Tunnel Boring Machine Market to Reach $8.3 Bn, Globally, by 2025 at 6.4 CAGR: Allied Market Research
PORTLAND, Oregon, March 14, 2019 /PRNewswire/ — Allied Market Research recently 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, Heterogenous Ground, and Variable Ground), and End-Users (Road Transport, Railway Transport, Metro & Transit, Utilities, Mining, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2018 – 2025.” The report provides an extensive analysis of market dynamics, top investment pockets, market definition & scope, key market trends and market size. According to the report, the global tunnel boring machine market was pegged at $5.1 billion in 2017 and is projected to garner $8.3 billion by 2025, registering a CAGR of 6.4% during the period 2018–2025.
Rising investment on infrastructure projects and increasing focus towards micro-tunneling have fueled the growth of the market. On the other hand, high cost and lack of flexibility have happened to curb the growth to certain extent. Nevertheless, high-end technological advancement through automation & rock cutting technology has created multiple opportunities in the segment.
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Heterogenous Ground to dominate the market-
By geology type, Heterogenous Ground segment accounted for more than one-third of the total market in 2017 and is expected to maintain its top status till 2025. This is in terms of TBM application owing to additional safety provided by non-homogeneous, less stable geological conditions.
Road Transport to continue its dominance from 2018-2025
Based on end-user, Road Transport is foreseen to maintain its highest market share owing to more vehicles expected on the road. This is because a huge number of passenger cars is anticipated to increase across the globe especially in Asia Pacific. In 2017, this segment contributed to more than one-fourth of the total market. On the other hand, Mining is expected to incur highest growth rate, as the faster advancement rates in longer tunnels have allowed the mining end-users to adopt TBMs and explore untapped opportunities accordingly.
Asia- Pacific to reap the largest share-
Based on region, the market is analyzed across various regions including North America, Asia-Pacific, Europe, and Latin America, Middle East and Africa (LAMEA). Asia-Pacific held the largest share in 2017, contributing about nearly two-fifths of the market, and is also expected to dominate the market throughout the forecast period. A number of big investments for tunneling projects facilitated by large number of domestic suppliers have propelled the growth.
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Major market players-
The report analyzes the key market players including CRCHI, Ishikawajima-Harima, CRTE, Herrenknecht, Hitachi Zosen, Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd, Kawasaki, and Komatsu. Robbins. Adopting product development and collaboration as its key developmental strategies, these companies have become able to sustain the intense competition.
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