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Rise in focus towards micro-tunneling expected to drives the growth of the tunnel boring machine.
the metro & transit segment is expected to be the most influencing segment growing in the global tunnel boring machine market report.” - alliedmarketresearch
WILMINGTON, DELAWARE, UNITED STATES, April 25, 2024 /EINPresswire / -- Drivers, restraints, and opportunities-
Rise in traffic infrastructure projects, growing focus toward micro-tunneling, and surge in its adoption in mining industry fuel the growth of the global tunnel boring machine market . On the other hand, high cost for investments, lack of flexibility, and fluctuation in raw material prices restrain the growth to some extent. However, advancements in technology via automation and rock cutting technology are anticipated to pave the way for lucrative opportunities in the industry.
According to a new report published by Allied Market Research, titled, the global tunnel boring machine industry was estimated at $5.47 billion in 2019 and is anticipated to hit $7.55 billion by 2027, registering a CAGR of 6.0% from 2020 to 2027.
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Overview of The Market -
A tunnel boring machine is also known as mole machine. It is used to excavate tunnels through hard rock, and soil. It is available in different diameter sizes of 40 inches to 60 feet. It consists of a cutter head, hydraulic braking system, and conveyor. The cutter head rotates 360°. against the tunnel surface under the huge pressure, the cutter head removes muds, and rocks from the surface of the tunnel.
An increase in government investment for infrastructural development is projected to fuel the growth of the market. However, high installment costs and lack of flexibility are expected to hinder the growth of the market. Technological advancements in rock cutting technology are anticipated to provide lucrative opportunities in the coming period. The increase in adoption of tunnel boring machines in the mining industry is projected to boost the growth of the tunnel boring machine market.
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Market Outlook -
An increase in spending on railway infrastructure and road infrastructure development in developing countries such as India, China, and others, are expected to drive the growth of the global tunnel boring machine market. For instance, in May 2020, Shanghai invested around $38 billion on a new infrastructure project for next 3 years from 2020 to 2022. Moreover, a rise in adoption of tunnel boring machines in the mining industry, is expected to provide lucrative opportunities for the growth of the global tunnel boring machine market.
During the pandemic situation, various manufacturers in the global tunnel boring machine market stopped their business production due to lockdown implemented in different developed and developing countries. This break directly impacted the sales of tunnel boring machine companies. Also, lack of manpower, and raw materials, which in turn, halted supply chain of the tunnel boring machine market. However, the introduction of vaccines for coronavirus, and the reopening of production facilities are projected to lead to the re-opening of the tunnel boring machine market.
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Key Segments:
By Machine Type -
Slurry TBM
Earth Pressure Balance Shield TBM
Shielded TBM
Multi-Mode TBM
Others
By Geology Type -
Soft Ground
Hard Rock Ground
Heterogenous Ground
Variable Ground
By End-users -
Road Transport
Railway Transport
Metro & Transit
Utilities
Mining
Oil & Gas
Others
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Top Players:
Key companies profiled in the report 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.), Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd.
David Correa
Allied Market Research
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