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.
Tunnel Boring Machine Market Analysis
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 Machine Market Overview
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.
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Tunnel Boring Machine Market: Strategic Insights
Market Size Value in US$ 6,236.13 Million in 2019 Market Size Value by US$ 9,434.24 Million by 2027 Growth rate CAGR of 5.7% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Tunnel Boring Machine Market: Strategic Insights
| Market Size Value in | US$ 6,236.13 Million in 2019 |
| Market Size Value by | US$ 9,434.24 Million by 2027 |
| Growth rate | CAGR of 5.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Tunnel Boring Machine Market Drivers and Opportunities
Increasing Road Infrastructure Projects
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.
- In May 2023, the President's Fiscal Year 2024 Appropriations Plan added the Gateway Hudson River Tunnel Project to the list of projects recommended for CIG funding based on the expectation of its completion of all necessary steps in the engineering phase. It will be ready to receive a full funding grant agreement in fiscal year 2024.
- In recent years, the Indian government announced several government-funded infrastructure projects. These projects include the Bharatmala Pariyojana, the Narmada Valley Development Project, the Chenab River Railway Bridge, the Delhi Metro Industrial Corridor, the Mumbai Trans Harbor Link, the Inland Waterways Development Project, the Navi Mumbai International Project, and the Zoji-la and Z-Morh Tunnel Project. These projects aim to modernize India's infrastructure and improve the quality of life of its citizens.
Growing Rail Infrastructure Development across APAC
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.
Tunnel Boring Machine Market Report Segmentation Analysis
Key segments that contributed to the derivation of the tunnel boring machine market analysis are type, geology, and end user.
- Based on type, the tunnel boring machine market is divided into slurry TBM, earth pressure balance shield TBM, open gripper TBM, shielded TBM, multi-mode TBM, and others. The slurry TBM segment held the largest market share in 2023.
- In terms of geology, the tunnel boring machine market is segmented into soft ground, hard rock ground, and variable ground. The soft ground segment held the largest market share in 2023.
- By end user, the market has been segmented into transportation, metals & mining, oil & gas, and others. The transportation segment dominated the market in 2023.
Tunnel Boring Machine Market Share Analysis by Geography
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.
Tunnel Boring Machine Market Report Scope
Tunnel Boring Machine Market News and Recent Developments
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:
- In November 2023, the Valley Transportation Authority purchased a tunnel boring machine from Herrenknecht for its BART Silicon Valley Phase II project. This strategy has increased the customer base for Herrenknecht and strengthened the position of the company in this market.
- In August 2020, the largest tunnel boring machine by Herrenknecht AG ever used in Europe completed its drive in June. The supersize borer (Earth Pressure Balance Shield, diameter 15.87 meters) was manufactured by Herrenknecht.
Tunnel Boring Machine Market Report Coverage and Deliverables
The "Tunnel Boring Machine Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Tunnel boring machine market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Tunnel boring machine market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Tunnel boring machine market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the tunnel boring machine market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Geology , and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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