by The global tunnel boring machine market comprises hard rock tunnel boring machines and soft ground tunnel boring machines used for excavating tunnels for transportation systems like roadways and railways. Tunnel boring machines provide advantages like minimizing construction costs and time compared to conventional drilling and blasting methods. With growing urbanization and increasing investment in infrastructure projects, the demand for efficient tunneling solutions is rising significantly.
The Global Tunnel Boring Machine Market is estimated to be valued at US$ 6,705.8 Mn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Tunnel Boring Machine Market Demand are Komatsu Ltd., SN Mercantile India Pvt. Ltd., High Speed Two Ltd., Amberg Engineering, Mammoet, Hitachi Zosen Sakai Works, China Railway Tunnel Group, Sika AG, Liaoning Censcience End-Use Co. Ltd., Kawasaki Heavy Industries, Ltd., Herrenknecht AG, The Robbins Company, TERRATEC Ltd., Japan Tunnel Systems Corp., Mitsubishi Heavy Industries, Ltd.
The growing demand for efficient infrastructure development across regions is propelling the tunnel boring machine market. Factors such as rapid urbanization, rising investment in metro & railway projects, and increasing construction of road tunnels are fueling the demand. Government initiatives to develop smart cities and integrate advanced transportation networks are also boosting the adoption of tunnel boring machines.
Major players in the tunnel boring machine market are focusing on global expansion into high-growth regions to tap the business opportunities. Manufacturers are investing in R&D to develop innovative tunneling solutions with improved safety, reliability, and productivity. Strategic collaborations with infrastructure project contractors are helping establish a stronger global presence.
Market Key Trends
One of the key trends gaining momentum in the Global Tunnel Boring Machine Market Demand is the increasing adoption of remote-controlled and autonomous tunnel boring machines. Technological advancements are facilitating the development of intelligent tunneling solutions with autonomous capabilities. Autonomous tunnel boring machines can reduce labor costs and improve tunneling accuracy and safety. Sensors and IoT integration also allow remote monitoring of tunneling operations. This emerging trend is expected to significantly transform underground construction activities in the coming years.
Porter’s Analysis
Threat of new entrants: New companies find it difficult to enter this market as it requires huge capital investment and technical expertise. There are also well established players enjoying economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power as there are several manufacturers supplying tunnel boring machines. However, switching costs are high for buyers as the machines require technical know how to operate.
Bargaining power of suppliers: Original equipment manufacturers forming a major share have considerable bargaining power over buyers due to specialized manufacturing process and limited number of suppliers.
Threat of new substitutes: There exists no close substitute for tunnel boring machines used for underground infrastructure development.
Competitive rivalry: The global tunnel boring machine market witnesses intense competition due to presence of major international players and private regional vendors.
Geographical Regions
Asia Pacific region accounts for the largest share of the global tunnel boring machine market in terms of value. Growing infrastructure development activities in countries such as China, India are driving the demand. The Middle East and Africa region is expected to witness fastest growth during the forecast period supported by various tunnel construction projects for rail, road and hydroelectric power stations across Gulf countries.
China dominates the global tunnel boring machine market and accounts for over 30% of the total installations. Several metro rail projects underway in major cities like Beijing, Shanghai fuels the demand. Indonesia is poised to emerge as the fastest growing regional market for tunnel boring machines in Southeast Asia owing to upcoming railway projects on Sumatra and Java islands.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
