PORTLAND, Ore., Feb. 9, 2021
- 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.
PORTLAND, Ore., Feb. 9, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Tunnel Boring Machine Market by Machine Type (Slurry TBM, Earth Pressure Balance Shield TBM, Shielded TBM, Multi-Mode TBM, and Others), Geology Type (Soft Ground, Hard Rock Ground, Heterogeneous Ground, and Variable Ground), and End User (Road Transport, Railway Transport, Metro & Transit, Utilities, Mining, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, 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.
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.
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The metro and transit segment to dominate by 2027-
Based on end user, the metro and transit segment contributed to nearly one-third of the global tunnel boring machine market share in 2019, and is expected to lead the trail by 2027. Furthermore, the same segment would also portray the fastest CAGR of 6.9% during the forecast period. Increase in metro transport projects and investments by major metro pipeline companies on infrastructure projects are the major factors drive the growth of the segment.
The slurry TBM segment to maintain the dominant share-
Based on machine type, the slurry TBM segment accounted for more than two-fifths of the global tunnel boring machine market revenue in 2019, and is projected to rule the roost till 2027. An increase in tunnel construction activities augment the growth of the segment. The earth pressure shield segment would also manifest the fastest CAGR of 6.9% by 2027. This is attributed to increasing adoption of machines for the construction of rail tunnels, metro & transit projects, highway, and other such road tunnels and other projects owing to high level of work safety, and stable operation under different geological conditions.
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Asia-Pacific held the largest share in 2019, North America to maintain a significant CAGR by 2027-
Based on region, Asia-Pacific held the major share in 2019, garnering nearly half of the global tunnel boring machine market. Also, the region would portray the fastest CAGR of 6.5% from 2020 to 2027. Countries in this province are taking several initiatives to promote large-scale tunneling projects for railways and highways in the region, owing to the rise in population, rapid urbanization, and strong economic growth. However, North America is projected to exhibit a CAGR of 5.2% throughout the forecast period.
Key players in the industry-
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