The tunnel boring machine market size is anticipated to reach US$ 9.7 billion by 2031 from US$ 6.3 billion in 2023. The tunnel boring machine market is expected to register a growth rate of 5.6% during 2023–2031. Rise in road infrastructure projects, increase in focus toward micro-tunneling, and technological advancement through automation and rock-cutting technology are among the key factors driving the tunnel boring machine market.
The tunnel boring machine market is anticipated to experience considerable growth during the analyzed timeframe owing to the rising number of construction projects as well as the rise in investment toward infrastructure development in developing and developed economies across the globe. Additionally, the growth of metals & mining and oil & gas industries across the globe is expected to raise the demand for tunnel boring machines for the exploration of wells. Moreover, tunnel boring machines are being increasingly deployed at construction sites to excavate tunnels in hilly areas or, in the case of underground construction.
Tunnel boring machines are deployed in several major industries, such as oil & gas, infrastructure development, and metals & mining. The successful application of this machine depends on selecting suitable equipment and cutting tools for the ground conditions to be encountered. Growth in road infrastructure is one of the significant factors propelling the market. Rising government investment in railway projects is anticipated to drive the global tunnel boring machine market. For instance, in January 2021, the construction of the Fehmarnbelt tunnel between Denmark and Germany was initiated in Denmark. The project will be completed by 2029. The project would allow the development of the longest combined road and rail-immersed tube tunnel across the globe. In June 2019, China Railway Engineering Equipment Group Co., Ltd. introduced its tunnel boring machine, which was exported to Italy for a railway project connecting Milan and Verona. The machine has a diameter of 10.03 meters and a length of 155 meters; it weighs 1,800 tons. Increasing levels of industrialization and urbanization in developing economies due to population growth coupled with tunnel infrastructure upgrades and a rise in tunnel safety regulations are further expected to boost the tunnel boring machine market growth globally during the forecast period.
The global road infrastructure and construction industry is growing at a significant pace due to rising population and urbanization levels. An increase in government expenditure on infrastructure and growing road network extensions across all the countries are driving the global market. Spending on building and construction of new transport infrastructure in various potential countries and upgrades of existing infrastructure is fueling the demand for tunnel boring machines. Infrastructure upgrading activities, the development of smart cities, and the growing trend of tunnel automation are a few of the major factors fueling the global market. Several governments of major countries are involved in designing tunnels for smooth road transport and reduced travel times.
Tunnels are increasingly used for rail transportation in subways and metros across various APAC countries. Proper construction, management, and maintenance of tunnel systems involve monitoring of key parameters, such as ventilation, signaling, lighting, gas concentration, temperature, air velocity and direction, and emergency response. Developed economie and emerging economies are experiencing growth in the railway sector. Thus, the need for tunnel boring machines in APAC is anticipated to increase. Governments across the region are increasingly investing in developing rail infrastructure that comprises various tunnels in the route and is well equipped with smart devices.
For instance, a tunnel boring machine with a 13.1-meter-wide cutter head was used to dig India's first underwater rail tunnel as part of the Mumbai-Ahmedabad bullet train project. Previously, the largest TBM deployed in the country was 12.2 meters wide and was used to dig tunnels for Mumbai's coastal road project. Thus, the increasing number of rail projects in developed and developing economies and rising investments in new infrastructure development are a few of the key factors projected to offer ample growth opportunities to key players operating in the global tunnel boring machine market.
Key segments that contributed to the derivation of the tunnel boring machine market analysis are type, geology, and end user.
The geographic scope of the tunnel boring machine market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
Asia Pacific dominated the tunnel boring machine market in 2023. The market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The growth in building and construction of roads, railways, and other infrastructure development activities are projected to benefit the tunnel boring machine market in Asia Pacific. In APAC, market players are experiencing an increase in demand for their products owing to constant development in transportation and road & rail infrastructure. China and Japan are the leading economies in the APAC tunnel boring machine market. In India, Delhi Metro Rail Corporation is offering a Mass Rapid Transportation System (MRTS) network for Delhi City. The MRTS network is a mix of at-grade, elevated, and underground. For the underground network infrastructure, the tunnels were constructed by slurry-type shield machines. In the next phase of the project, the railway station will use nearly 14 tunnel boring machines to construct a tunnel with a diameter of 5.8 meters.
The regional trends and factors influencing the Tunnel Boring Machine Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Tunnel Boring Machine Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.3 Billion |
| Market Size by 2031 | US$ 9.7 Billion |
| Global CAGR (2023 - 2031) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Tunnel Boring Machine Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Tunnel Boring Machine Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The tunnel boring machine market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the tunnel boring machines market are listed below:
The "Tunnel Boring Machine Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas: