Pune, India, August 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Tunnel Boring Machine Market.
Global Tunnel Boring Machine Market is expected to be valued at USD 7.6 Billion by 2025, with 5.6% CAGR during the forecast period.
The report covers segmentation and drivers for a better glimpse of the market in the coming years. Tunnel boring machines have registered significant growth in adoption rates over the past few years in developing countries, such as China, India, and Brazil, owing to the growing investments for urban transportation and the growing adoption of tunnel boring machines in the mining and construction industries.
Global Tunnel Boring Machine Market is a highly fragmented market, with the presence of a higher number of market players. The tunnel boring machine market has a huge opportunity to improve in the coming years. The manufacturers/service providers are operating at the regional level. The players are adopting strategies such as mergers & acquisitions, product development, partnerships, joint ventures, and expansion to improve their position in the tunnel boring market, both regionally and globally. High competition, rapid technological changes, and integrated solutions by industry participants are the key factors that impact market growth. Vendors compete in terms of cost, product quality, size of tunnel boring machines, and reliability. These players need to offer cost-effective and superior products and services to succeed in the competitive market environment.
The growth of market vendors depends on market conditions, government support, and industry development. Thus, they should focus on improving their products, expanding their regional presence, and a variety of tunnel bore sizes to suit the requirement of the project. China Railway Group Limited (CRGL), IHI Corporation, Kawasaki Heavy Industries Ltd, Hitachi Zosen Corporation, Bosch Rexroth AG are some of the leading players, holding more than half of market share.
Rising investments in the construction sector for urban transportation and the increasing penetration of tunnel boring machines and product innovations will spur the market growth. The global tunnel boring machine market has been segmented based on machine type, geology type, and end-users.
Based on machine type, the global market has been segmented into slurry TBM, earth pressure balance shield TBM, shielded TBM, multi-Mode TBM, and other machines. In 2018, the slurry TBM segment accounted for the largest market share of 32.7%, with a market value of USD 1,713.54 million. It is projected to register a 6.0% CAGR during the projected timeframe.
Based on geology type, the global market has been segmented into soft ground, hard rock ground, heterogeneous ground, and variable ground. In 2018, the soft ground accounted for a considerable market share of 38.3%, with a market value of USD 2,003.98 million. It is projected to register a 4.9% CAGR over the forecast period.
Based on end-users, the global market has been segmented into road transport, railway transport, utilities, metro and transit, mining, oil and gas, and others. In 2018, the road transport segment accounted for a substantial market share of 31.7%, with a market value of USD 1,667.22 million. It is projected to exhibit a 5.9% CAGR during the study timeframe.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/tunnel-boring-machine-market-10218
Geographic analysis of the global tunnel boring machine market spans across North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Asia-Pacific is the largest tunnel boring machine market and is likely to register the highest CAGR during the forecast period. India and China are likely to be one of the largest countries in Asia-Pacific owing to the increased tunnel projects across the countries. Adding to it, growing government expenditure on infrastructure and rapidly increasing rail and road network expansions in countries in the region are likely to drive the regional market. It has been observed that India, South Korea, and China have some of the largest tunnel roads in the world, thereby resulting in wide adoption of boring machines in the region.
The tunnel machines in Europe, particularly in London, have dug the Lee and Thames Tideway tunnels that have improved sewage treatment for larger areas in London. Crossrail has used almost eight TBMs to build new rail tunnels in London. These machines have weaved the sub-terrain and between the existing tube network, utilities, sewers, and even hidden rivers in London at a depth of up to 50 meters.