Tunnel Boring Machine Market Size and Growth Rate:
The global tunnel boring machine (TBM) market size is expected to reach $ 8,385.6 million in 2025, compared to $ 5,189.8 million in 2017, with a compound annual growth rate of 6.4% from 2018 to 2025.
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Tunnel Boring Machine Market Overview:
Tunnel boring machines are giant special-purpose machines used in the construction of tunnels for roads, railways and pipelines. These machines are long with circular cross sections and allow drilling round holes in any rock. They can drill rocks, sometimes at the same time as creating concrete shields around drilled tunnels.
The TBM market is largely driven by increased road and rail infrastructure costs. Countries such as China, Japan, Italy, South Korea, Norway and Germany have extensive networks of tunnels. The main reason is to connect the main cities of the country, sometimes even international, with a minimum travel time. This greatly optimizes transportation costs and connects cities to boost trade.
The other method of building tunnels is to use explosives; however, they are very dangerous and often it is difficult to control the explosion. They also pose a threat to both humans and machines working in the tunnel. A slight gap in the loading of explosives can put the project completely in danger. As a result, TBMs are the ideal alternative for tunnelling operations.
Tunnel Boring Machine Market Geographical Insights:
Geographically, the world TBM market can be classified as Asia Pacific, Europe, North America, Latin America, Middle East and Africa. The Asia-Pacific region is the key market for TBMs due to increased public spending on infrastructure and the rapid expansion of road and rail networks in the region. Countries like China, Japan and South Korea have the largest number of road tunnels in the world. The governments of China and Japan are investing heavily in tunnels to speed the journey between major cities. In addition, the topography of Japan and the main regions of China is mountainous.
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Tunnels play an important role in the construction of roads and railways. Europe follows the Asia-Pacific in the world TBM market. Demand for tunnel boring machines is high in the mountainous regions of Italy, Spain and France. Countries such as India, Brazil and South Africa have begun to increase spending on road and rail networks. This should create substantial opportunities for TBM manufacturers.
Key Players of the Tunnel boring Machine Market:
The main players in the world TBM market are Herrenknecht AG, The Robbins Company, Mitsubishi Heavy Industries Ltd., Kawasaki Heavy Industries Ltd., Hitachi Zosen Corporation and Terratec Ltd.
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