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The latest report by IMARC, titled “
TunnelBoringMachineMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecas t2023-2028
” " finds that the global tunnel boring machine market size reached US$ 5.5 Billion in 2022.
A tunnel boring machine (TBM) is used to excavate tunnels through various soil and rock strata. It reduces the disturbance and produces a smooth tunnel wall as compared to the drilling and blasting (D&B) and conventional hand mining method. It also minimizes the cost of lining and makes the tunnel suitable for use in urbanized areas.
It also offers several advantages, such as less rock damage, continuous operation, fewer support requirements, and enhanced efficiency and worker safety. Owing to these benefits, TBM finds extensive applications across the mining and construction industries.
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The market is primarily driven by the rising product adoption in the mining industry. In addition, the increasing government expenditure on infrastructural development, like the construction of highways and buildings, represents another major growth-inducing factor. Besides this, the market is also propelled by the growing tunnel safety regulations and the developing underground infrastructure across the globe. Additionally, the rising awareness about the advantages of TBMs, such as high gravity, viscosity, and stability under high pressure, is accelerating the product adoption rate.
Moreover, key players are focusing on various micro tunnel activities to construct several kilometers of underground infrastructure and increase their overall sales and profitability, which is anticipated to augment the market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 7.1 Billion by 2028, exhibiting a CAGR of 3.9% during the forecast period (2023-2028).
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyMachineType:
• Slurry TBM
• Earth Pressure Balance Shield TBM
• Shielded TBM
• Multi-Mode TBM
• Others
BreakupbyProductType:
• Soft Ground TBM
• Hard Ground TBM
BreakupbyApplication:
• Traffic Tunneling
• Utility Tunneling
BreakupbyEndUser:
• Road Transport
• Railway Transport
• Metro and Transit
• Utilities
• Mining
• Oil and Gas
• Others
BreakupbyRegion:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• Akkerman Inc
• China Railway Construction Heavy Industry Corporation Limited
• China Railway Engineering Equipment Group Co. Ltd. (China Railway Hi-Tech Industry Corporation Limited)
• 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.
• Sika AG
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https://www.imarcgroup.com/tunnel-boring-machine-market
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