Tunnel Boring Machine Market Expected to Reach $7.55 Billion by 2027

 Tunnel boring machines are pivotal in excavating tunnels across diverse geological formations. Mainly utilized in coal mines and tunnel construction, TBMs are witnessing a surge in demand owing to the expanding railway and highway infrastructure projects globally. The tunnel boring machine market is poised for substantial growth, driven by its increasing utilization in water management, oil and gas pipelines, and hydropower initiatives.

As underground construction gains momentum worldwide, the demand for tunnel boring machines is skyrocketing, expected to maintain a robust growth trajectory in the coming years. These machines, renowned for their ability to excavate tunnels with circular cross-sections through varying rock and soil types, are indispensable in modern infrastructure development.

Moreover, the hard rock mining sector is increasingly adopting tunnel boring machines to expedite mine development processes and achieve accelerated rates of advance in civil tunnel construction. This trend is set to further propel the growth of the tunnel boring machines market during the forecast period, underlining their indispensable role in shaping the infrastructure landscape.

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The tunnel boring machines market size was valued for $5.47 billion in 2019, and is expected to reach $7.55 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027. In 2019, Asia-Pacifc region dominated the global market, in terms of revenue, accounting for about 48.99% share of the global market, followed by Europe.

The tunnel boring machine market is poised for growth, driven by several key factors:

Government Investments: Increased government funding for infrastructural development projects worldwide is a significant driver. As nations invest in expanding their transportation networks, tunnel boring machines play a pivotal role in creating efficient underground passages.

Infrastructure Development: Developing countries like India and China are leading the charge in road and railway infrastructure development. For instance, Shanghai's substantial investment of $38 billion in a new infrastructure project from 2020 to 2022 underscores the growing demand for tunnel boring machines.

Mining Industry Adoption: The mining industry's increased adoption of tunnel boring machines further propels market growth. These machines are instrumental in accessing valuable mineral deposits safely and efficiently.

Despite these promising drivers, the tunnel boring machine market faces certain challenges:

High Installation Costs: The initial investment required for tunnel boring machines can be substantial. This may deter some potential buyers or slow down project commencement.

Lack of Flexibility: Tunnel boring machines are highly specialized, designed for specific tunneling tasks. Their lack of flexibility limits their use to particular projects and geological conditions.

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Opportunities on the Horizon

The future of tunnel boring machines holds promising opportunities:

Technological Advancements: Ongoing advancements in rock cutting technology are anticipated to enhance the efficiency and capabilities of tunnel boring machines, opening new avenues for their application.

Recovery from Pandemic Impact: The COVID-19 pandemic disrupted manufacturing and supply chains for tunnel boring machines. However, as vaccines are distributed and production facilities reopen, the market is expected to rebound.

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Top Runners:
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.

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