon Musk, raised approximately US$675 million in Series C funding to scale its underground Loop projects and develop a next-generation tunneling device.
  4. In July 2019, the Italian Government allocated US$33.79 billion for the development of a railway infrastructure project in the country.

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