Tunnel Boring Machine Market
Tunnel Boring Machine Market Forecasts to 2030 - Global Analysis By Product (Combiner HUD, Windshield HUD and Other Products), Machine Fuel Type, Geology Type, Machine Type, Component, End User and By Geography
According to Stratistics MRC, the Global Tunnel Boring Machine Market is accounted for $6,830.9 million in 2023 and is expected to reach $10,897.3 million by 2030 growing at a CAGR of 6.9% during the forecast period. A Tunnel Boring Machine (TBM) is a massive, cylindrical apparatus used for excavating tunnels in various types of ground. It consists of a rotating cutting head equipped with disc cutters or carbide bits to break apart rock or soil. Behind the cutting head, the machine supports tunnel walls by erecting segments of concrete or steel lining. TBMs can bore through diverse geological formations efficiently, reducing the need for extensive manual labor.
Market Dynamics:
Driver:
Rising demand for underground transportation
As urban populations grow and cities become more congested, there is a pressing need for efficient and sustainable transportation solutions. Their ability to bore through various geological formations, including hard rock and soft soil, makes them indispensable for tunneling projects in urban environments. Furthermore, the expansion and modernization of existing underground transportation networks, as well as the construction of new lines and extensions, contribute to sustained demand for TBMs.
Restraint:
High cost
TBMs are large and complex machines used for excavating tunnels in various infrastructure projects, which can be a barrier to market entry and expansion. Additionally, the transportation and logistics of TBMs to the project site can be expensive due to their enormous size and weight. The training and recruitment of qualified personnel can incur additional costs for project owners and contractors, which significantly impede market expansion.
Opportunity:
Increasing government investments
Governments worldwide are prioritizing infrastructure development to stimulate economic growth, enhance transportation networks, and address urbanization challenges. These machines are essential for excavating tunnels efficiently and safely. Moreover, government initiatives often include public-private partnerships (PPPs) or infrastructure funding programs, which further drive demand for TBMs.
Threat:
Limited expertise
TBMs are complex pieces of equipment that require skilled personnel to operate, monitor, and maintain. However, there is a shortage of professionals with the requisite skills and experience, particularly in regions where tunneling projects are less common or where the technology is relatively new. The training and education programs for TBM operation and maintenance may be insufficient or outdated, further exacerbating the skills gap and making it challenging for new entrants to penetrate the market.
Covid-19 Impact
The COVID-19 pandemic has had significant negative impacts on the Tunnel Boring Machine (TBM) market worldwide. Travel restrictions and border closures hindered the movement of personnel and materials essential for TBM manufacturing and deployment, contributing to project delays and increased costs. Furthermore, lockdown measures and social distancing protocols imposed to curb the spread of the virus resulted in workforce shortages and reduced productivity, thereby hampering market growth.
The windshield HUD segment is expected to be the largest during the forecast period
The windshield HUD segment is estimated to hold the largest share, due to the integration of augmented reality (AR) displays into TBMs, providing operators with real-time data and visualizations directly on the machine's windshield-like interface. The HUD displays vital information such as tunnel alignment, ground conditions, machine performance metrics, and operational parameters. Moreover, the integration of HUDs fosters better collaboration among project stakeholders by allowing engineers and supervisors, which is boosting this segment.
The shielded TBM segment is expected to have the highest CAGR during the forecast period
The windshield HUD segment is estimated to hold the largest share due to the integration of augmented reality (AR) displays into TBMs, providing operators with real-time data and visualizations directly on the machine's windshield-like interface. The HUD displays vital information such as tunnel alignment, ground conditions, machine performance metrics, and operational parameters. Moreover, the integration of HUDs fosters better collaboration among project stakeholders by allowing engineers and supervisors, which is boosting this segment.
Region with largest share:
Europe commanded the largest market share during the extrapolated period, owing to increasing urbanization and environmental concerns. There is a growing demand for underground transportation networks, water supply systems, and utility tunnels. This region is home to some of the major players, such as Mitsubishi Heavy Industries, Ltd., Japan Tunnel Systems Corporation, and Hitachi Zosen Sakai Works. Furthermore, advancements in technological developments enhance safety, reduce construction time, and optimize costs, further fueling the adoption of TBMs in the region.
Region with highest CAGR:
North America is expected to witness highest CAGR over the projection period, owing to its crucial role in meeting these demands by enabling the construction of underground tunnels with minimal disruption to surface activities. Countries including the United States, Canada, and Mexico are investing in ambitious infrastructure projects, such as subway expansions and sewer system upgrades. Additionally, public-private partnerships and government funding initiatives support large-scale infrastructure projects, fostering a conducive environment for TBM deployment.
Key players in the market
Some of the key players in the Tunnel Boring Machine Market include The Robbins Company, Kawasaki Heavy Industries, Ltd., Japan Tunnel Systems Corporation, Komatsu Ltd., Hitachi Zosen Sakai Works, Herrenknecht AG, SN Mercantile India Pvt. Ltd., Mitsubishi Heavy Industries, Ltd., Sika AG and IHI Corporation.
Key Developments:
In February 2024, IHI and ST Engineering have signed a Memorandum of Understanding (MOU) in partnership to support greater adoption of smart and sustainable solutions to build a greener future and help customers achieve sustainability goals.
In December 2023, Mitsubishi Heavy Industries, Ltd. and Abu Dhabi National Oil Co. have signed a strategic collaboration agreement targeting low carbon energy supply chains and the advancement of carbon neutral solutions across the energy sector.
In July 2023, IHI Corporation and Fujitsu announced progress in a joint project initiated in FY 2022 to contribute to carbon neutrality and to create an environmental value distribution platform that supports environmental value transactions.
In March 2023, IHI Corporation and Northrop Grumman signed a Memorandum of Understanding (MOU) at DSEI Japan to work toward developing small, highly maneuverable satellites and other solutions for missions such as Space Domain Awareness (SDA) for Japan.
Products Covered:
• Combiner HUD
• Windshield HUD
• Other Products
Machine Fuel Types Covered:
• Electric
• Institution of Civil Engineers (ICE)
• Other Machine Fuel Types
Geology Types Covered:
• Hard Rock Ground
• Variable Ground
• Soft Ground
• Heterogenous Ground
Machine Types Covered:
• Earth Pressure Balance Shield TBM
• Multi-Mode TBM
• Shielded TBM
• Slurry TBM
• Other Machine Types
Components Covered:
• Projectors
• Video Generators
• Display Units
• Software
• Other Components
End Users Covered:
• Railway Transport
• Utilities
• Metro & Transit
• Mining
• Road Transport
• Oil & Gas
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Tunnel Boring Machine Market, By Product
5.1 Introduction
5.2 Combiner HUD
5.3 Windshield HUD
5.4 Other Products
6 Global Tunnel Boring Machine Market, By Machine Fuel Type
6.1 Introduction
6.2 Electric
6.3 Institution of Civil Engineers (ICE)
6.4 Other Machine Fuel Types
7 Global Tunnel Boring Machine Market, By Geology Type
7.1 Introduction
7.2 Hard Rock Ground
7.3 Variable Ground
7.4 Soft Ground
7.5 Heterogenous Ground
8 Global Tunnel Boring Machine Market, By Machine Type
8.1 Introduction
8.2 Earth Pressure Balance Shield TBM
8.3 Multi-Mode TBM
8.4 Shielded TBM
8.5 Slurry TBM
8.6 Other Machine Types
9 Global Tunnel Boring Machine Market, By Component
9.1 Introduction
9.2 Projectors
9.3 Video Generators
9.4 Display Units
9.5 Software
9.6 Other Components
10 Global Tunnel Boring Machine Market, By End User
10.1 Introduction
10.2 Railway Transport
10.3 Utilities
10.4 Metro & Transit
10.5 Mining
10.6 Road Transport
10.7 Oil & Gas
10.8 Other End Users
11 Global Tunnel Boring Machine Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 The Robbins Company
13.2 Kawasaki Heavy Industries, Ltd.
13.3 Japan Tunnel Systems Corporation
13.4 Komatsu Ltd.
13.5 Hitachi Zosen Sakai Works
13.6 Herrenknecht AG
13.7 SN Mercantile India Pvt. Ltd.
13.8 Mitsubishi Heavy Industries, Ltd.
13.9 Sika AG
13.10 IHI Corporation
List of Tables
1 Global Tunnel Boring Machine Market Outlook, By Region (2021-2030) ($MN)
2 Global Tunnel Boring Machine Market Outlook, By Product (2021-2030) ($MN)
3 Global Tunnel Boring Machine Market Outlook, By Combiner HUD (2021-2030) ($MN)
4 Global Tunnel Boring Machine Market Outlook, By Windshield HUD (2021-2030) ($MN)
5 Global Tunnel Boring Machine Market Outlook, By Other Products (2021-2030) ($MN)
6 Global Tunnel Boring Machine Market Outlook, By Machine Fuel Type (2021-2030) ($MN)
7 Global Tunnel Boring Machine Market Outlook, By Electric (2021-2030) ($MN)
8 Global Tunnel Boring Machine Market Outlook, By Institution of Civil Engineers (ICE) (2021-2030) ($MN)
9 Global Tunnel Boring Machine Market Outlook, By Other Machine Fuel Types (2021-2030) ($MN)
10 Global Tunnel Boring Machine Market Outlook, By Geology Type (2021-2030) ($MN)
11 Global Tunnel Boring Machine Market Outlook, By Hard Rock Ground (2021-2030) ($MN)
12 Global Tunnel Boring Machine Market Outlook, By Variable Ground (2021-2030) ($MN)
13 Global Tunnel Boring Machine Market Outlook, By Soft Ground (2021-2030) ($MN)
14 Global Tunnel Boring Machine Market Outlook, By Heterogenous Ground (2021-2030) ($MN)
15 Global Tunnel Boring Machine Market Outlook, By Machine Type (2021-2030) ($MN)
16 Global Tunnel Boring Machine Market Outlook, By Earth Pressure Balance Shield TBM (2021-2030) ($MN)
17 Global Tunnel Boring Machine Market Outlook, By Multi-Mode TBM (2021-2030) ($MN)
18 Global Tunnel Boring Machine Market Outlook, By Shielded TBM (2021-2030) ($MN)
19 Global Tunnel Boring Machine Market Outlook, By Slurry TBM (2021-2030) ($MN)
20 Global Tunnel Boring Machine Market Outlook, By Other Machine Types (2021-2030) ($MN)
21 Global Tunnel Boring Machine Market Outlook, By Component (2021-2030) ($MN)
22 Global Tunnel Boring Machine Market Outlook, By Projectors (2021-2030) ($MN)
23 Global Tunnel Boring Machine Market Outlook, By Video Generators (2021-2030) ($MN)
24 Global Tunnel Boring Machine Market Outlook, By Display Units (2021-2030) ($MN)
25 Global Tunnel Boring Machine Market Outlook, By Software (2021-2030) ($MN)
26 Global Tunnel Boring Machine Market Outlook, By Other Components (2021-2030) ($MN)
27 Global Tunnel Boring Machine Market Outlook, By End User (2021-2030) ($MN)
28 Global Tunnel Boring Machine Market Outlook, By Railway Transport (2021-2030) ($MN)
29 Global Tunnel Boring Machine Market Outlook, By Utilities (2021-2030) ($MN)
30 Global Tunnel Boring Machine Market Outlook, By Metro & Transit (2021-2030) ($MN)
31 Global Tunnel Boring Machine Market Outlook, By Mining (2021-2030) ($MN)
32 Global Tunnel Boring Machine Market Outlook, By Road Transport (2021-2030) ($MN)
33 Global Tunnel Boring Machine Market Outlook, By Oil & Gas (2021-2030) ($MN)
34 Global Tunnel Boring Machine Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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