Tunnel Boring Machine Market Opportunities & Challenges in Latest Research Report for Business Growth
Technological advancement in automation and rock cutting technologies, is anticipated to provides the lucrative opportunities for market growth.
PORTLAND, OR, UNITED STATES, June 26, 2023/EINPresswire.com/ — The tunnel boring machine (TBM) market refers to the industry involved in the design, manufacturing, and distribution of tunnel boring machines. TBMs are large machines used to excavate tunnels in various types of ground conditions, including rock, soil, and mixed formations. They are widely used in infrastructure projects such as road and railway tunnels, metro systems, water and sewage tunnels, and mining tunnels.
Global tunnel boring machine market size was valued $5,476.0 million in 2019 and is expected to reach $7,552.1 million by 2027, growing at a CAGR of 6.0% from 2020 to 2027.
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The tunnel boring machine market has experienced significant growth in recent years due to the increasing need for efficient and cost-effective tunneling methods. The advantages of using TBMs include faster excavation rates, reduced labor requirements, improved safety, and the ability to create tunnels with minimal disturbance to the surrounding environment.
Key factors driving the tunnel boring machine market include:
Infrastructure Development: Growing investments in infrastructure projects, especially in developing countries, have boosted the demand for tunnel boring machines. Governments around the world are undertaking large-scale projects to improve transportation networks, expand urban areas, and enhance connectivity.
Urbanization and Population Growth: Rapid urbanization and population growth have increased the demand for efficient transportation systems, including underground tunnels for metro systems and road networks. TBMs play a crucial role in the construction of these tunnels.
Technological Advancements: Ongoing advancements in tunnel boring machine technology have led to the development of more efficient and advanced machines. These include features such as automated control systems, real-time monitoring, and improved excavation techniques, resulting in increased productivity and reduced project timelines.
Environmental Considerations: TBMs offer advantages in terms of environmental impact, as they minimize surface disruption, noise, and dust compared to conventional excavation methods. This factor has contributed to the preference for TBMs in environmentally sensitive areas and urban locations.
Geographical Factors: The demand for TBMs varies across different regions depending on factors such as the level of infrastructure development, urbanization rate, and government initiatives. Regions with significant tunneling projects, such as Europe, North America, and Asia Pacific, are key markets for tunnel boring machine manufacturers.
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Major Key Players of the Tunnel Boring Machine Market are:
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.), Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd.
The tunnel boring machine market is expected to witness continued growth in the coming years as infrastructure development projects continue to expand globally. Factors such as the need for efficient transportation systems, urbanization, and the demand for underground utility tunnels are expected to drive the market. Additionally, technological advancements in tunneling equipment and increased focus on sustainability and environmental considerations will further fuel the adoption of TBMs in tunnel construction projects.
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